Chainlink Rises 4% Amid Negative Sentiments, Faces Uncertain Future

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Chainlink, one of the leading cryptocurrencies, has recorded a 4% increase in the last 24 hours. Despite this positive trend, the buying pressure on LINK was relatively low and social sentiments were leaning more bearish.

Although Chainlink has risen by over 4% in the last 24 hours, its trading volume has decreased. Market indicators point to some slow days ahead. Interestingly, this development has not immediately had a negative impact on the LINK price.

A recently published tweet by Lookonchain revealed interesting whale activities and suggested a sell-off. A whale sold LINK worth millions of dollars to repay debts on Aave. This clear sell-off could trigger a larger sell-off as small investors tend to follow the behavior of the whales.

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A possible reason for the price increase of LINK despite low buying pressure could be its latest integration with zkSync Era. The Ethereum L2 scaling solution zkSync joins Chainlink SCALE to enable the creation of secure, scalable, and feature-rich dApps.

Despite the recent uptrend, LINK’s MACD showed a bearish crossover. If not a price correction, then the chances of some slow days are high. This was made clear by the sideways course of Chainlink’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) in the recent past.

Conclusion

Despite the recent price increase, there is a certain risk with Chainlink. The selling pressure seems to be increasing and the trading volume has dropped. It remains to be seen whether the recent integration with zkSync Era will be enough to sustain the uptrend.

Source: AMBCrypto, Lookonchain, Santiment, TradingView

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