Chainlink ($LINK) is showcasing remarkable resilience and profitability within the bullish market sentiment.
Recent data indicates a significant shift from the bear market, with 56% of $LINK holders now profitable, marking a recovery from the prolonged period of losses that affected 70% of holders for over a year. This shift reflects optimism and a positive trajectory for Chainlink enthusiasts.
Transaction and Whale Activity
IntoTheBlock’s recent data showcases robust transactional health within the Chainlink network, with a 436% increase in daily transactions from monthly lows. Notably, the daily on-chain transaction volume surged to $515 million, a level last observed in July 2022.
Moreover, whale activity has been prominent, with large holders accumulating over 52 million LINK in the past month. This accumulation signifies a strong belief in Chainlink’s value, bolstering the overall positive market sentiment.
Technical Analysis of Chainlink
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The technical analysis of Chainlink (LINK) against the US Dollar (USD) on Coinbase unveils the cryptocurrency’s current market dynamics. Currently trading at $14.32, LINK demonstrates a bullish trend marked by a substantial rise in value.
However, recent trading sessions reveal a red candlestick, indicating a potential reversal or temporary slowdown in the bullish momentum.
Indicators Analysis
The Relative Strength Index (RSI), positioned above 60, signifies robust bullish momentum. However, a recent retreat from the overbought zone above 70 suggests potential selling pressure following significant price surges.
The Moving Average Convergence Divergence (MACD), positioned above the signal line, signals a prevailing bullish trend. Yet, a closer inspection of the histogram reveals diminishing bars, indicating a decrease in bullish momentum.
Chainlink ($LINK) also demonstrates resilience and growth within the current bullish market sentiment. While indicators point towards a potential slowdown in bullish momentum, the overall transactional health, whale accumulation, and profitability of holders signify a positive outlook for Chainlink’s future.
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