While the rest of the crypto market was in a red zone, LINK registered an increase to nearly $19, thus demonstrating a 6 percent daily hike.
More specifically, continuing the hype of the asset, key partnerships expected over the following months, and increasing whale activity will empower the asset further. Data are also positive regarding large transaction volume and the migration from exchanges to cold wallets, which suggests less dumping.
All eyes on LINK
Recently, the cryptocurrency market has experienced quite a whirlwind, and some digital currencies have shown spikes in rates. For example, Bitcoin (BTC) fell from an all-time trading point of $70,600 to slightly below $67,500 and then to its current trading point of $68,000.
Not all tokens have been red; some have brought their investors joy. But one cryptocurrency, namely Chainlink (LINK), has been immensely popular, and its price has been rocketing. Cryptocurrencies this week have been moving, and the token has been taken up to the region of $19, making a daily percentage increase of 6%. As per the two-week chart, the percentage increase is 35%.
Many analysts have taken note of this impressive performance, and there is much enthusiasm as we advance regarding LINK. This user, FLASH, extracted a good macro chart that shows the various grass and LINK price movements in their various cycles and effects.
The trader divides it into 10 phases, from ‘hope’ to the ‘takeoff,’ and the trader thinks the present phase is the ‘hope’ phase, and with the assistance of an advanced degree, the price will reach at least $24 in the next few days, which is far above the formation of the cycle from 2020.
Another user named Zach Rynes has also joined the conversation and expressed his opinion on LINK’s future, stating that it will ‘‘continue to be the winner of the tokenized RWA narrative.’’ This is due to the key partnerships and the fact that LINK is already a very interconnected digital asset with systems of the world economy, to the end of which it has already had an integration with the Depository Trust and Clearing Corporation to introduce the Smart
Looking at Chainlink’s performance in this emerging market and the ever-increasing volatility, dismissing the space as entirely homogeneous, with many opportunities and possibilities at investors’ disposal, would be unwise.
What are Metrics signaling?
Several other fundamental metrics tied to Chainlink’s ecosystem also point to further upside in LINK. Further, as IntoTheBlock data showed, the daily volume in the LINK token, with each transaction worth over $ 100,000, was close to $100 million, 130% higher than the rate observed on May 27.
Such whale activity may be viewed as a Whale being bullish on the asset and indicating higher prices are coming. Therefore, like a bandwagon, other retail investors may also start buying the stock leading to another wave of fund inflow and, in turn, follow the higher price.
Lastly, we shall briefly discuss the exchange netflow of Chainlink, which has been toxic in the past week. Transitioning from centralized approaches to using self-custodian solutions is bearish since it helps lower the selling pressure in the near term.
