The News Crypto -
- LINK price up 22% in seven days, outperforming most top 20 cryptocurrencies.
- On-chain metrics and technical indicators suggest the potential for continued growth.
- Price targets include $13.65 and $14.96, with potential downside to $10.48.
Chainlink (LINK) has emerged as a standout performer in the cryptocurrency market, registering an impressive 22% price increase over the past seven days.
This surge, which has outpaced most of its peers in the top 20 cryptocurrencies, comes at a time when the broader market is experiencing relative stability.
On-chain metrics offer compelling insights into Chainlink’s current market position. Data from IntoTheBlock reveals a staggering 677% increase in Coin Holding Time since late July, signaling a shift towards long-term holding strategies among investors.
This metric, which tracks investor behavior, suggests growing confidence in LINK’s future prospects and could potentially contribute to price appreciation by reducing the available supply for trading.
Source: IntoTheBlock
Chainlink’s MVRV provides further context
The Market Value to Realized Value (MVRV) ratio provides further context for LINK’s recent performance. Currently standing at 13.56% for the 30-day period, this metric historically has room to climb as high as 20% before signaling potential overvaluation.
Should this pattern hold true in the current market cycle, LINK’s price could continue its upward trajectory beyond the $12 mark.
Technical analysis of LINK’s daily chart reveals additional bullish signals. The Parabolic Stop-and-Reverse (SAR) indicator currently positions its dots below the price action, typically interpreted as a buy signal.
This configuration suggests that the ongoing uptrend may have further room to run, potentially validating the bullish sentiment reflected in on-chain metrics.
Complementing the Parabolic SAR, the Elder Force Index (EFI) has recently transitioned from negative to positive territory. This shift indicates a growing dominance of bullish forces in the market, potentially setting the stage for continued price appreciation.
Based on these technical indicators, Chainlink appears poised to challenge the $13.65 level, with a subsequent target at $14.96 should bullish momentum persist.
This article was originally published on thenewscrypto.com
