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This crypto up to 200% from the bottom of December has room to rally
While the entire crypto market, including Bitcoin, has posted stellar gains since the December low, some digital assets have performed better than others.
Such an altcoin is Chain link (LINK), a major blockchain project linking off-chain data to platforms like Ethereum. This crypto has gained 200% since the December low of nearly $ 1.60, hitting $ 5.00 the other day.
While this is already an exceptional performance, especially when you consider that the S&P 500, the raw materials and other harbingers of the strength of the traditional market has collapsed, LINK is supposedly preparing to climb even higher, according to chain data from a large sector company.
Top Crypto LINK has room to rally: Santiment suggests
A user going through "Garry" on the Santiment cryptocurrency analysis platform released an in-depth analysis of LINK on Friday, providing a confluence of reasons why the crypto asset may have the ability to decisively climb back up above $ 5.00 in the coming weeks. Some of these reasons are as follows:
- "LINK" and "Chainlink" appeared near the top of Santiment's Emerging Trends tracker, suggesting that cryptocurrency is rapidly gaining popularity. This is important because a similar peak in social volume occurred in February, before crypto was even higher than the previous historic record.
- The number of daily active addresses trading on LINK has recently reached a several month higher level, although this measure has started to drop. Although seemingly bearish, Garry wrote that this is a sign that this is "similar (to the previous all-time record), (so the) trend for crypto may continue to build new heights. "
- The cumulative balance of Chainlink whales (non-tradable addresses) continued to grow more and more, suggesting rapid accumulation, implying that investors in cryptocurrency expect the resumption of the 39; active continues.
#Chain link once again reached a historic high yesterday, reaching $ 4.89! Onchain tx. the volume, daily active addresses and percentage of active coins were all showing signs of an uptrend, and it was great to see things happen for $ LINK holders. Read our last one!https://t.co/9qpExWObma pic.twitter.com/e40pYVXUPc
– Santiment (@santimentfeed) March 7, 2020
Although there are these signs, Satoshi Flipper has suggested that Bitcoin falling below $ 9,000 in the coming days could jeopardize the current advantage position of crypto. Additionally, the aforementioned analysis from Santiment has provided its fair share of potential signs of a bearish reversal in the medium term.
Strong fundamental trend of Chainlink
While much of the recent LINK rally seems to be momentum-based (hype), the underlying project, Chainlink, has seen a series of positive developments in the past few months. .
Most recently, the Ethereum-centered sports tokenization start-up, Chiliz, revealed a partnership with Chainlink; this decision sees the old crypto company use Chainlink technology to activate certain smart contract functions based on real-world data. This news is important because Chiliz has concluded major agreements with football clubs, namely FC Barcelona, ​​Juventus and A.S. Roma.
Going further in time, Google Cloud, the enterprise cloud service platform, has released a article entitled Building hybrid blockchain / cloud applications with Ethereum and Google Cloud.
In this article, the company mentioned the importance of Chainlink, with Google adding that it integrated the project, allowing Ethereum smart contracts and crypto assets to interact with BigQuery, the Googles data analyzer and portal.
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