Chainlink is currently busy building a bullish rally with trading volume was up by 110% in the last 24 hours.
In the last 24 hours, the price of LINK is up 4.29% and is currently trading at $32.35.with 190% growth this year. With a market capitalization of $13.96 billion, the altcoin hit ATH ($36.95) on the 20th of February.
Chainlink (LINK) Price Sentiments
When Bitcoin price began to rise, Connection was trading around the $14 mark. It reached a high of $36.95 on February 20, 2021, as a result of the same. Since then, the cost has fluctuated between $25 and $32.54. Price/volume divergence (increasing price and trading volume) quickly became a major source of concern for retail traders.
On top spot exchanges such as Binance, Huobi, and Coinbase Pro, the price dropped from the $35.45 level when demand fell. However, after Ethereum’s new all-time high, the rally has gotten stronger, with demand becoming more stable. Though a substantial share of the current investment inflows into altcoins is directed towards DeFi tokens with a market capitalization of $50 billion, LINK’s steady price action likely catches higher demand against altcoins whose rally has by far took a pause.
Top 25 altcoins have had a long rally with double-digit returns over the last week. LINK’s returns in the last 24 hours indicate that it is primed for double-digit growth this week. Over 73% of LINK’s HOLDers have owned it for less than a year, and 97% of HODLers are profitable.
According to the chart above, The ROI was over 10% in 30 days and over 85% in 90 days. This indicates that HODLing LINK for a period of less than a year has the potential to offer over double-digit returns.
When compared to altcoins with medium to low market capitalization, HODLing Connection for the short term has proven lucrative for the retail trader’s portfolio, and the risk is comparatively lower. Furthermore, on-chain research suggests that traders’ sentiment toward Connection is currently neutral.
When the price was hovering about $27, the accumulation process ended. The price is likely to rally and reach a new all-time high, particularly as trade volume continues to rise and HODLer distribution indicates a strong concentration. On-chain metrics show that 94% of the 79% of LINK’s major HOLDers are profitable. As a result, although increased profitability could ultimately result in a price reduction, recovery is unlikely.