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
The technical analysis of Chainlink (LINK) against the US Dollar (USD) on Coinbase unveils the cryptocurrency’s current market dynamics. Currently trading at $14.32, LINK demonstrates a bullish trend marked by a substantial rise in value.
However, recent trading sessions reveal a red candlestick, indicating a potential reversal or temporary slowdown in the bullish momentum.
The Relative Strength Index (RSI), positioned above 60, signifies robust bullish momentum. However, a recent retreat from the overbought zone above 70 suggests potential selling pressure following significant price surges.
The Moving Average Convergence Divergence (MACD), positioned above the signal line, signals a prevailing bullish trend. Yet, a closer inspection of the histogram reveals diminishing bars, indicating a decrease in bullish momentum.
Chainlink ($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.