• Chainlink’s (LINK) price increased in double digits over the week and market indicators were bullish.
• Exchange netflow remained green and the token’s supply on exchanges increased while its supply outside declined.
• Investors are still willing to hold onto their tokens, investors’ confidence in Chainlink is high, metrics are bullish on LINK, and bearish sentiment around LINK declined over the last 24 hours.
Chainlink’s Bull Rally Continues
Chainlink’s [LINK] price has been increasing at a rapid pace over the past week with double digit gains. This has been accompanied by bullish market indicators with exchange netflow remaining green and an increase of LINK’s supply on exchanges while its supply outside decreased.
Investor Confidence Remains High
The confidence of investors in Chainlink remains high as 82.9% of them are holding onto their tokens despite incurring a loss. Additionally, LINK’s Market Value to Realized Value Ratio (MVRV) touched an all-time low before climbing back up again at press time. The whales also appear to have faith in LINK as evidenced by an increase in supply held by top addresses last week.
Metrics Are Bullish On Link
On-chain metrics also suggest that the possibility of LINK continuing its bull rally can’t be ruled out anytime soon. Net deposits on exchanges are low compared to the last seven days which reflects increased buying pressure whilst active addresses and number of transactions remain high suggesting further growth potential for LINK in the future.
Bearish Sentiment Around Link Declines
Whilst overall bullish sentiment around LINK declines over the last 24 hours, bearish sentiment has seen an increase according to LunarCrush data analysis tool. Despite this however, investor confidence remains strong and it appears that there is still plenty of room for continued growth for LINK going forward into the future..
How Many Are 1, 10 & 100 Links Worth Today?
At press time 1Link was trading at $5.85 with a market capitalization of over $3 billion making it 23rd largest cryptocurrency globally according to CoinMarketCap data insights tool . How many 1, 10 or 100 links would be worth today then would depend upon current market conditions when selling or buying these amounts respectively so it is always best to do your own research before committing funds into any investment opportunity such as ChainLink Tokens [LINK].