LINK had the highest Galaxy Score
The interest of the whales also increased
Chain links [LINK] price action recently matched investor interest as the price rose 10% in the past 24 hours.
At the time of writing, LINK was trading at $6.54, with a market cap of over $3.3 billion. Interestingly, some of the new updates that have surfaced indicate that things could get even better soon as they hint at a further price hike. For example, LINK was on the list of cryptos with the highest Galaxy Score, which is a major bullish signal.
🏆 Current top 10 coins on AltRank with leading social and market activity.https://t.co/D2DJOfaqti
2️⃣ $ crv
6️⃣ $ lunch
🔟 $axes pic.twitter.com/nGMDfD95wJ
— LunarCrush (@LunarCrush) November 23, 2022
Read Chain links [LINK] Price prediction 2023-24
Chainlink’s popularity increased
In addition, the LINK ecosystem was heated socially as well. According to LunarCrush, there was a spike in social contributors, followed by increasing social engagement. Thus, this reflects the increased popularity of the token in the crypto community.
A little quality #Chain link content out there today. There was a spike in social contributors, followed by increasing social engagement, meaning influential accounts like, share, quote, retweet and/or comment on $LINK to post.
👉 Insights: https://t.co/Kn61zGBI7l pic.twitter.com/Y40j0Czn5T
— LunarCrush (@LunarCrush) November 22, 2022
CLUTCH also managed to gain interest from the whales, which was good news as it indicated that the major players in the market had confidence in the token.
According to WhaleStats, a popular Twitter handle that posts updates on whale activity, it was recently shared that LINK was among the top cryptos holding the top 5000 Ethereum whales.
🐳 The top 5000 #ETH whale hodling
$52,382,933 $ MKR
$34,435,652 $ BEST
Whale leaderboard 👇 https://t.co/kOhHprRmd1 pic.twitter.com/3ifTLGFhpr
— WhaleStats (crypto whale tracking) (@WhaleStats) November 23, 2022
What statistics have to say
CLUTCHThe on-chain stats also looked bullish as they too suggested a possible continued uptrend in the coming days.
from CryptoQuant data revealed that CLUTCHnet deposits to exchanges were low compared to the 7-day average, indicating lower selling pressure.
The transfer volume also experienced growth in the past 24 hours, which was another positive signal. Interestingly, according to Santimnet’s chart, LINK’s volume has skyrocketed in recent days, further increasing the likelihood of a rebound.
Nevertheless, some stats did not support LINK, which could cause problems. For example, LINK’s MVRV ratio was lower compared to last week, which is a bearish signal.
The growth of the LINK network also took a side path. And the network’s foreign exchange reserve increased, suggesting higher selling pressure.
This post Assess what Chainlink is [LINK] improved popularity could mean for its price
was published first on https://ambcrypto.com/assessing-what-chainlinks-link-improved-popularity-could-mean-for-its-price/