2024

bullish

Captain

Chainlink

<p>Chainlink’s LINK token, like many other altcoins, has taken a hit in the recent market downturn. However, today’s report from <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment</a> suggests that LINK holders might have reason for optimism, despite the recent price decline.</p>
<h2 class="wp-block-heading" id="social-dominance-soars-amidst-link-price-volatility">Social Dominance Soars Amidst LINK Price Volatility</h2>
<p>According to Santiment’s data, Chainlink’s social dominance has been on a significant uptrend since December 2023, reaching its highest level in 2024. This metric, which measures the percentage of total crypto-related discussions mentioning LINK, currently stands at an impressive 1.02%.</p>
<p>The surge in social dominance is particularly noteworthy given the current market conditions. It indicates that despite the price drop, Chainlink remains a hot topic in the crypto space. This increased attention <strong>could be seen as a bullish sign</strong>, especially if the broader market begins to stabilize.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> LINK's discussion dominance across social media is officially at its highest level of 2024. Combined with declining total holders, this is generally a bullish signal if markets stabilize this upcoming week. The asset sits at $10.22, a -18% drop since its Aug 18 local top. <a href="https://t.co/CNni4rz2Mr" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/CNni4rz2Mr</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1832829881849377123?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 8, 2024</a>
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<h2 class="wp-block-heading" id="holder-count-declines-but-big-players-may-be-watching">Holder Count Declines, But Big Players May Be Watching</h2>
<p>While social dominance is up, the total number of<a href="https://etherscan.io/token/tokenholderchart/0x514910771af9ca656af840dff83e8264ecf986ca" target="_blank" rel="noopener noreferrer nofollow"> LINK holders</a> has seen a steady decline. Over the past four weeks, the number of non-empty LINK wallets has dropped by 1,867, bringing the current holder count to 722.18K. This decrease from earlier highs this year is typical during phases of market capitulation, where smaller investors often exit their positions.</p>
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<p>However, the juxtaposition of declining holder numbers and increasing social dominance presents an interesting dynamic. It suggests that while smaller holders may be selling, larger or more engaged investors could still see potential in the asset.</p>
<h2 class="wp-block-heading" id="chainlink-price-action">Chainlink Price Action</h2>
<p><a href="https://captainaltcoin.com/chainlink-nears-key-support-next-2-weeks-will-be-decisive-for-link-price/" target="_blank" rel="noopener noreferrer nofollow">LINK’s price</a> currently sits at $10.25, representing an 18% drop from its local peak on August 18, 2024. The token has been trading in a relatively tight range between $10.16 and $10.30 in the recent timeframe.</p>
<p>Despite the price dip and the exodus of small holders, the vibrant social discussions surrounding LINK could be a positive indicator. In the crypto market, increased social engagement often precedes potential price rebounds, provided the overall market conditions improve.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/bitcoin-price-faces-potential-decline-as-key-btc-metrics-signal-warning/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Price Faces Potential Decline as Key BTC Metrics Signal Warning</a></strong></em></p>
<p><em><strong>Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/this-chainlink-metric-is-at-the-highest-level-of-2024-despite-the-link-price-drop/" rel="noopener noreferrer nofollow">This Chainlink Metric Is at the Highest Level of 2024 Despite the LINK Price Drop</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

This Chainlink Metric Is at the Highest Level of 2024 Despite the LINK Price Drop

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