A mind-blogging 35% hike in Chainlink’s [LINK] value has kept the token in the spotlight in the last seven days. Interestingly, the
Using the historical data of the MVRV ratio alongside the price, LINK’s week-long uptick could be paused. Fortunately for the project, the broader market looks unconcerned by the possibility.value has kept the token in the spotlight in the last seven days. Interestingly, the rally may not come as a surprise to analysts like Michael van de Popple who seemed to have made it his duty in life to talk about LINK’s potential.
This condition was also shown by the Relative Strength Index which was 74.65 at press time. With the RSI above 70, LINK had the tendency to retrace. Buyer exhaustion was also displayed by the Balance of Power .With the BOP at -0.34, it is only a matter of time till LINK reverses its uptrend a possibly declines below $10.
For a start, an on-chain metric like the Weighted Sentiment was in the positive region at 1.60. This metric measures the acumen the market has toward a project using the positive and negative comments made on social media.toward LINK was unwavering. Like the weighted sentiment, traders are also doubling down on an uptick for LINK. This was because of the Funding Rate which implies that longs are paying shorts a funding fee to keep their positions open.
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