tl;dr
Blockchain analytics platform Santiment has noticed bullish signals for decentralized oracle provider Chainlink, with the overall supply of Chainlink on crypto exchanges at its lowest level since February 2020 and the number of unique LINK addresses holding a positive amount of coins closing in on a...
Summary
Blockchain analytics platform Santiment has noticed bullish signals for decentralized oracle provider Chainlink, with the overall supply of Chainlink on crypto exchanges at its lowest level since February 2020 and the number of unique LINK addresses holding a positive amount of coins closing in on an all-time high. Chainlink is trading at $15.08, up nearly 1% in the last 24 hours. Santiment has also identified bullish sentiment for Bitcoin, Ethereum, and XRP, while there is bearish sentiment for Cardano.
Blockchain analytics platform Santiment is noticing two metrics flashing bullish signals for decentralized oracle provider Chainlink (LINK). Santiment says that the overall supply of Chainlink on crypto exchanges has slipped down to its lowest level since February 2020. The analytics firm also notes that the number of unique LINK addresses holding a positive (non-zero) amount of coins is closing in on an all-time high. "Chainlink enjoyed a mini breakout weekend, hitting $15.82 for the first time in two weeks. The supply of LINK on exchanges is below 15% for the first time in about four years, and the amount of non-zero coin wallets is within 6% of its all-time high." Image Source: Santiment/X
Chainlink is trading for $15.08 at time of writing, up nearly 1% in the last 24 hours. Santiment also identified market trends days after the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) last week, based on social media chatter. The firm said there was bullish sentiment for Bitcoin, Ethereum (ETH) and XRP while there was bearish sentiment for ETH competitor Cardano (ADA). "As kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the ETF approvals. Traders are particularly bullish toward Ethereum after its market value climbed above $2,700 for the first time since May 2022. There is also a notable bull bias toward Bitcoin and XRP Network. While traders are discussing the possibility of ETH or XRP ETF approval possibilities, Cardano is overlooked compared to its normal level of trader optimism." Image Source: Santiment/X
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.