Chainlink (LINK) has stood out in the cryptocurrency market by recording a significant rise in value over the past 24 hours, attracting investor attention even as the broader crypto market faces a downturn. This surge prompts questions about LINK’s potential to break into the top 10 cryptocurrencies by market capitalization.
Despite a recent Bitcoin (BTC) price drop following an anticipated ETF approval, LINK’s price trajectory has diverged, showing resilience. In the last week, LINK’s price saw an 18% increase, with a notable 7% rise in the past 24 hours. At the time of writing, LINK was trading at $15.8 with a market cap exceeding $8.8 billion.
The price increase has also boosted LINK’s social volume, enhancing its popularity in the crypto space. However, despite the positive price movement, market sentiment remained predominantly negative, with the Weighted Sentiment indicator still in the negative zone, suggesting a prevailing bearish trend around LINK.
Additionally, there has been an observed increase in selling pressure on LINK as the token price rose. Data from CryptoQuant revealed a rise in LINK’s Exchange Reserve and an uptick in Exchange Net Flow Total, indicating that investors were actively selling LINK at the time of the report.
Despite high selling pressure, LINK’s price continued to climb. Whalestats data showed increased whale activity for LINK, placing it among the top 10 most popular cryptocurrencies among the top 100 ETH whales in the last 24 hours. While LINK’s Relative Strength Index (RSI) was above the neutral level, suggesting potential for further price increases, the Chaikin Money Flow (CMF) indicated a downward trend, reflecting investor caution.