The post Chainlink’s latest multi-month high – All about how it affects LINK’s price appeared on BitcoinEthereumNews.com.

LINK’s price has jumped to correspond to the uptick in its whale and social activity However, key metrics suggest that a price bottom might still be in The value of LINK, the token that powers leading oracle network Chainlink, has surged by double digits in the last 24 hours. Valued at $15.81 at press time, LINK is now trading at its highest level since March, according to CoinMarketCap. In a post on X (formerly Twitter), on-chain data provider Santiment revealed that LINK’s recent rally has been due to the uptick in its whale activity and social activity.  At the time of writing, 565 LINK whales held over 100,000 tokens – The highest number since October 2023. The count of this investor cohort has rallied steadily since the beginning of May, hiking by 2% in the last 16 days. Over the last month alone, this has grown by 5% too, according to Santiment.  As far as the token’s social activity is concerned, its social dominance currently sits at its highest level in seven months.  This metric tracks social discussions about an asset, compared to the overall discussion about the top 100 cryptocurrencies by market capitalization. With a reading of 1.8% at press time, LINK recorded its highest market share of social discussions since November 2023. Source: Santiment LINK enjoys attention A jump in an asset’s whale and social activity are notable indicators of sustained bullish presence. LINK’s weighted sentiment, which returned a positive value of 1.808 at press time, confirmed this. Signaling increased demand for the altcoin, its key momentum indicators assessed on a 1-day chart trended upwards at press time too. Also, LINK’s Relative Strength Index (RSI) was 60.67, while its Money Flow Index (MFI) was 62.99. At these values, these indicators suggested that LINK accumulation exceeded sell-offs among market…

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Filed under: News - @ May 18, 2024 12:20 pm