Bitcoins have been steady in the past few weeks; traders are focusing on altcoins. The Oracle service provider Chainlink (LINK) is the hot favorite of the crypto traders in the market.
Chainlink (LINK) is changing hands in the price band of what the traders label as the accumulation zone of the $6-$8 range. As per data received from On-chain data provider, Santiment said that as the social dominance of Chainlink surges, traders are getting into the act and according to the data provider, Chainlink‘s market cap tanked and fell by 5% on Friday but made up its losses as the trading concluded for the day. The moves by the traders were evident by the 3 social dominance spikes which appeared for $LINK. The latest occurred just as the price began rising again.
Analysts Dissect Chainlink (LINK) Phenomenon
Popular crypto analyst and founder of Into The Cryptoverse (ITC), Benjamin Cowen feels that Chainlink (LINK) will edge beyond Bitcoin and the LINK is in an accumulation phase in what is still a bearish market. It will outpace Bitcoin once the bullish phase of the market starts.
The Chainlink ecosystem is also in a state of metamorphosis. Fundamental developments are on in the ecosystem which is also the choice platform for numerous new projects to enable smart contracts and secure data sharing.
Chainlink (LINK) has partnered with the biggest interbank payments system SWIFT. It will enable price feeds for testing cross-chain applications. According to Cowen, Chainlink serves as a backbone to many cryptocurrencies.
Cowen further added,
“One of the reasons why I think it hasn’t done as well recently, obviously, is not necessarily because Chainlink isn’t a great project it’s more so just because of the overall market risk and the fact that we are in fact in a bear market, but I do think the fundamentals of Chainlink shine through a bit better in the bear market than they sometimes do in the bull market.”
Another popular trader DonAlt also felt the same and said that LINK will outperform the entire crypto sector players.