Chainlink (LINK): This Might Catalyze Short-Term Price Action
LINK has seen increased attention due to the upcoming Smartcon event, scheduled for September 28. Improvements in social media and whale activity saw Chainlink’s price surge within the previous day. Meanwhile, the question is, will LINK extend its upside or encounter massive selling momentum within the upcoming few days?
Whales LINKing Up
The latest WhaleStats update shows Chainlink as among the top ten coins leading whales held. Top-100 ETH whales have accumulated LINK worth around $40 million. That could mean a positive sign for market players interested in $LINK.
However, there’s more. LINK has seen a soaring social media presence in that timeframe. Meanwhile, the smartcon’s lucrative guest list might be among the reasons for surged hype around Chainlink. The alt’s social engagements and mentions increased by 5.709% within the previous week.
Though Chainlink recorded several surges in its social dominance within the previous week, weighted sentiment switched negative within the past few days. Moreover, persistent negative opinions from the public might worsen LINK’s situation. That might see Chainlink deteriorating in the future, possibly hurting prices.
Soaring negative sentiment isn’t the only facet investors should worry about when interacting with the alt. Santiment’s chart shows LINK’s recorded velocity decline. That suggests that number at which the altcoin change whales fell drastically within the previous few days.
Also, LINK’s market cap dominance dropped, with the alt occupying only 0.4% of the overall market share. Chainlink recorded a surge in volatility, increasing by 12% within the previous months. That meant increased risks for anyone interested in investing in Chainlink.
Any Pleasant Scenes?
Chainlink has registered an uptick in volume over the last month. The asset’s 30-day Market Value-to Realized Value Ration has soared in the past seven days, showing the alt can see near-term bullishness in the coming sessions.
Considering the negative and positive factors impacting Chainlink, enthusiasts should research before executing LINK trades. Moreover, LINK fans should assess overall market sentiments to identify potential invalidations.
The marketplace remained downbeat, with bears leading the race. Bitcoin still hovers below $20K, trading at $19,122 during this publication. The leading crypto gained 0.38% within the past day (Coinmarketcap data).
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