Chainlink (LINK) is up 17 percent again after being in the green for days now. Here’s what’s fueling the rise.
Chainlink (LINK) has been on a bullish streak recently and is leading the cryptocurrency market in gains.
As noted by IntoTheBlock, fundamentals are adding up — so let’s look at why LINK is rising.
We tweeted about this yesterday, but @chainlink price kept rising and it's up approx 22% – 23%
– The network is growing🚀
– + addresses are In the Money✅
– Large Trxs doubled in the last 2 days👍
– Telegram followers continue to rise🆒
Result: Price ↗️ from the start of Oct pic.twitter.com/6FIMC7CcA1
— intotheblock (@intotheblock) October 9, 2019
4 Reasons Behind Chainlink’s Rise
Most Addresses Are in Profit
Most holders of LINK are in profit — which means that there are not many itching to break-even.
This naturally applies upward price pressure — which is being felt very strongly in the past few days. As of now, 83 percent of addresses are in profit.
Large Transactions Doubled in the Last Two Days
Individuals are moving larger amounts of LINK than ever before. In the last two days, this number has doubled.
That’s good news for holders and indicates that buying pressure is still strong.
Telegram Followers Continue to Rise
In the past seven days, Chainlink’s Telegram users have jumped by 2.33 percent.
The community is growing — and that doesn’t include the many Twitter users who have been sharing and promoting the cryptocurrency in growing numbers.
A strong community is always a good indicator of positive market movements.
The Network is Growing
LINK has been in the news quite a bit recently. According to IntoTheBlock, network growth has been 2.25 percent — which is bullish for the cryptocurrency.
LINK is demonstrating all the signals of bullish momentum moving forward. This may indicate that this is just the beginning for LINK’s rise and we can expect more positive market action from this oracle protocol in the coming months.
In short, LINK is looking strong — and it may just continue to lead the altcoin market in gains in the coming days.
Of course, keep your eye on Bitcoin (BTC). A significant drop could invalidate many of these indicators.
Do you think that LINK is a good buy now? What are your predictions? Let us know your thoughts in the comments below.
Images courtesy of Shutterstock, Twitter.