Journalist
Posted:
- LINK ranks as the crypto asset with the most gains in the past week.
- This was due to an increase in network activity during that period.
Chain link [LINK] has outperformed the rest of the cryptocurrency market over the past week, with its price rising 15%. Bitcoin, on the other hand [BTC] and ether [ETH]the two largest cryptocurrencies by market capitalization, have remained relatively flat over the same period.
If #Bitcoin remains in the range of $26,000 to $27,000, up #altcoins increasing due to whale accumulation and network growth. $LINK has notably risen to $7.08, and $EXRD rose to $0.067. Less social volume #crypto means that more and more projects remain under the radar. pic.twitter.com/CPipEc0fsX
— Santiment (@santimentfeed) September 23, 2023
Read Chainlink’s [LINK] Price forecast 2023-24
The price increase is due to a surge in new demand for the altcoin and an increase in the daily number of addresses completing transactions with LINK.
Information retrieved from the data provider in the chain Glass junction revealed that the daily counts of new addresses and active addresses trading LINK started increasing on September 10 and were still on an upward trend at the time of writing.
As of September 23, 792 new addresses have been created to trade LINK. This represented a 44% increase from the 551 new addresses created on September 10.
In terms of the daily number of unique addresses that have been active on the Chainlink network, either as a sender or a recipient, this has also increased by 41% in the past two weeks.
Source: Glassnode
There are no restrictions for LINK
Readouts of LINK’s price movements on a daily chart confirmed the bullish momentum in the alt market. The key momentum indicators were above their respective midlines at the time of writing, indicating that spot traders have continued to accumulate the token.
For example, LINK’s Relative Strength Index (RSI) was 64.88. The Money Flow Index (MFI) of 81.55 suggested that the token could even be overbought due to increased accumulation pressure.
The Chaikin Money Flow (CMF) – which tracks the buying and selling pressure of an asset over a period of time – stood at 0.23 above the zero line. CMF values above the zero line indicate that there is more buying pressure than selling pressure.
Source: LINK/USDT on Trading View
Bullish sentiment was also noted in the LINK futures market. The token’s Open Interest has increased by 69% since September 17, according to data from Mint glass. At the time of writing this was $181 million.
Likewise, the token’s funding rates on exchanges were mostly positive during the same period. Although there have been days marked by negative financing rates, most traders on the LINK futures market have continued to place bets in favor of a price increase.
Source: Coinglass
Realistic or not, here is LINK’s market cap in BTC terms
Not ready to sell
A review of the alt’s stock market activity showed a decline in sell-off activity in recent days. After a period of increased sell-off, there has been a decline in profit-taking activity in recent days.
Data from Glassnode shows that net transfer volume of LINK to/from exchanges has been negative since September 22, indicating that more LINK tokens have been transferred from exchanges than to exchanges since then.
Source: Glassnode