Chainlink has made it to investors’ radar in the last couple of months now, it is an interesting phase for the platform as it is in the accumulation phase right now, with a probability of reaching its previous ATH of $35 last month.
The bitcoin bull run has had an effect on the surge in growth of many top altcoins like Ethereum, Binance Coin, and Chainlink. The platform’s correlation with bitcoin was over 71% and it has had a surge of inactive addresses.
However, not just the surge but the dip of BTC price by 10% recently has also impacted Chainlink’s trajectory, but both tokens did witness a recovery surge right after.
An insight shared by Santiment Via Twitter indicates the same.
Although What’s exciting in store for Chainlink next is its foot in the NFT market with dynamic NFT’s, this booming space could be of great benefit to the token’s growth in the long run.
The Accumulation Phase
In the current altcoin cycle, Chainlink Price has led the rally several times now, with its oracle network supporting the development of Defi apps leading to a price gain of 14.9% since last month.
Its volatility percentiles are proof of its accumulation phase, the percentiles are above 70% which hints at distribution phases as the price has surged. Hence, by previous observations, this can be seen as a correction phase.
Chainlink is different from other tokens because of its rapid integrations and its credentials in a recent research paper. Now, this looks like an accumulation phase, and the price is expected to get on its February 2021 level, before a correction phase enters.
At the time of writing LINK Price is trading at %27.70 with a market cap of $27.70 Billion.