DeFi
Price Nears $18, Profit Ratio Hits 2022 Levels — TradingView News
Chainlink (LINK), the Oracle network that powers decentralized finance (DeFi), is seeing a solid rise, surpassing a six-week high of $17.40. The push comes amid a wave of optimism fueled by the recent approval of an Ethereum exchange-traded fund (ETF) and speculation around a potential Chainlink ETF.
Transactions and DeFi dominance fuel the rally
On-chain data reveals strong buying sentiment for LINK, with a record 11 profitable trades for every one at a loss. This increase in profitability coincides with the broader market’s positive reaction to the Ethereum ETF. Analysts believe the approval signals growing institutional interest in cryptocurrencies, potentially paving the way for similar vehicles focused on specific projects like Chainlink.
Tomi Point, a renowned crypto analyst, took to social media to express his belief that Chainlink could be the next beneficiary of the ETF boom.
Chainlink’s role in bridging the gap between DeFi and traditional finance makes it a prime candidate for an ETF. Point highlighted Chainlink’s robust DeFi ecosystem, boasting reliable data connections to over 20 blockchains, as a key factor in its institutional appeal.
NewsBTC
Green Flash Techniques
The current market sentiment around Chainlink is extremely bullish. Although the Fear and Greed Index is hovering in “extreme fear” territory, most technical indicators are pointing toward a sustained uptrend. As of May 24, 2024, the majority of technical analysis tools confirmed a positive outlook for LINK.
Several analysts have issued bullish price forecasts. Digitcoinprice predicts LINK to reach $37.35 by the end of May, representing a staggering 117% increase. The overall optimistic outlook is reinforced by LINK’s impressive performance over the past month, with price appreciation of over 16%.Chainlink whales pay out another $16 million
Meanwhile, the bullish swings in whale activity on Chainlink this week are another important sign that shows how popular LINK and other Ethereum-hosted cryptocurrency projects are among investors.
The Santiment chart above displays changes in the balances of LINK tokens held by the 100 largest wallets in real time.
As of May 19, the top 100 Chainlink investors held 701 million LINK tokens. As of May 25, they had increased their holdings by more than 1.2 million LINK, for a total of 702 million.
Featured image of Texture X, chart by TradingView