After a brief period of value loss, Chainlink (LINK) bulls have reentered the market and started pushing the token’s price up. The recent upward trend once again gives investors hope for LINK to reach new highs.
70% Increase in LINK
LINK has been making significant gains, which has kept investors happy for a long time. The altcoin has increased in value by over 70% in just the last 30 days. However, Chainlink bulls quickly reentered the market and initiated another rally. According to 21milyon.com, LINK has shown an increase of over 2.4% in the last 24 hours. At the time of writing, it is trading at $13.44 with a market cap of over $7.4 billion, making it the 12th largest cryptocurrency.
Additionally, the token’s trading volume has increased along with its price. This may have given investors hope for better days. Crypto Tony, a popular crypto analyst, stated in a tweet that he expects LINK’s price to reach $13.50 in the coming days. According to LunarCrush, LINK’s social dominance increased by 16% last week, and its alt rank also improved.
Analytical Reports on LINK
Data from CryptoQuant shows that buying pressure dominates the market for LINK. This can be seen due to the low net deposits of LINK on exchanges compared to the seven-day average. The total number of Chainlink holders also increased last week. However, it is noted that LINK’s supply both on and off exchanges is tightly held. For example, LINK’s MVRV ratio has significantly increased in the past few days.
Network growth is also at a high level, indicating that more new addresses are being created to transfer the token. On the other hand, LINK ranks ninth in the list of cryptocurrencies held by the top 100 ETH whales in the last 24 hours. Considering all these measurements, analysts believe that LINK has a high probability of reaching $13.50 in the near future.
