Chainlink bulls re-enter the market as LINK prepares for another rally
- Social sentiment around Chainlink was positive this week.
- Buying pressure and whale confidence in LINK were high.
After a short dip in value, Chainlink [LINK] bulls again entered the market and started to push its price up. The recent uptrend once again gave investors hope of LINK reaching new highs.
Here’s a closer look at Chainlink’s ecosystem to better understand what to expect from the token.
Chainlink bulls are buckling up
LINK has been surprising investors for quite a while by registering gains like no others. To be precise, in just the past 30 days, LINK’s value surged by more than 70%.
The gaining spree appeared to have come to an end on the 7th of November 2023, when its chart turned red.
However, Chainlink bulls were quick to reenter the market and once again initiate a rally. According to CoinMarketCap, LINK was up by over 2.4% in the last 24 hours.
At the time of writing, it was trading at $13.44 with a market capitalization of over $7.4 billion, making it the 12th largest crypto.
The token’s trading volume increased along with its price. This further gave hope to investors for better days. In fact, Crypto Tony, a popular crypto analyst, revealed in a tweet that he expects LINK’s price to hit the $13.50 target in the coming days.
Coming up to my $13.50 target very shortly legends pic.twitter.com/fAo9TMxRMX
— Crypto Tony (@CryptoTony__) November 7, 2023
The broader market also seemed to be confident in the token, which was evident from the latest data. As per LunarCrush, LINK’s social dominance surged by 16% last week, while its Altrank also improved.
This can be expected from Chainlink
CryptoQuant’s data revealed that buying pressure on LINK was dominant in the market. This seemed to be the case, as LINK’s net deposit on exchanges was low compared to the last seven-day average.
Chainlink’s total number of holders also rose over the last week. However, it was interesting to note that despite this, LINK’s supply on and outside of exchanges were closely knit.
Apart from these, AMBCrypto’s analysis also found out a few other metrics that looked bullish.
For instance, LINK’s MVRV ratio spiked substantially over the last few days.
Its network growth was also high, meaning that more new addresses were created to transfer the token. Not only that, but the whales were also highly confident in Chainlink.
Realistic or not, here’s LINK’s market cap in BTC terms
This was evident from the fact that LINK ranked ninth on the list of cryptos that the top 100 ETH whales were holding in the last 24 hours.
Considering all the aforementioned metrics, the possibility of LINK touching $13.5 in the near term seemed likely.