Chainlink (LINK) Price to Surge 10x By End of 2022! Analyst Maps Entry and Exit Levels
Chainlink has surpassed several cryptocurrencies with its impressive market capitalization throughout the course of the past week. The token recorded increases of more than 13% each week while displaying no signs of weakness.
LINK had a market value of $3,529,540,526 at the time of publication and was trading at $7.18.
Ever since it has risen in the rankings, numerous changes have occurred in the LINK community. Recently, the whales have become more interested in it, which is what could be causing the ongoing price surge.
Increase In development activity
The development of Chainlink has accelerated recently due to 11 integrations of three Chainlink services across five different chains: BNB, Ethereum, Phantom, Polygon, and Solana.
These alterations in an ecosystem are always a positive sign because they demonstrate the dedication of the network developers to improving it. It’s interesting that this matched the value of LINK.
Leveling the Parameters: Is A 10X Surge Possible?
#Chainlink is still between $6-8 as a lifetime opportunity.And yes, that also counts for other projects. They all are.— Michaël van de Poppe (@CryptoMichNL) September 4, 2022
Analyzing the Entry and Exit Points
Chainlink’s valuation increased by 12% over the previous week. However, during that same time, address activity fell. ITB’s data shows that during the past seven days, the number of new addresses joining the network has decreased by 6.44%, while the number of active addresses has decreased by 9%.
In other words, when an address actively participates in a successful transaction, it is said to be active. New addresses, in turn, serve as a proxy for the number of recent ecosystem arrivals.
According to the rule of thumb, the higher both figures are, the better, as they indicate improved trader/investor engagement. Moreover, the prolonged slump isn’t encouraging and may impede Chainlink’s current uptrend.Source