According to CryptoPotato, while the broader cryptocurrency market experienced a correction, Chainlink (LINK) saw a nearly 6% daily increase, reaching close to $19. This rise is supported by increased whale activity and key partnerships, indicating a potential for further gains. Large transaction volumes and a shift from exchanges to self-custody also suggest reduced selling pressure.
The cryptocurrency market saw significant retractions in the past several hours, with leading digital assets like Bitcoin (BTC) dropping from $70,600 to $67,500 before settling at around $68K. However, Chainlink (LINK) stood out as a notable gainer, with its price nearing the $19 mark following a 6% daily increase and a 35% rise over the last two weeks.
Several analysts have noticed the token's rally and predict further ascents in the future. User FLASH presented a macro chart depicting LINK's different stages and their impact on the price, suggesting that we are currently in the 'hope' phase. They predict that the peak of this stage might come in the following days at a price of $24, significantly higher than the cycle's top from 2020. Another user, Zach Rynes, also predicts that LINK will continue to be a winner, based on Chainlink's recent key partnerships and deep interaction with the global monetary system.
Earlier this month, the Depository Trust and Clearing Corporation (DTCC), a leading American financial services company, partnered with Chainlink and other market participants to introduce the Smart NAV pilot. This program aims to integrate blockchain technology into traditional finance.
Metrics associated with Chainlink's ecosystem also suggest a further rally could be in the cards. According to IntoTheBlock data, aggregated LINK daily transaction volume neared the $100 million mark, a 130% increase compared to the figure observed on May 27. This whale activity could be interpreted as a signal of confidence in the asset, potentially triggering a fresh flow of capital and a subsequent price ascent.
Lastly, Chainlink's exchange netflow has been predominantly negative in the past week, indicating a shift from centralized platforms to self-custody methods. This is considered bullish as it reduces the immediate selling pressure.