- Market sentiment surrounding Chainlink remained weak despite the price rise.
- Several indicators for LINK were bullish, suggesting further price rises.
Chainlink (LINK) Its value has risen sharply in the past 24 hours, making it one of the few cryptocurrencies in the top 20 list to record double-digit growth.
So, does LINK have any chance of entering the top 10 market capitalization club?
Chainlink bulls are getting serious.
AMBCrypto was there before reported How the much-anticipated ETF approval turned out to be bearish for the king of cryptocurrencies; Bitcoin (BTC). However, Chainlink behaved differently as its price soared.
According to CoinMarketCap, LINK is up more than 18% in the past 7 days. In fact, in the last 24 hours alone, the price of LINK has risen by more than 7%. At the time of this writing, LINK had a market capitalization of over $8.8 billion and was trading at $15.56.
The price rise caused LINK’s social volume to surge on January 13, reflecting its popularity in the cryptocurrency space. However, the positive price action failed to turn around market sentiment.
This means that Weighted Sentiment remained in negative territory and bearish sentiment centered on LINK dominated the market.
Source: Santiment
However, what is more concerning is that while the token price has been rising, selling pressure on LINK has also increased.
AMBCrypto’s View on CryptoQuant data It was revealed that LINK’s foreign exchange reserves have increased. Moreover, Exchange Netflow Total is higher compared to the past 7-day average, which means investors are selling LINK at press time.
Source: CryptoQuant
LINK Want to join the top 10 club?
Since LINK’s price continued to rise despite high selling pressure, AMBCrypto planned to take a closer look at the status of the token to see if Chainlink could make it into the top 10 list. At the time of reporting, link It ranks 13th in terms of market capitalization.
‘whaling’ data It was noted that whale activity around the token was high. LINK ranks 10th in the list of most purchased cryptocurrencies among the top 100 ETH whales in the last 24 hours.
Our analysis reveals a similar story, showing that whale trading numbers remained relatively high throughout the past week. However, I was surprised to see that the ‘Supply held by top addresses’ graph was flat.
Source: Santiment
To understand whether there is enough whale activity for LINK to keep pumping, AMBCrypto looked at the daily charts.
read Chainlink’s (LINK) price prediction 2024-25
In particular, Chainlink’s Relative Strength Index (RSI) and Money Flow Index (MFI) are on the rise and remain above the neutral line. This suggested that price increases could continue..
However, CMF (Chaikin Money Flow) showed a downward trend, falling below the neutral line of 0 at the time the report was written.
Source: TradingView