Chainlink (LINK) has outperformed the broader cryptocurrency market, surging past the $17.50 mark for the first time in six weeks. The surge comes after the SEC approved Ethereum ETFs.
Onchain Metrics Reveal Positive Sentiment
According to a tweet by Santiment, Chainlink’s on-chain metrics are painting a bullish picture. The data reveals that for every LINK transaction at a loss, there are 11 transactions in profit.
#Chainlink has climbed well ahead of the #crypto pack, quickly surpassing $17.50 for the first time in 6 weeks. #Onchain today, there are 11 transactions in profit for every 1 $LINK transaction at a loss. This is the highest ratio since Dec. 8, 2022. https://t.co/nILlWsXWNh pic.twitter.com/joMV55V5x7
— Santiment (@santimentfeed) May 24, 2024
This ratio, the highest since December 8, 2022, indicates that the majority of LINK holders are currently in a profitable position, suggesting a positive market sentiment.
Traders Predict Further Price Appreciation
Trader Mister Crypto has expressed confidence in Chainlink’s future price performance, stating that LINK will easily surpass the $50 mark once again during this bull run.
This prediction reflects the growing optimism surrounding Chainlink’s fundamental value and its potential to drive significant growth in the cryptocurrency market.
Chainlink’s Tokenization Potential
The X account Chainlink Red Pill has highlighted an intriguing aspect of Chainlink’s current market position. Despite LINK’s recent price appreciation, it still lags behind popular meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) in terms of market capitalization. However, the account emphasizes Chainlink’s potential to revolutionize tokenization, making it incredibly profitable for the world’s largest financial entities.
Chainlink Red Pill believes that Chainlink is vastly underpriced, considering its fundamental value proposition. The account goes as far as suggesting that LINK could experience a 50-100x price increase from its current levels, a sentiment that many investors may share. The account urges readers to recognize the opportunity that lies ahead, emphasizing that the evidence is “right in front of you.”
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Show more +Show less – Technical Analysis Suggests Further Upside
Analyst Satoshi Flipper has provided a technical analysis of the LINK/USDT trading pair on the daily timeframe. The analysis reveals that LINK recently touched the top of the channel overnight, coming within just four cents of the resistance level.
Satoshi Flipper anticipates that the $17.50 level will soon flip from channel resistance to channel support, paving the way for LINK to target the $25.00 mark next.
Chainlink’s recent price surge above $17.50 and the accompanying bullish onchain metrics have generated excitement within the cryptocurrency community.
Read more: SEC Approves Ethereum ETFs: Analyst Highlights What This Means for ETH, Bitcoin (BTC), and Other Cryptocurrencies
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The post Chainlink Surges Past $17.50, Signaling Increased Bullish Momentum: LINK Profit Ratio Reaches Highest Since 2022 appeared first on CaptainAltcoin.