Published on mei 25, 2024, 12:26 am
Image source: Fox News
```json { "TLDR": "LINK's recent rally is supported by increased network activity and positive technical indicators, with the price standing at $17.04 and a potential to extend beyond $20. On-chain metrics show a bullish outlook, with high profitable transaction ratios. Network activity has surged since mid-May, indicating growing demand for LINK. Technical analysis reveals positive sentiment, supported by RSI increase and strong downside support. Independent traders and community sentiment are optimistic about LINK's future performance and growth potential." } ```
LINK’s recent double-digit rally is supported by a surge in network activity and a positive technical setup. With the LINK price currently standing at $17.04, witnessing a 30% increase in May alone, investors are eager to explore the possibility of the rally extending beyond $20.
On-chain metrics, as highlighted in a recent report by Santiment on May 24, indicate a bullish outlook for LINK. Surpassing other cryptocurrencies, LINK reached a six-week high of $17.50 on the same day, with its ratio of profitable transactions to loss-making ones at an impressive 11 to 1 – the most favorable ratio since December 8, 2022.
Further data from Santiment reveals a notable uptick in Chainlink network activity since mid-May. Daily active addresses interacting with the Chainlink blockchain surged from 3,159 on May 14 to an impressive 11,304 on May 22. Additionally, development activity on the network has seen growth from 421 unique GitHub repositories in mid-April to the current count of 436.
The rise in network activity signifies increased usage of the Chainlink blockchain, indicating a heightened demand and value for LINK. Recent market data also shows that LINK found support at $13 on May 15 within a descending triangle pattern before surging by 36% to reach $17.50 on May 24.
Technical indicators reveal a positive sentiment as well. The Relative Strength Index (RSI) climbed from 36 to 65 during this period, denoting buyer strength and reinforcing the uptrend. Moreover, the In/Out of the Money Around Price (IOMAP) model highlighted strong downside support for LINK compared to resistance levels.
Independent traders have also expressed optimism towards Chainlink’s future performance. Notably, traders like Crypto Yapper and Mister Crypto anticipate further bullish movements for LINK, with expectations that it may surpass $50 once again during this bull run.
Further community sentiment showcases high hopes for Chainlink’s potential growth within the cryptocurrency market. X user Chainlink Red Pill believes that despite its current valuation, LINK remains undervalued given its fundamental value proposition and potential applications.
In conclusion, while this article does not serve as investment advice or recommendations, it emphasizes the importance of conducting thorough research before making any financial decisions in volatile markets like cryptocurrencies.
Original article posted by Fox News
