{"id":608595,"date":"2024-05-17T18:00:35","date_gmt":"2024-05-17T18:00:35","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=608595"},"modified":"2024-06-11T07:44:43","modified_gmt":"2024-06-11T07:44:43","slug":"chainlink-crypto-winner-19-rally-driving","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/chainlink\/chainlink-crypto-winner-19-rally-driving\/","title":{"rendered":"Chainlink Becomes Crypto Winner With 21% Rally: What’s Driving This?"},"content":{"rendered":"

Chainlink (LINK) has enjoyed a sharp surge of more than 21% over the past 24 hours. Here’s what data suggests could be behind this rally.<\/p>\n

Chainlink Has Surprised Crypto Market With Breakout In The Past Day<\/h2>\n

While most cryptocurrency sectors have seen flat or small green returns over the last 24 hours, Chainlink has shown a decoupling as it has observed some sharp bullish momentum in this window.<\/p>\n

Related Reading: Bitcoin Still Has \u201cA Lot Of Room To Run Before Reversal,\u201d Says Top Analyst<\/a><\/div>\n

Here is a chart that displays how LINK’s recent performance has looked like:<\/p>\n

\"Chainlink
The price of the asset appears to have shot up over the past day or so | Source: LINKUSD on TradingView<\/a><\/figcaption><\/figure>\n

With this sudden burst, Chainlink has touched the $16.7 mark for the first time since the crash during the first half of April. While the asset has now retraced a major part of this plunge, it still hasn’t made a\u00a0full recovery.<\/p>\n

Should LINK’s bullish momentum continue, though, it may not be too long before the cryptocurrency can reclaim the $17.8 level it was trading at just before the crash.<\/p>\n

As for where Chainlink stands<\/a> in the wider market, the table below shows that, based on market cap, it’s currently the 15th largest coin.<\/p>\n

\"Chainlink
The market cap of the coin appears to be $9.8 billion at the moment | Source: CoinMarketCap<\/a><\/figcaption><\/figure>\n

LINK isn’t too far off from Polkadot (DOT) now, so it’s possible that if the price rise continues, the coin will dethrone DOT and take over the 14th spot on the list.<\/p>\n

Now, what could be the reason for Chainlink’s sudden decoupling from the rest of the market? Data from the on-chain analytics firm Santiment may perhaps provide some hints.<\/p>\n

The Total Number Of LINK Whales Is At A 6-Month High Now<\/h2>\n

As pointed out by Santiment in a post<\/a> on X, Chainlink investors holding 100,000 tokens or more of the asset in their balance have recently seen their address count increase.<\/p>\n

\"Chainlink
It looks like the value of the metric has been on the rise in recent weeks | Source: Santiment on X<\/a><\/figcaption><\/figure>\n

This cutoff is equivalent to around $1.67 million at the current LINK exchange rate. Investors with holdings this large are popularly referred to as whales.<\/p>\n

Whales can be influential entities in the market because they can move a large amount of volume in a short span of time. As such, their behavior may be worth monitoring.<\/p>\n

From the graph, it’s visible that Chainlink’s total number of whale addresses has hit 564 after the latest rise, which is the highest the metric has been since October of last year. This increase in the number of whales on the network may be partially behind the surge that LINK has just seen.<\/p>\n

In the same chart, the analytics firm has also attached the data for another indicator: social dominance<\/a>. This metric tells us about the share of cryptocurrency-related social media discussions that LINK occupies right now.<\/p>\n

Related Reading: XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally?<\/a><\/div>\n

This indicator has shot up alongside this rally, implying the interest around the coin has spiked. Historically, such a rise in attention has been a bearish sign for the asset, so it remains to be seen if these high values will be maintained. “If social dominance calms and FOMO doesn’t take over, bullish conditions are ahead,” notes Santiment.<\/p>\n

Featured image from iStock.com, CoinMarketCap.com, Santiment.net, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Chainlink (LINK) has enjoyed a sharp surge of more than 21% over the past 24 hours. Here’s what data suggests could be behind this rally. Chainlink Has Surprised Crypto Market With Breakout In The Past Day While most cryptocurrency sectors have seen flat or small green returns over the last 24 hours, Chainlink has shown a decoupling as it has observed some sharp bullish momentum in this window. Related Reading: Bitcoin Still Has \u201cA Lot Of Room To Run Before Reversal,\u201d Says Top Analyst Here is a chart that displays how LINK’s recent performance has looked like: With this sudden burst, Chainlink has touched the $16.7 mark for the first time since the crash during the first half of April. While the asset has now retraced a major part of this plunge, it still hasn’t made a\u00a0full recovery. Should LINK’s bullish momentum continue, though, it may not be too long before the cryptocurrency can reclaim the $17.8 level it was trading at just before the crash. As for where Chainlink stands in the wider market, the table below shows that, based on market cap, it’s currently the 15th largest coin. LINK isn’t too far off from Polkadot (DOT) now, so it’s possible that if the price rise continues, the coin will dethrone DOT and take over the 14th spot on the list. Now, what could be the reason for Chainlink’s sudden decoupling from the rest of the market? Data from the on-chain analytics firm Santiment may perhaps provide some hints. The Total Number Of LINK Whales Is At A 6-Month High Now As pointed out by Santiment in a post on X, Chainlink investors holding 100,000 tokens or more of the asset in their balance have recently seen their address count increase. This cutoff is equivalent to around $1.67 million at the current LINK exchange rate. Investors with holdings this large are popularly referred to as whales. Whales can be influential entities in the market because they can move a large amount of volume in a short span of time. As such, their behavior may be worth monitoring. From the graph, it’s visible that Chainlink’s total number of whale addresses has hit 564 after the latest rise, which is the highest the metric has been since October of last year. This increase in the number of whales on the network may be partially behind the surge that LINK has just seen. In the same chart, the analytics firm has also attached the data for another indicator: social dominance. This metric tells us about the share of cryptocurrency-related social media discussions that LINK occupies right now. Related Reading: XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally? This indicator has shot up alongside this rally, implying the interest around the coin has spiked. Historically, such a rise in attention has been a bearish sign for the asset, so it remains to be seen if these high values will be maintained. “If social dominance calms and FOMO doesn’t take over, bullish conditions are ahead,” notes Santiment. Featured image from iStock.com, CoinMarketCap.com, Santiment.net, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":608621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[16295,88097,79580,89663,88408,6664,92317,16097,75940],"class_list":["post-608595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-chainlink","tag-chainlink-bullish","tag-chainlink-price","tag-chainlink-rally","tag-chainlink-whales","tag-crypto","tag-crypto-winner","tag-link","tag-linkusd"],"acf":[],"yoast_head":"\nChainlink Becomes Crypto Winner With 21% Rally: What's Driving This?<\/title>\n<meta name=\"description\" content=\"Chainlink (LINK) has enjoyed a sharp surge of more than 19% over the past 24 hours. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink Becomes Crypto Winner With 21% Rally: What’s Driving This?","url":"http:\/\/www.shenyangcang.com\/news\/chainlink\/chainlink-crypto-winner-19-rally-driving\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.shenyangcang.com\/news\/chainlink\/chainlink-crypto-winner-19-rally-driving\/"},"thumbnailUrl":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/05\/iStock-1460700055_04ff9c.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/05\/iStock-1460700055_04ff9c.jpg?fit=2309%2C1299"},"articleSection":"Chainlink","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","chainlink bullish","chainlink price","chainlink rally","chainlink whales","crypto","crypto winner","link","linkusd"],"dateCreated":"2024-05-17T18:00:35Z","datePublished":"2024-05-17T18:00:35Z","dateModified":"2024-06-11T07:44:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink Becomes Crypto Winner With 21% Rally: What’s Driving This?\",\"url\":\"http:\\\/\\\/www.shenyangcang.com\\\/news\\\/chainlink\\\/chainlink-crypto-winner-19-rally-driving\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.shenyangcang.com\\\/news\\\/chainlink\\\/chainlink-crypto-winner-19-rally-driving\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/iStock-1460700055_04ff9c.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/iStock-1460700055_04ff9c.jpg?fit=2309%2C1299\"},\"articleSection\":\"Chainlink\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"chainlink bullish\",\"chainlink price\",\"chainlink rally\",\"chainlink whales\",\"crypto\",\"crypto winner\",\"link\",\"linkusd\"],\"dateCreated\":\"2024-05-17T18:00:35Z\",\"datePublished\":\"2024-05-17T18:00:35Z\",\"dateModified\":\"2024-06-11T07:44:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/05\/iStock-1460700055_04ff9c.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts\/608595"}],"collection":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/comments?post=608595"}],"version-history":[{"count":0,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts\/608595\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/media\/608621"}],"wp:attachment":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/media?parent=608595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/categories?post=608595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/tags?post=608595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}