Chainlink: Can LINK achieve short-term growth by the following factors?
Ahead of Chainlink's upcoming event, Smartcon, scheduled for September 28, all eyes seem to be on LINK. Thanks to the attention of both whales and social media, the price of LINK has been moving up the charts over the past 24 hours.
Ergo, question: Will LINK continue to rise, or will it face strong selling pressure in the coming days?
This development can be seen as a positive sign for investors interested in altcoins.
Link on social
However, this is not all, Chainlink's presence on social media has also grown during this period. Smartcon's full guest list could be one of the reasons for the growing enthusiasm for $LINK.
In fact, both social mentions and LINK engagement increased by 5,708% in the past week.
Now, while there have been many spikes in Chainlink's social dominance over the past week, the weighted sentiment has turned negative over the past few days. If public opinion remains negative for longer, this could be a big problem for Chainlink going forward and could hurt its price.
Rising negative sentiment isn't the only factor investors need to worry about.
As you can see in the attached chart below, the speed of LINK has also decreased. This finding shows that the number of times the coin changes wallets has decreased significantly in recent days.
Chainlink's market cap dominance has also declined, and it accounts for only 0.4% of the total market share. Chainlink has seen an increase in volatility as it is up 12% month-on-month, implying that investing in altcoins may be riskier than usual.
Any LINK to the beautiful sights?
Chainlink has also seen its volume increase in the last month.
LINK’s 30-day MVRV ratio has also increased over the past week, suggesting that the altcoin’s futures could be bullish in the near-term.
Development activity on Chainlink has also seen a spike, which could mean the Chainlink team is working on new updates and upgrades.
With both positive and negative factors affecting Chainlink, readers are advised to do more research on the token before making any transactions.
Sep 26, 2022