Chainlink Surges Past $17.50, Signaling Increased Bullish Momentum: LINK Profit Ratio Reaches Highest Since 2022

Chainlink (LINK) has outperformed the broader cryptocurrency market, surging past the $17.50 mark for the first time in six weeks. The surge comes after the SEC approved Ethereum ETFs.

Onchain Metrics Reveal Positive Sentiment

According to a tweet by Santiment, Chainlink’s on-chain metrics are painting a bullish picture. The data reveals that for every LINK transaction at a loss, there are 11 transactions in profit.

This ratio, the highest since December 8, 2022, indicates that the majority of LINK holders are currently in a profitable position, suggesting a positive market sentiment.

Traders Predict Further Price Appreciation

Trader Mister Crypto has expressed confidence in Chainlink’s future price performance, stating that LINK will easily surpass the $50 mark once again during this bull run.

This prediction reflects the growing optimism surrounding Chainlink’s fundamental value and its potential to drive significant growth in the cryptocurrency market.

Chainlink’s Tokenization Potential

The X account Chainlink Red Pill has highlighted an intriguing aspect of Chainlink’s current market position. Despite LINK’s recent price appreciation, it still lags behind popular meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) in terms of market capitalization. However, the account emphasizes Chainlink’s potential to revolutionize tokenization, making it incredibly profitable for the world’s largest financial entities.

Chainlink Red Pill believes that Chainlink is vastly underpriced, considering its fundamental value proposition. The account goes as far as suggesting that LINK could experience a 50-100x price increase from its current levels, a sentiment that many investors may share. The account urges readers to recognize the opportunity that lies ahead, emphasizing that the evidence is “right in front of you.”

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Technical Analysis Suggests Further Upside

Analyst Satoshi Flipper has provided a technical analysis of the LINK/USDT trading pair on the daily timeframe. The analysis reveals that LINK recently touched the top of the channel overnight, coming within just four cents of the resistance level.

Satoshi Flipper anticipates that the $17.50 level will soon flip from channel resistance to channel support, paving the way for LINK to target the $25.00 mark next.

Chainlink’s recent price surge above $17.50 and the accompanying bullish onchain metrics have generated excitement within the cryptocurrency community.  

Read more: SEC Approves Ethereum ETFs: Analyst Highlights What This Means for ETH, Bitcoin (BTC), and Other Cryptocurrencies

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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