Bitcoin

Impact

Chainlink

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-shows-potential-for-further-growth-santiment-reports/" data-wpel-link="internal">Chainlink Shows Potential for Further Growth, Santiment Reports</a><br></p>
<p style="text-align: justify"><strong>Crypto analytics</strong> firm Santiment has suggested that a metric indicates decentralized oracle network Chainlink (LINK) may have more upside potential. Santiment also discussed the current state of <strong>Bitcoin (BTC)</strong>.</p> 
<h2 id="santiment-s-bullish-claims-for-link">Santiment’s Bullish Claims for LINK</h2> 
<p style="text-align: justify">Through <a href="https://newslinker.co/category/social-media/" data-wpel-link="exclude">social media</a> platform X, the crypto analysis platform stated that even if there is a sudden drop in LINK wallets, Chainlink’s rise could continue.</p> 
<p style="text-align: justify">According to <strong>Santiment</strong>, a sudden drop in wallets is often a sign of fear, uncertainty, and doubt (FUD), which could indicate an upcoming price increase. Santiment stated:</p> 
<blockquote> 
 <p style="text-align: justify">Chainlink surpassed the altcoin pack after creating the highest age consumed spike from previously dormant wallets (calculated by multiplying the number of days inactive crypto assets have been in motion by 5.38 billion). The return of <strong>LINK</strong> to the network’s circulation likely contributed to the price increase. Additionally, the network witnessed small wallet liquidations, a sign of FUD that could contribute to further price rises.</p> 
</blockquote> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-310599 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/link-scaled.jpg" alt="" width="2560" height="1689"></p> 
<h2 id="potential-impact-of-btc-on-link">Potential Impact of BTC on LINK</h2> 
<p style="text-align: justify">At the time of writing, LINK has seen an approximate 12% increase over the last 24 hours, trading at $18.76. Santiment then suggested that the social dominance indicator, which follows crypto discussions on social media platforms, could show a downtrend for Bitcoin (BTC) and an uptrend for altcoins this week, stating:</p> 
<blockquote> 
 <p style="text-align: justify">Historical data indicates that a high rate of crowded discussion about Bitcoin is a sign of fear. However, since mid-2023, the enthusiasm and optimism surrounding ETFs (exchange-traded funds) have turned high BTC discussions into a greed indicator due to arguably unrealistic expectations for the markets. Three weeks after the SEC (U.S. Securities and Exchange Commission) approved Bitcoin ETFs, this indicator seems to have finally normalized. <a href="https://en.coin-turk.com/what-is-wazirx-coin/" data-wpel-link="internal">Altcoin</a> discussions could push the ratio of BTC discussions into an unhealthy downtrend if February sees better performance from Bitcoin, implying that the crowd is once again overlooking tokens in favor of altcoins due to greed and over-leverage.</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/chainlink-shows-potential-for-further-growth-santiment-reports/" data-wpel-link="internal">Chainlink Shows Potential for Further Growth, Santiment Reports</a></h5>

Chainlink Shows Potential for Further Growth, Santiment Reports

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