Chainlink was one of the top performers last year before Bitcoin and Ethereum stole the show. The altcoin managed to maintain a position above $ 10. He didn’t really participate in the bull market.
The reluctance of the price has not pushed investors to the brink of selling their positions. Santiment’s data suggests a completely different story.
Chainlink continues to be moved from the exchanges
Source: Sentiment
According to Sentiment, Chainlink’s supply ratio is currently moving away from the stock exchanges. It drops to its lowest level in a year. The attached chart shows that in the 1st week of January some of the LINK tokens returned to the platforms. However, after the decline, LINK’s exchange offer appeared to identify a new low.
Offline bid ratio is considered bullish. Investors are prepared to hold onto their assets. Besides traders’ confidence, there are a few other things that could help Chainlink’s price in the coming weeks.
LINK’s running of the bulls hasn’t started yet
Putting Bitcoin aside, there have been several altcoins that have increased significantly over the past few weeks. While Ethereum led the rally, other popular crypto-assets such as Litecoin, Bitcoin Cash, and Cardano have also followed suit. In fact, last week XLM also ran. On the contrary, the LINK market has yet to really explode on paper.
Source: LINK / USD on Trading View
The graph above helps identify the potential of a LINK rally. Now, although the cryptoasset claimed a position of $ 19.15 on January 7, it was not an organic bullish move.
One of the main advantages of Chainlink in today’s market remains its ability to rally on its own. In 2020, Chainlink rallied for more than a month on its own. It surpasses the likes of Bitcoin, Ethereum, and other cryptoassets.
Source: Coinmetrics
This is largely due to the fact that it shares the lowest correlation factor with Bitcoin. Whenever Bitcoin has rallied, Chainlink stays in one place.
It is important to understand that LINK is always sensitive to the decline of the collective market. It does not withstand corrections. However, the discovery of the price of the crypto-asset remains exciting. The possible break from its all-time high could trigger another massive advance on the price charts.
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