Chainlink Poised for a Significant Rally – Here’s Why

Byadmin

Dec 8, 2024
Chainlink Poised for a Significant Rally – Here's WhyChainlink Poised for a Significant Rally – Here's Why

Santiment, a well-known cryptocurrency analytics firm, recently pointed out a potentially bullish signal for Chainlink (LINK), indicating that the absence of FOMO (Fear of Missing Out) surrounding the altcoin could suggest an upcoming price surge.

LINK has experienced a rise towards the end of the week, needing just a 10% increase to reach a three-year high last seen in January 2022. Despite this recent rally, Santiment has observed a lack of excitement surrounding LINK, which they consider a positive sign. Historically, markets often move counter to prevailing sentiment, and the current skepticism surrounding LINK could act as a catalyst for further upward momentum.

On the Bitcoin front, Santiment also highlighted a significant decrease in BTC balances held in mining wallets since April 2024. A notable drop of 85,503 BTC in just 48 hours marks the largest decrease since February 2024.

Regarding a similar drop in February preceding Bitcoin’s all-time high of $73,000, Santiment notes that there seems to be little correlation between the balance declines and Bitcoin’s price movement this year. Additionally, both large investors (whales) and smaller traders (sharks) are continuing to accumulate BTC, contributing to a neutral overall market signal.

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