- The supply of LINK on exchanges increased, while the supply outside them decreased.
- Exchange netflow remained green.
Despite a bullish week, Chain links [LINK] the rate of growth seemed to have come to a standstill. After recording double-digit weekly gains, the token’s price has changed only marginally over the past 24 hours.
Realistic or not, here it is LINK market cap in BTC‘s conditions
However, new data showed that investors were still willing to hold on to their tokens. Such episodes reflect investor confidence, which could translate into price appreciation in the coming days.
CoinMarketCap showed that Left price is up more than 10% in the past seven days. However, momentum slowed as the token’s price rose only marginally over the past 24 hours.
At the time of writing, it was trading at $5.85 with a market cap of over $3 billion, making it the 23rd largest cryptocurrency.
Investor confidence in Chainlink is high
IntoTheBlock is June 23 tweet revealed another interesting development in the Chainlink ecosystem. According to the tweet, 82.9% of Chainlink investors held their tokens at a loss. This meant that the investors had a lot of faith in the token.
Santiment’s map, however, told a different story. CLUTCHthe supply on exchanges increased, while the supply outside the exchanges decreased. Nevertheless, the supply of top addresses increased last week, suggesting that the whales had confidence in LINK.
Source: Sentiment
In addition, IntoTheBlock’s tweet also revealed that LINK’s Market Value to Realized Value Ratio (MVRV) hit an all-time low. At press time, however, things looked different as LINK’s MVRV ratio rose.
Source: Sentiment
Statistics are bullish on LINK
A look at LINK’s on-chain stats suggested that the possibility of CLUTCH the continuation of the bull rally cannot be ruled out. This was because net deposits were on exchanges low compared to the past seven days, indicating increased buying pressure.
The active addresses and number of transactions were also high, which also seemed optimistic. However, according to LunarCrushbullish sentiment around LINK fell over the past 24 hours, while bearish sentiment increased.
Source: CryptoQuant
How many Worth 1.10.100 LINKs today
This is what indicators suggest
Many market indicators also favored the bulls. For example, the MACD clearly suggested a bullish upper hand in the market.
Chainlink’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both registered increases, marking developments in favor of buyers. Having said that, CLUTCHThe Exponential Moving Average (EMA) Ribbon remained bearish, which could spell trouble in the near term.
Source: TradingView
