- Chainlink has shown impressive performance both on and off-chain, attracting the attention of investors and analysts.
- Chainlink’s Age Consumed metric spiked to a record high on February 1, 2024, indicating that some whales are waking up.
- Chainlink’s price has broken above the $16.5 resistance level and is up by 12% in the last 24 hours.
- Chainlink’s market cap is close to surpassing Tron as the 11th largest cryptocurrency, with about $10.25 billion in value.
- Chainlink might be set to hit $25 or higher in the next week, according to some analysts
Chainlink has come out on top of the market as of late, considering its impressive performance both on and off-chain.
According to a recent insight piece from Santiment, LINK is seeing some of its whales wake up for the first time in its history, and the price of the cryptocurrency is reacting accordingly.
Here is the bullish case for LINK, and why this cryptocurrency is set to hit $25 at least, very soon.
Chainlink’s Age-Consumed Metric Spikes
Here’s a quick refresher:
The Age Consumed metric simply measures the number of coins moved within a timeframe, against the number of days these coins had been sitting around, unmoved.
A good example is a scenario in which 100 coins sit in several wallets, after 10 days of inactivity.
At the end of the 10th day, the Age consumed metric shows a reading of 1,000 coin days.
The Age Consumed metric is useful when it comes to determining network activity and the behaviour of investors. It can also be used to establish how long-term holders react to market conditions.
According to a recent tweet from Santiment, this week on 1 February, Chainlink saw a spike to 5.38 billion in its Age Consumed metric.
Santiment says that this metric has now spiked to its highest point in history, likely because 2.8 million LINK tokens (worth $50 million at the time), were recently moved from an idle wallet into Binance.
Overall, this shows that the LINK whales may be getting back into action, and we may be about to see some extensive price explosion on this cryptocurrency.
Chainlink’s Price Performance
According to data from CoinMarketCap, Chainlink is now outperforming the crypto market by several margins.
The cryptocurrency has broken above the $16.5 zone for the first time in five weeks as noted by Santiment, and is now up by about 12% over an intra-day timeframe.
Moreover, Trading volumes have more than doubled in the last 24 hours on this cryptocurrency, with about $1.6 billion processed so far, within a daily timeframe.
Chainlink’s market cap also sits at around $10.25 billion now, with the cryptocurrency on the verge of overtaking Tron (which has $10.3 billion) as the 11th largest cryptocurrency on the market, in terms of market cap.
Chainlink Might Be Set To Hit $25 Next Week
At Chainlink’s current bullish rate, we might be seeing some over-$20 prices in the coming weeks.
According to a recent tweet from crypto analyst, Michael van de Poppe, the LINK Versus Bitcoin Charts shows something interesting.
Van de Poppe says that this liquidity barrier against LINK is set to break if Ethereum picks up the pace and displaces Bitcoin’s dominance.
We can see a similar pattern in the LINK/USDT chart as illustrated below:
LINK appears to have broken above the range that has kept it contained since October 2023, when it broke above the $12.5 resistance.
This daily candle close will turn out to be the ultimate indicator of what happens next with LINK.
If we see a daily candle close above the $17.5 zone, LINK will be poised to hit anywhere between $25 – $30, as predicted by van de Poppe in another tweet.
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