Three social dominance spikes for Chainlink (LINK) emerged, suggesting that traders were making movements. The most recent occurred just as the price began to rise again.
attention has shifted to altcoins.
Chainlink (LINK), an Oracle service provider, has lately emerged as the market's top choice for crypto traders.
For some time, Chainlink has been trading in the range of $6-$8, which traders refer to as an accumulation zone. According to an on-chain data provider, traders are making a move as Chainlink's social power rises.
As per reports, Chainlink's market worth fell 5% on Friday (Oct 14) before rebounding just as the day's trading ended. Three social dominance spikes for LINK emerged, suggesting that traders were making movements. The most recent occurred just as the price began to rise again.
Analysts’ Eyes on Chainlink
Chainlink will outperform Bitcoin, according to Benjamin Cowen, the prominent crypto analyst and founder of Into The Cryptoverse (ITC). He went on to say that LINK is now in the accumulation phase of the current down market and would outperform once the bull market begins.
Furthermore, the basic advances occurring in the Chainlink ecosystem are critical. Chainlink has been the preferred solution for various applications requiring smart contracts and secure data sharing.
Chainlink recently collaborated with SWIFT, the world's largest interbank payments system, to supply pricing feeds for testing cross-chain applications. According to Cowen, Chainlink serves as a type of backbone for several cryptocurrencies.
Another well-known trader, DonAlt, noted that LINK often outperforms during weak markets. During a recent interview, he also stated: “In 2018, 2019, and 2020, LINK outperformed the market as a whole. Chainlink was rising, and I believe that's a good narrative to monitor; it's been outperforming in recent weeks. I believe LINK might make another run.”
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