The post Chainlink eyes breakout: Social dominance surges amid reversal signs appeared on BitcoinEthereumNews.com.

LINK has moved closer to breaking its short-term resistance. More discussions have been seen around LINK in the last 48 hours. After nearly two weeks of declines, Chainlink [LINK] shows signs of a potential reversal, forming a positive uptrend. This recent shift in momentum is accompanied by a notable increase in social dominance, which has risen to a record high. The heightened social activity around Chainlink suggests growing attention and optimism within the community, indicating that a bullish trend could be on the horizon. Chainlink sees a rise in dominance According to data from Santiment, Chainlink [LINK] recently experienced a surge in social dominance, which climbed to approximately 1.24%. This is significant because the last time LINK reached such a dominance level was in January, making it the second-highest social dominance for the year. Source: Santiment This increase suggests that Chainlink held over 1% of the overall crypto discussion, indicating heightened attention and interest within the community. Such a rise in social dominance is often seen as a positive indicator, as increased visibility and engagement can attract more investors and traders, potentially contributing to further price gains. The growing social presence around LINK could be an early sign of a bullish trend developing for the asset. Total LINK holders see a slight decline An analysis of Chainlink holders on Santiment reveals a slight decline in the total number of holders over the past few days. As of 6th September, the number of holders was around 723,000, but this has decreased to approximately 722,000 as of this writing. This reduction in non-zero accounts suggests that some holders have sold off their LINK holdings in the last few days. Source: Santiment While a decline in holders might initially seem like a negative signal, the simultaneous surge in social dominance and the positive price reaction…

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Filed under: News - @ September 9, 2024 8:22 pm