Chainlink (LINK) One of the Top Choices Among Crypto Investors
- Chainlink traded in a $6-$8 accumulation zone.
- Santiment said three social dominance spikes were seen for $LINK, reflecting traders’ reversals.
- Crypto analyst Benjamin Cowen said Chainlink will outperform.
As traders have recently shifted their focus to altcoins, Chainlink (LINK) is quickly becoming the top choice for trading among investors. This could be attributed to the fact that for some time now Chainlink has been trading in a $6-$8 accumulation zone.
On-chain and social metrics provider Santiment pointed to the peak of Chainlink’s social dominance, causing prices to reverse. According to Santiment, three social dominance spikes appeared for $LINK, which attests to the fact that traders were making moves.
#Chainlink’s market cap fell around 5% on Friday before bouncing back just at the close of the day (UTC time). Three social dominance spikes appeared for $LINK, indicating traders were making moves. The last one happened just as the price started to rise again. https://t.co/uExbWHPLWw pic.twitter.com/9g6l7c5sIA
— Santiment (@santimentfeed) October 15, 2022
Well, there were others who had hot views on Chainlink’s performance and potential. For example, renowned crypto analyst and Into The Cryptoverse (ITC) founder Benjamin Cowen pointed out that Chainlink will outperform Bitcoin.
Cowen explained that LINK is now in the “accumulation phase” during the current bear market and will outperform as soon as the bull market resumes.
Even more important are the ongoing developments in the Chainlink ecosystem. In fact, Chainlink has established itself as a top choice for several projects that will facilitate smart contracts and secure data sharing.
Additionally, Chainlink’s strategic partnership with SWIFT, which is the largest interbank payment system in the world, will offer price feeds to test cross-chain applications. Cowen also called Chainlink the “backbone” for several cryptocurrencies. In a recent interview, he commented:
One of the reasons I think it hasn’t done so well recently, obviously, isn’t necessarily because Chainlink isn’t a big project, it’s more simply because of overall market risk and the fact that we’re actually in a bear market, but I think Chainlink’s fundamentals shine a little better in the bear market than they sometimes do in the bull market.
Another well-known crypto trader, DonAlt, echoed similar views by saying that LINK usually outperforms during the bear market. Further, he added that in 2018, 2019, 2020, LINK outperformed the broader market and followed the same outperformance trajectory over the past few weeks.
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