- LINK saw a price move that dissolved the token’s 7% weekly surge.
- LINK explored a price pump that had it surging over 20% within the last two weeks.
- Chainlink blockchain boasts 20 successful integrations.
The past 30 days saw LINK vising the $5 mark twice, hovering at around $5.96 at some time on 10 November and exploring the $5.69 low on 21 November. Since then, the alternative token has reclaimed the value areas at $6 and $7, and LINK seems capable of maintaining the latter.
CoinGecko data show LINK traded at $7.29 during this publication, reflecting a 30% gain from the current monthly low. The alternative token explored the 7% weekly high early on Tuesday. Nevertheless, a minor correction period welcomed a nearly 1% drop.
LINK dropped 2.8% over the past 24 hours, though it still enjoyed a 24% surge over the previous two weeks. While things could look lucrative for Chainlink, enthusiasts should watch whales, as their participation might easily drag the token down again.
Chainlink’s Metrics
It seems Chainlink holders have nothing to fear as the token’s RSI (Relative Strength Index) remains beyond the 50-neutral. Nevertheless, the asset’s MFI (Money Flow Index) has settled within an overbought territory, following intense selling pressure in the marketplace.
Meanwhile, the past two days saw exchange outflows surpassing inflows, allowing the alternative token to maintain its upside strength in the same timeframe. Chainlink’s demand seemed to have outshined the prevailing selling momentum, considering the increased receiving addresses that sending wallets, at 2,207 & 893, respectively.
Though that indicates a bullish strength, investors and holders should worry about Chainlink whales as the cohort holding around 1 million coins contribute to the selling momentum. LINK will likely dip again if these dip-pocketed investors keep trimming their holdings by selling.
Positive Developments
The ecosystem will likely launch the Chainlink Staking version 0.1 next week to increase network security. The new feature remains crucial in heightening demand for the token as it will convince enthusiasts to hold, not sell.
Also, the DeFi project hit another milestone in interoperability, hitting 20 blockchain integrations, including renowned names in the marketplace such as Ethereum, Polygon, Binance Smart Chain, Optimism, Avalanche, and Fantom.