Chainlink On Fire: Price Nears $18, Profit Ratio Blazes To 2022 Levels

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Chainlink (LINK), the oracle network powering decentralized finance (DeFi), is experiencing a solid rise, breaching a six-week high of $17.40. This surge comes amidst a wave of optimism fueled by the recent approval of an Ethereum exchange-traded fund (ETF) and speculation surrounding a potential Chainlink ETF.

Transactions And DeFi Dominance Fuel Rally

On-chain data reveals a strong buying sentiment for LINK, with a record 11 profitable transactions for every one at a loss. This surge in profitability coincides with the broader market’s positive reaction to the Ethereum ETF. Analysts believe this approval signals a growing institutional interest in cryptocurrencies, potentially paving the way for similar vehicles focused on specific projects like Chainlink.

🔗📈 #Chainlink has climbed well ahead of the #crypto pack, quickly surpassing $17.50 for the first time in 6 weeks. #Onchain today, there are 11 transactions in profit for every 1 $LINK transaction at a loss. This is the highest ratio since Dec. 8, 2022.

— Santiment (@santimentfeed) May 24, 2024

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 driving its institutional appeal.

Source: Santiment

Technicals Flash Green

The current market sentiment surrounding Chainlink is overwhelmingly bullish. Despite the Fear & Greed Index hovering in “extreme fear” territory, most technical indicators point towards a sustained uptrend. As of May 24th, 2024, a majority of technical analysis tools confirmed a positive outlook for LINK.

LINK is currently trading at $17.6. Chart: TradingView

Several analysts have weighed in with bullish price predictions. Digitcoinprice predicts LINK to reach $37.35 by the end of May, representing a staggering 117% increase. The overall optimistic outlook is bolstered by LINK’s impressive performance in the past month, with a price appreciation of over 16%.

Chainlink Whales Pour In $16 Million More

Meanwhile, this week’s bullish fluctuations in whale activity on Chainlink are another important sign that shows how popular LINK and other Ethereum-hosted cryptocurrency projects are among investors.

Source: Santiment

The Santiment graphic above displays changes in the balances of LINK tokens held by the top 100 largest wallets in real time.

Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley! So, he landed a killer gig at NewsBTC and Bitcoinist, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a future intertwined with NewsBTC and Bitcoinist. He says he sees himself “growing old” alongside these companies, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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