[Chainlink surges 14% in 8 hours, surpassing altcoin market]
One of the standout coins of 2024, Chainlink (LINK) has seen its market capitalization surge by 14% in the past eight hours, showing a bullish trend that is disconnected from the broader Altcoin market. Notably, the number of whales with 100,000 LINKs or more increased by 4.6% over the past five weeks to 564.
Technical analysis shows that Chainlink price has broken above the Ichimoku Cloud, indicating a solid bullish trend. Leading span A (green line) is above leading span B (red line), indicating upward momentum. Furthermore, the conversion line (blue line) has crossed above the baseline (red line), confirming bullish sentiment.
Meanwhile, the Average Directional Index (ADX) currently stands at 35.24, indicating a strong trend and supporting the strength of the bulls. The Awesome Oscillator (AO) has turned positive, with the green bar showing increasing momentum on the bulls, and the histogram showing the green bar growing, indicating increasing pressure on the bulls.
Despite the strong upward momentum, market observers warn of the potential for panic buying (FOMO), leading to wild price swings. Social dominance indicators suggest that bullish conditions may persist if the current hype surrounding Chainlink stabilizes.
