LINK, the token that powers leading oracle network Chainlink, has surged by double digits in the last 24 hours. Valued at $15.81...
, the token that powers leading oracle network Chainlink, has surged by double digits in the last 24 hours. Valued at $15.81 at press time, LINK is now trading at its highest level since March, according toon X , on-chain data provider Santiment revealed that LINK’s recent rally has been due to the uptick in its whale activity and social activity.
As far as the token’s social activity is concerned, its social dominance currently sits at its highest level in seven months. Signaling increased demand for the altcoin, its key momentum indicators assessed on a 1-day chart trended upwards at press time too. Also, LINK’s Relative Strength Index was 60.67, while its Money Flow Index was 62.99.
Further confirming the bullish trend, LINK’s price closed above its 20-day Exponential Moving Average on 16 May. In fact, it was trading above that key level, at the time of writing.This is a bullish signal because it shows that LINK’s price has grown past its average price of the past 20 days. Market participants interpret the crossover as a shift in momentum from bearish to bullish.
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