• Chainlink is likely to see further price gains in the short-term, according to several on-chain metrics.
  • Chainlink Weighted Sentiment entered positive territory, while supply on exchanges has declined.
  • LINK price rose almost 25% in a week and nearly doubled over the past month.

Chainlink, the token of a decentralized blockchain oracle network, doubled its price in the past month. LINK price is likely to extend its gains with bullish on-chain metrics. 

Also read: Bitcoin price targets the $49,000 level as analysts predict approval of BTC spot ETFs by SEC

Chainlink on-chain metrics that support bullish outlook

Chainlink’s social media mentions have climbed across platforms like X. The sentiment of market participants towards LINK is measured by Weighted Sentiment, a metric that acts as a temperature check among traders in the ecosystem.

Based on data from crypto intelligence tracker Santiment, there is an increase in the weighted sentiment of LINK. The metric climbed to 1.029 on November 8. 

Weighted sentiment LINK

Weighted sentiment LINK

The supply of the token on exchanges has declined over the past three months. The Supply held by top addresses dropped between October 8 and November 8, similar to the supply on exchanges.

The reduction in selling pressure is conducive for the asset’s extended gains. 

Supply on Exchanges, Supply held by top addresses

Net Realized Profit/Loss calculates the average profit/ loss of all coins that change addresses on a daily basis. The metric noted massive spikes in profit between October 18 and November 8. 

Spikes in realized profit can be correlated with local top formation in an asset. LINK is therefore likely close to a local top.

Network realized profit/loss LINK 

LINK price climbed almost 25% in the past week and doubled in the past 30 days on Binance. The oracle token has noted a rise in accumulation by retail traders, driving demand for LINK higher. LINK price is $15.13 at the time of writing.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP