The altcoin news and rumors this month mostly center around one coin which managed to take away all the profits. Chainlink is up by 200% ever since its December bottom, gaining a jaw dropping 200% since 2019 when it established a bottom near $1.60 and after which it initiated a surge to $5.
While the Bitcoin news now show that the price of BTC is stable above $9,100, Chainlink is up again and rallied as high as $5 the other day. Even though this is already a stellar performance, analysts believe that LINK has more room to grow, especially considering that the S&P 500, commodities and other leading signs of traditional market strength have tanked.
So, the Chainlink news might show gains in the future and LINK is purportedly preparing to rally even higher. A user going by “Garry” on the cryptocurrency analytics platform Santiment recently released an extensive analysis on LINK, showing how Chainlink is up by 200% since December and providing a confluence of reasons why the crypto asset could have room to rally past $5 in the coming weeks.
Some of the reasons that Garry listed include:
- LINK is on top of the Santiment Emerging Trends tracker: This suggests that the cryptocurrency is rapidly gaining popularity. This is very important because a similar spike in the social volume happened in February before the crypto broke even higher than its previous all-time high.
- The count of daily active addresses: Chainlink is up by a lot and the active addresses recently hit a multi month high, though this metric started trending lower. Although bearish, Garry wrote that this is a sign that is “similar [to the previous all-time high], [so the] trend of the crypto may continue building new tops.”
- The cumulative balance of LINK’s whales has continued to trend higher and higher, suggesting rapid accumulation and implying investors in the cryptocurrency to level up their expectations about a rally.
#Chainlink once again broke an all-time high yesterday, hitting $4.89! Onchain tx. volume, daily active addresses, and % active coins were all showing signs of bullishness, and it was great to see things come to fruition for $LINK holders. Read our latest!https://t.co/9qpExWObma pic.twitter.com/e40pYVXUPc
— Santiment (@santimentfeed) March 7, 2020
Chainlink is up by a lot and many analysts are talking about the coin. Although much of the LINK rally seems to be based on momentum (hype), the underlying project named Chainlink has seen a series of positive developments over the past few months. Just recently, the company partnered with Ethereum Classic, too.
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