Chainlink

Rekt

Time

Coin

<ul> 
 <li>Chainlink’s price surged by 22% in the last 30 days, driven by strong investor confidence.</li> 
 <li>The increase in Coin Holding Time and MVRV ratio indicates potential for further gains.</li> 
</ul> 
Chainlink (LINK) has witnessed a notable 22% price increase over the past 30 days, positioning itself as <a href="https://www.crypto-news-flash.com/chainlink-and-solana-set-to-be-overtaken-by-this-new-crypto-experts-predict-200x-gains/" target="_blank" rel="nofollow noopener">one of the top-performing cryptocurrencies</a> within the top 20 by market capitalization.&nbsp; 
One factor that can be attributed to the current performance of Chainlink is the behavior of its investors. According to IntoTheBlock, Chainlink Coin Holding Time has risen by 677% from late July onwards.&nbsp; 
<img loading="lazy" decoding="async" class=" wp-image-806102 aligncenter" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T104333.011-300x200.png" alt="" width="602" height="401" srcset="//www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T104333.011-300x200.png 300w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T104333.011-150x100.png 150w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T104333.011-450x301.png 450w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T104333.011.png 512w" sizes="(max-width: 602px) 100vw, 602px"> 
This metric which measures the average time investors hold onto the tokens shows increased confidence in Chainlink for the long term. An increase in holding time means that investors are choosing to keep their LINK tokens instead of trading them, thus decreasing the supply and perhaps increasing the price.&nbsp; 
The<a href="https://www.crypto-news-flash.com/chainlink-leads-the-way-in-tokenizing-real-world-assets-9-new-use-cases/" target="_blank" rel="nofollow noopener"> increase in holding time</a> also points to changes in investors’ investment strategies. Long-term holdings of tokens by investors generally suggest that they have high expectations of the assets’ value in the future. This behavior is important in order to maintain the recent price gains of Chainlink, as a reduction in selling pressure can lead to a more stable price action.&nbsp; 
<h3 id="strong-mvrv-ratio-points-to-potential-price-continuation-strong">MVRV Ratio Points to Potential Price Continuation</h3> 
Another factor that supports the Chainlink bulls is the Market Value to Realized Value (MVRV) ratio. This ratio helps determine if an asset is overvalued or undervalued given its market price in comparison to the realized value of the asset. At the moment, Chainlink’s <a href="https://app.santiment.net/charts/niiRipl3__sCl" target="_blank" rel="nofollow noopener">30-day MVRV ratio </a>is at 13.56%, which means that the cryptocurrency is in good condition with a reasonable level of unrealized gains.&nbsp; 
<figure id="attachment_806111" aria-describedby="caption-attachment-806111" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-806111" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T105601.965-300x103.png" alt="" width="609" height="209" srcset="//www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T105601.965-300x103.png 300w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T105601.965-150x51.png 150w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T105601.965-450x154.png 450w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/unnamed-2024-08-27T105601.965.png 512w" sizes="(max-width: 609px) 100vw, 609px">
 <figcaption id="caption-attachment-806111" class="wp-caption-text">
 Source:Santiment
 </figcaption>
</figure> 
Historically, when Chainlink’s MVRV ratio has risen above this level, it has gone as high as 20%. If this pattern continues, the price of LINK could go up, possibly exceeding $12. However, it is crucial to understand that a high MVRV ratio may result in profit-taking, which can cause a short-term retracement in the price but signals a high level of market engagement and interest in the asset.&nbsp; 
<h3 id="strong-key-support-levels-and-price-projections-strong">Key Support Levels and Price Projections</h3> 
The technical analysis also favors the bullish view of Chainlink. Crypto analyst Rekt Capital <a href="https://newsletter.rektcapital.co/email/452016f7-f459-4ead-b759-7d2f8e4c7960/?ref=rekt-capital-newsletter" target="_blank" rel="nofollow noopener">noted</a> that the price of LINK had fallen to around $8.19, which is near the upper level of the previous accumulation zone. This level has now been confirmed as a new support level, and this is the beginning of a new uptrend.&nbsp; 
Following this test, the price of Chainlink has started to rebound and is now trading above a significant historical demand area. This zone highlighted by an orange box on the technical charts has provided support in the past and is being tested once again. If Chainlink is able to close above this zone by the end of the week, it will likely indicate that this is a solid support level, paving the way for <a href="https://www.crypto-news-flash.com/chainlink-link-profit-spike-hits-new-high-will-it-trigger-a-rally-or-sell-off/" target="_blank" rel="nofollow noopener">further price appreciation.&nbsp;</a> 
The possibility of a retracement of this zone is particularly important. If the price approaches this zone&nbsp; 
and bounces back, it would indicate the strength of the support and could open up the path for LINK to test higher resistance levels. As per Rekt Capital, the next major trading zone for Chainlink is between $13.10 and $16.86, which is the top side of the present trading range.&nbsp;

Chainlink (LINK) Sees 600% Surge, Setting the Stage for a Sustained Uptrend

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