Chainlink Social Activity Soars to 44,173 ATH; Can LINK Price Follow?
Chainlink protocol has seen an anticipated optimism surge lately. That’s because the BUILD program is one of the Chainlink’s upcoming upgrades – Chainlink Economics2.0. Chainlink announced the first ten BUILD program projects on its official Twitter handle.
That translated to a surged online discussion about the project. Chainlink’s governance token, LINK, saw its social activity soaring from yesterday’s 35,540 to 44,173. Moreover, this trend can continue in the upcoming days.
LINKing the Dots
Unfortunately, LINK hasn’t reflected the firm’s massive social performance on its price. CoinGecko data shows the alternative token is still showing crucial sell signs. The asset’s press time price of $5.70 does not help.
However, CryptoQuant data shows that the amount of coins in exchange has dwindled substantially within the last several days. Oversold Relative Strength Index and Stochastic RSI signals, plus other optimistic indicators, suggest potential trend reversals in the upcoming days.
Also, the commodities channel index is surging as the condition improves. That indicates a possible improvement in token confidence. Nevertheless, LINK’s DMI stays negative, with 25.54 –DMI and 26 ADX.
The Relative Strength Index & Stochastic RSI outlook shows the downward trend remains massive and minor reversals are unlikely. Though the pessimistic marketplace, these readings present what seems to be a lucrative near-term future for $LINK.
LINK has its price action around the central Bollinger band’s bottom, highlighting volatility. That means Chainlink’s price will keep plunging from its current position. CMF (Chaikin Money Flow) index confirms bearishness, reading -0.13, whereas the Money Flow Index mimics the asset’s RSI, suggesting an impending pullback.
The Unsteady Link
Though multiple indicators show the alternative coin will soar, several technical indications suggest a bleak future for $LINK. For that reason, enthusiasts should proceed with care while watching large-cap digital assets for sound sell-or-buy choices.
Nevertheless, traders and investors may have to avoid relief rallies (at the moment). Enthusiasts can expect more LINK pain amid continued bear markets, though this minor respite will bring an optimistic longer-term outlook for Chainlink holders.
Bears have confirmed their market control as they keep dragging the broader market lower. While writing these lines, the global cryptocurrency market capitalization stood at $787 billion, dropping 1.64% over the past day.
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