Chainlink (LINK) Bulls Regain Momentum Following Temporary Value Loss

70% Increase in LINK

LINK has been making significant gains, which has kept investors happy for a long time. The altcoin has increased in value by over 70% in just the last 30 days. However, Chainlink bulls quickly reentered the market and initiated another rally. According to 21milyon.com, LINK has shown an increase of over 2.4% in the last 24 hours. At the time of writing, it is trading at $13.44 with a market cap of over $7.4 billion, making it the 12th largest cryptocurrency.

Analytical Reports on LINK

Data from CryptoQuant shows that buying pressure dominates the market for LINK. This can be seen due to the low net deposits of LINK on exchanges compared to the seven-day average. The total number of Chainlink holders also increased last week. However, it is noted that LINK’s supply both on and off exchanges is tightly held. For example, LINK’s MVRV ratio has significantly increased in the past few days.

Network growth is also at a high level, indicating that more new addresses are being created to transfer the token. On the other hand, LINK ranks ninth in the list of cryptocurrencies held by the top 100 ETH whales in the last 24 hours. Considering all these measurements, analysts believe that LINK has a high probability of reaching $13.50 in the near future.