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Can Chainlink [LINK] maintain its bull run? Here’s what the metrics say

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Can Chainlink maintain its bull run? Here is what metrics tell us.. 
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  • Chainlink reported nine new adoptions across six chains.
  • Metrics supported the massive weekly uptick, and indicators remained in support of the bulls.

Chainlink’s [LINK] adoption has been on the rise for quite some time, with new integrations happening each week. In its latest adoption update, the network mentioned that in the last few days, there have been nine adoptions of three Chainlink services across six chains. These include BNB Chain, Arbitrum, Avalanche [AVAX], Ethereum [ETH], Polygon [MATIC], and Solana [SOL]. 

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

Similar to increased adoption, LINK’s price also registered gains over the last seven days. As per CoinMarketCap, LINK’s price increased by over 25% in the last seven days, and at the time of writing, it was trading at $8.22 with a market capitalization of over $4.1 billion. 

The promising price helped LINK remain a top choice among whales at press time. WhaleStats, a popular Twitter account that posts updates related to whale activity, revealed that on 20 February, LINK ranked third on the list of the cryptos being held by the top 500 Ethereum whales. 

 

Metrics backed the price surge!

LINK’s metrics suggested that several things went in the token’s favor, which might have played a role in its double-digit surge last week. For example, LINK’s Binance and DyDx funding rates remained consistently high, indicating demand from the futures market.

LINK’s network growth also remained up throughout the last week, which was a positive signal. Things remained comfortable on the social front too, as LINK’s social dominance spiked. 

Source: Santiment

CryptoQuant revealed that LINK’s net deposits on exchanges are low compared to the seven-day average, which was bullish as it indicated less selling pressure. The number of active addresses on Chainlink was also increasing, indicating an increase in network users.

Moreover, Dune pointed out that LINK’s popularity of DEXs increased as its trading volume in DEXs went up over the last few weeks. 

How much are 1,10,100 LINKs worth today?

Will the surge continue?

Inmortal, a Twitter-based crypto analyst, mentioned that bulls could expect a comfortable rally if LINK touches the $9 mark. However, CryptoQuant’s data pointed out that LINK’s price was in an overbought zone, which minimized the chances of a continued uptrend.

Additionally, LINK’s Chaikin Money Flow (CMF) registered a massive uptick and was heading further above the neutral mark, which is a bullish signal. Besides, the MACD also revealed a bullish advantage in the market, suggesting a continued uptrend in the coming days. However, the Money Flow Index (MFI) was in the overbought zone, which could bring trouble. 

Source: TradingView

 

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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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