Over the last 30 days, Chainlink’s (LINK) price has increased by 22% due to growing market interest. This surge places LINK as one of the top gainers among the top 20 cryptocurrencies within the same period.
Investor behavior, as indicated by Coin Holding Time, which has risen by 677% since late July, suggests a long-term holding approach. This uptick in holding time reduces the available LINK supply for trading, which could drive up the price even further.
The Market Value to Realized Value (MVRV) ratio, currently at 13.56%, reflects a high level of unrealized profits. Historical trends suggest that this ratio could reach up to 20%, indicating the possibility of LINK’s price rising above $12.
The Parabolic Stop-and-Reverse (SAR) and Elder Force Index (EFI) on the daily chart also support the sustained uptrend for LINK. These indicators, if they remain the same, suggest that LINK could continue to rise, potentially reaching $13.65 or even $14.96.
However, if bearish pressure overcomes bullish momentum, LINK’s price could dip to $10.48.
