Chainlink Surges 6%, Outperforms Bitcoin with Potential to Reach $18

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Chainlink, also known as LINK, has once again outperformed its competitors. While the market was trading sideways, the price of LINK increased by 6%. The token value could even surpass the $16 mark if accumulation continues to increase. Chainlink is moving faster than other top altcoins. At the time of reporting, the price of LINK was at $15.72. This was after a value increase of 6.61% in the last 24 hours. Its increase was the highest of all assets listed in the top 20 by market capitalization.

According to on-chain data provider Santiment, the 200 largest Chainlink whales have accumulated tokens worth $50 million in the last five weeks. This accumulation has been noticeable in the market capitalization. AMBCrypto’s rating of Chainlink shows that the market capitalization was $8.74 billion at the time of reporting. The increase in market capitalization shows that many LINKs were involved in transactions, accompanied by a price increase.

LINK has performed impressively throughout the year. In addition to outperforming many altcoins, the token also exceeded Bitcoin’s Year-To-Date (YTD) performance. While BTC’s YTD performance recorded an increase of 133.51%, LINK was higher at 179.55%. LINK was able to achieve this milestone by repeatedly decoupling from the market trend and rising independently.

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AMBCrypto analysts have been observing Chainlink’s on-chain activities over the past seven days. A focus was on the exchange activity. At the time of reporting, LINK’s exchange inflow was 308, while the exchange outflow was 3867. Interestingly, the outflow was significantly higher than the inflow last week. This suggests that the selling intention for LINK was lower than the buying momentum. In such a case, the value of the token could continue to rise.

Technical Perspective

From a technical point of view, the LINK/USD 4-hour chart showed that the sentiment around the cryptocurrency was bullish. This conclusion was drawn from the Exponential Moving Average (EMA). At the time of reporting, the 20 EMA (blue) had crossed the 50 EMA (yellow). This crossover is known to precede a bullish trend. Therefore, it is possible that LINK is heading towards $16 in the short term. If the buying pressure is strong, the price could tip the forecasted value into the $18 range.

Accumulation/Distribution (A/D)

One of the fundamentals for this forecast is the Accumulation/Distribution (A/D). Based on the chart shown above, the A/D has risen to 27.10 million, suggesting that there has been more accumulation than distribution. If the bears do not change their stance, LINK would have no choice but to continue to rise.

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