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

Christian Encila

1 year ago

3 mins read

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Rising steadily and surpassing a six-week high of $17.40, Chainlink (LINK), the oracle network driving distributed finance (DeFi), is seeing This spike coincides with a wave of hope driven by the approval of an Ethereum exchange-traded fund (ETF) and conjecture on a possible Chainlink ETF.

Transactions And DeFi Dominance Fuel Rally

With record 11 lucrative transactions for every one at a loss, on-chain data shows LINK to be in a strong purchasing mood. This increase in profitability comes together with the favourable response of the market to the Ethereum ETF. This clearance, according to analysts, points to an increasing institutional interest in cryptocurrencies, so opening the path for analogous vehicles targeted on certain initiatives 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. https://t.co/nILlWsXWNh pic.twitter.com/joMV55V5x7

— 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 is a top candidate for an ETF since it closes the distance between DeFi and conventional finance. Key in increasing Chainlink’s institutional attractiveness is its strong DeFi ecosystem, which features dependable data connections to more than 20 blockchains.

Technicals Flash Green

The general attitude of the present market about Chainlink is quite positive. Though the dread & Greed Index stays in “extreme fear” area, most technical indicators show a consistent advance. Most technical analysis techniques verified as of May 24, 2024, a favourable future for LINK.

LINK is currently trading at $17.6. Chart: TradingView

Many analysts have responded with optimistic pricing forecasts. Digitcoinprice forecasts LINK to rise to $37.35 by the end of May, a startling 117% increase. LINK’s outstanding success in the past month, with a price increase of nearly 16%, adds to the general hopeful view.

Chainlink Whales Pour In $16 Million More

The positive swings in whale activity on Chainlink this week also provide another crucial indication of the popularity among investors of LINK and other Ethereum-hosted cryptocurrency ventures.
The positive swings in whale activity on Chainlink this week also provide another crucial indication of the popularity among investors of LINK and other Ethereum-hosted cryptocurrency ventures.

Changes in the LINK token balances maintained by the top 100 largest wallets are shown on the Santiment chart above in real time.

May 19 saw the top 100 Chainlink investors own 701 million LINK tokens. By May 25, they owned 702 million LINK, more than 1.2 million LINK more.

Featured image from Texture X, chart from TradingView

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, 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 bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, 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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