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Assessing what Chainlink’s [LINK] improved popularity could mean for its price

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Assessing what Chainlink's [LINK] improved popularity could mean for its price
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  • LINK had the highest Galaxy Score
  • Interest from the whales also increased

Chainlink’s [LINK] price action recently aligned with investors’ interest as its price registered a 10% increase in the last 24 hours.

At the time of this writing, LINK was trading at $6.54, with a market capitalization of more than $3.3 billion. Interestingly, a few of the new updates that have surfaced indicate that things might soon get even better, as they hint at a further price hike. For instance, LINK was on the list of cryptos that had the highest Galaxy Score, which is a major bullish signal.

Read Chainlink’s [LINK] Price Prediction 2023-24

Chainlink’s popularity was rising

Furthermore, LINK’s ecosystem was also heated on the social front. According to LunarCrush, there was a spike in social contributors followed by increasing social engagement. Thus, reflecting the increased popularity of the token in the crypto community.

LINK also managed to gain interest from the whales, which was good news as it indicated that the major players in the market had confidence in the token.

As per WhaleStats, a popular Twitter handle that posts updates about whale activity, it was recently shared that LINK was among the top cryptos that the top 5000 Ethereum whales were holding.

What metrics have to say

LINK’s on-chain metrics also looked optimistic, as they too suggested a possible continued uptrend over the days to follow.

CryptoQuant’s data revealed that LINK’s net deposits on exchanges were low compared to the 7-day average, which indicated lower selling pressure.

The transfer volume also witnessed growth over the last 24 hours, which was yet again a positive signal. Interestingly, according to Santimnet’s chart, LINK’s volume skyrocketed over the last few days, further increasing the chances of an uptick.

Source: Santiment

Nonetheless, a few of the metrics were not in support of LINK, which might cause trouble. For instance, LINK’s MVRV Ratio was lower compared to last week, which is a bearish signal.

The growth of the LINK network also took a sideway path. And, the network’s exchange reserve was increasing, suggesting higher selling pressure.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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