The post Chainlink (LINK) Profit Spike Hits New High—Will It Trigger a Rally or Sell-Off? appeared on BitcoinEthereumNews.com.

Chainlink has seen a surge in accumulation and profit-taking activity over the past 12 hours. Data shows that 63.06% of LINK holders are “out of the money,” while 34% are holding their tokens at a profit. Chainlink (LINK) has experienced a significant surge in accumulation over the past 12 hours, leading to increased activity among daily traders. This surge, shown by the higher momentum indicators, has caused many traders to close their positions and take profits. According to the latest data from Santiment, the percentage of LINK transactions that closed in profit has not been this high since July 14. The ratio currently stands at 5.98, meaning that for every LINK transaction resulting in a loss, nearly six transactions have returned a profit. This is typical of the speculative crowd who trade on the LINK and have benefitted from the recent upward trend. However, a large number of LINK holders remain negative, and many addresses have unrealized losses. Mixed Results Emerge for LINK Holders Although there are many traders who have been able to make profits during this period of high volatility, a large number of LINK holders are still in the red. IntoTheBlock data reveals that 441,000 addresses hold LINK, making up 63. 06% of all LINK holders, are now ‘out of the money,’ which means that the current market price of LINK is below the average price these addresses paid for their tokens. Chainlink Global In/Out of the Money. Source: IntoTheBlock On the other hand, 238,000 addresses, which is 34% of all LINK holders, are now in profit, keeping their tokens. This situation illustrates the dual nature of the LINK investment, with some investors seeing their returns increase due to the recent rise in value, while others still have unrealized losses.  Crypto analyst says LINK is strongly bullish.…

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Filed under: News - @ August 23, 2024 3:05 am