Chainlink’s Price Action Turns Bullish Post Halving – A Repeat Of What Happened In 2020?Â
Over the past week, LINK, like many other cryptos, has shed over 9% of its value. However, the narrative changed as soon as the Bitcoin halving event took place.
As of writing, Chainlink is trading at $13.98 with a market cap of over $8.2 billion.
According to data from IntoTheBlock, over 43% of LINK investors are still underwater despite its price appreciation.
World Of Charts, a popular crypto analyst, recently shared a tweet highlighting the bullish trajectory of the LINK/BTC pair. This suggests a sustained uptrend for LINK.
Santiment reports that the social dominance of LINK has spiked. LINK’s social volume has also registered a spike, indicating its growing popularity within the crypto space.
Over the past week, Chainlink’s exchange supply has fallen while its non-exchange supply has increased, suggesting that investors are accumulating LINK. Concurrently, the total number of LINK holders has also grown significantly.
Data from Hyblock Capital suggests that the crucial level that Chainlink needs to break above to sustain its bullish momentum is $14.7.
During the previous Bitcoin halving in 2020, LINK’s reaction was similar to what we are witnessing now. LINK’s price rallied and went on to hit a new all-time high within 2 months. Therefore, investors should closely watch how the altcoin performs in the coming days.
