Chainlink Rally In Social Activity Hits ATH Of 44,173 – Will LINK Price Climb As Well?

Christian Encila

2 years ago

3 mins read

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There has been an expected uptick in the Chainlink protocol’s optimism recently. This is due to the fact that the BUILD program is a part of Chainlink’s next protocol upgrade, Chainlink Economics 2.0.

The initial 10 BUILD program projects were announced on Chainlink’s official Twitter account. This clearly increased the amount of online discussion on the project.

Chainlink’s native token LINK’s social activity has increased from 35,540 yesterday to 44,173, and it’s likely to continue rising in the days ahead.

Give a welcome to the first 10 #Chainlink BUILD projects:@SpaceandTimeDB @truflation @bitsCrunch @KryptonProtocol @InterestDeFi @Galaxisxyz @mycelium_xyz @Dolomite_io @caskprotocol @chainml_

Building the future of Web3? Take your dApp to the next level: https://t.co/uIUNQltMbO pic.twitter.com/29oCUSQFVP

— Chainlink (@chainlink) November 18, 2022

Connecting the Dots

Unfortunately, the price of LINK has not reflected the company’s strong social performance. CoinGecko statistics shows that LINK is still giving off critical sell signals. The token’s current price of $5.70 doesn’t help, either.

According to data compiled by CryptoQuant, however, the amount of tokens held in exchange have substantially dwindled during the past several days.

Oversold RSI and Stoch RSI readings, together with other positive indicators, point to a likely trend reversal in the next several days.

As the situation improves, the commodities channel index is also rising, indicating a likely improvement in asset confidence. However, LINK’s DMI remains negative with a -DMI of 25.54 and an ADX of 26.

According to the RSI and Stoch RSI readings, this indicates that the downtrend is still strong and that a little reversal is unlikely.

In spite of the negative market, these factors show what appears to be a bright near future for LINK.

LINK’s price action is located at the bottom of the central Bollinger band, indicating volatility. This means that the price will continue to decline from its current market position.

Chaikin’s money flow index indicates total bearish control at -0.13, although MFI readings follow LINK’s RSI, further indicating an imminent pullback.

The Unstable Link

Although there are numerous indicators suggesting that the token will rally, there are also numerous technical indicators pointing to a bleaker future for LINK.

Knowing this, proceeding with caution and keeping an eye on the leading cryptocurrencies can aid in making a buy-or-sell choice.

Nonetheless, investors and traders should not anticipate a relief rally at this time. Expect more pain in LINK as the bear market continues, but this little respite will give LINK holders hope for a positive long-term outlook.

LINK total market cap at $2.9 billion on the weekend chart | Featured image from Medium, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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