Chainlink (LINK) Rises to $17.40, Fuelled by DeFi and Transactions
Chainlink (LINK), the oracle network powering decentralized finance (DeFi), has surged to a six-week high of $17.40, driven by strong transactions and dominance in the DeFi space. This surge comes amidst a wave of positivity following the approval of an Ethereum exchange-traded fund (ETF) and speculation regarding a potential Chainlink ETF.
Transactions And DeFi Dominance Fuel Rally
On-chain data reveals a significant increase in buying sentiment for LINK, with 11 profitable transactions for every loss-making one. This surge in profitability coincides with the broader marketโs optimistic response to the Ethereum ETF approval. Analysts interpret this approval as a sign of growing institutional interest in cryptocurrencies, potentially opening the doors for similar investment vehicles focusing on specific projects like Chainlink.
Analysis:
- The strong buying sentiment for LINK is reflected in on-chain data
- 11 profitable transactions for every loss-making one indicate a surge in profitability
- Market reacts positively to the Ethereum ETF approval, contributing to LINKโs rise
Technicals Flash Green
The current market sentiment towards Chainlink is heavily bullish, with most technical indicators pointing to a sustained uptrend. Despite the Fear & Greed Index showing โextreme fear,โ the majority of technical analysis tools suggest a positive outlook for LINK as of May 24th, 2024.
Santiment Data:
- Top 100 Chainlink investors held 701 million LINK tokens as of May 19
- By May 25, they increased their holdings by over 1.2 million LINK, totaling 702 million
- Real-time changes in the balances of LINK tokens held by the top 100 largest wallets
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