This weekend has been a mixed bag for all of the cryptocurrency markets. Strong gains were noted, followed by a retrace. One currency completely ignoring the overall market trend is LINK, as the ChainLink price simply keeps rising.
DeFI Dominance Continues
Not too long ago, it became apparent that ChainLink is the dominant force in DeFi. That same situation is still in place today. Unlike most DeFi-related assets, LINK has noted strong price gains time and time again. So much even that the ChainLink price is now en route to $9 in the near future.
Looking at the statistics today, LINK even managed to improve its dominant position. Compared to the 34.8% rating a few days ago, things look different today. With a DeFi dominance rating of 39.5%, ChainLink is moving up whenever possible. It is an interesting correlation well worth keeping an eye on moving forward.
ChainLink Price Momentum is Solid
Compared to other top markets, LINK has successfully bucked the overall trend this weekend. More specifically, it has noted a small dip, but overcame it pretty quickly. That in itself is quite telling as to how healthy this project is right now.
What is even more intriguing is how LINK/BTC isn’t buckling either. The gains generated this weekend come partially thanks to Bitcoin’s rise, but also LINK’s very own momentum. Sustaining this trend will, as always, be a challenge, but it’s certainly possible under the current circumstances.
Social Sentiment is OK-ish
Whereas some would have expected an increase in LINK-related social activity, the opposite has come true. All statistics are down, including social volume, engagement, contributors, news volume, and social dominance. That being said, the bullish social sentiment has risen by 1.5%, which is what most people will be looking for.
Despite this “lack” of social momentum, LINK continues to note high rankings regardless. A social dominance of 7.65% is nothing to sneeze at. a lot of currencies and tokens would love to get anywhere near this level. It will be interesting to see how things evolve in the weeks to come.
Very Strong Liquidity
Based on the Messari rankings, LINK remains in the top 4 ranked by liquid marketcap. A very interesting feat, given how Bitcoin, Ethereum, and XRP have all seen some decent momentum throughout the weekend. The current liquid marketcap sits at $8.524 billion, nearly double of Bitcoin Cash and Cardano.
Looking at the transaction volume, the rankings are slightly different. Not entirely surprising, as that is often the case for alternative currencies. ChainLink is still in the top 10, with “just” $76.313 million in 24-hour transaction volume. This ChainLink price increase makes people less eager to trade, thus a lower volume is to be expected.
Plenty of LINK activity on the trading charts as of late. There has been a slight narrowing of the Bollinger Bands, but the overall uptrend momentum hasn’t been affected all that much. This seems to confirm the uptrend may stall a bit before pushing through to $9, although it is difficult to predict what will happen exactly.
With the MA20, MA50, and MA200 all on the rise, things look healthy for LINK. The RSI is also in neutral territory, but keeps sloping upward ever so slightly. Everything points toward a slow and steady upward trend to $9 and perhaps more over the coming days.