A Potential Rally for Chainlink (LINK)
According to crypto analytics platform Santiment, the Ethereum-based altcoin Chainlink (LINK) is showing signs of a potential rally. Several metrics indicate this, although it is dependent on the behavior of Bitcoin and the wider crypto market. Santiment notes that Chainlink has reached a key level that has historically preceded a price rebound. Additionally, the drop in LINK’s exchange supply, which currently stands at just 15.5%, suggests a bullish divergence. However, this prediction is contingent on the overall stability of the crypto sector.
Accumulation of Maker (MKR) by Whales and Sharks
Santiment also highlights the accumulation of the governance token of the decentralized finance protocol Maker (MKR) by whales and sharks. Since July 9th, these large players have amassed over $71 million worth of MKR. This accumulation has contributed to Maker’s 12% price increase while the rest of the crypto market slumps. Santiment believes that the holdings of these whales and sharks will continue to correlate with future price movements of MKR.
Potential Surge for Bitcoin Cash (BCH)
Santiment discusses the recent price rebound of Bitcoin Cash (BCH), which is currently trading at $214 after reaching a low of $180 two weeks ago. Short and long-term traders are now in profit for the first time since mid-June, indicating a positive trend. Santiment suggests that the involvement of whales will be crucial to further surge in BCH’s price.
Hot Take: Chainlink’s Potential Rally
Although the wider crypto market’s stability is a determining factor, Santiment’s analysis suggests that Chainlink (LINK) may experience a rally based on various metrics. The drop in exchange supply and the historical pattern of price rebounds at key levels provide further evidence. However, investors should closely monitor the behavior of Bitcoin and the overall crypto sector for a more accurate prediction.
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