Connect with us


Chainlink’s [LINK] near-term price action can be catalyzed by the following



Source: Pixabay

In light of the approaching Chainlink event – Smartcon – scheduled for 28 September, all eyes appear to be on LINK. Thanks to attention from both whales and social media, LINK’s price has been rising on the charts over the last 24 hours.

Ergo, the question – Will LINK continue to rise or will it face intense selling pressure over the next few days?

Whales ‘link’’ up

According to a recent update shared by WhaleStats, LINK is among the top-10 tokens that major ETH whales are holding. About $40 million worth of $LINK has been accumulated by the top-100 Ethereum whales.

This development could be considered a positive signal for investors interested in the altcoin.

That’s not all, however. Chainlink’s social media presence has grown during this period as well. The smartcon’s comprehensive guest list could be one of the reasons for the increasing hype around $LINK.

In fact, both LINK’s social mentions and engagements grew by 5.708% over the past week

Now, even though there have been multiple spikes in Chainlink’s social media dominance over the past week, weighted sentiment has turned negative over the last few days. If the public’s opinion stays negative for some more time, it could be a big problem for Chainlink going into the future and it could harm its prices.

Source: Santiment

Increasing negative sentiment is not the only factor that investors need to worry about. 

As can be seen from the chart attached below, there has been a decline in LINK’s velocity as well. This finding suggested that the number of times the coin has changed wallets has reduced drastically over the last few days. 

Chainlink’s market cap dominance has fallen as well, and occupied just 0.4% of the total market share. Chainlink registered a spike in volatility as it grew by 12% over the past month, implying that investing in the altcoin might be riskier than usual.

Source: Santiment

Some LINK to pleasant scenes?

Chainlink has seen a hike in its volume over the past month too.

LINK’s 30-day MVRV ratio has also been increasing over the past week, suggesting that the future of the altcoin could be bullish in the near-term.

There has been a spike in Chainlink’s development activity as well, which could mean that the team at Chainlink has been working on new updates and upgrades.

Source: Santiment

With both positive and negative factors affecting Chainlink, readers are advised to do more research about the token before getting into any trade.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.