- Chainlink has surged past $17.50, marking its highest level in six weeks, with a significant increase in profit-taking transactions.
- The on-chain data reveals an 11:1 profit-to-loss ratio for Chainlink transactions, the highest since Dec 2022.
- LINK demonstrates resilience with a 5% weekly and 9% monthly surge, maintaining a bullish trend despite market downturns.
Chainlink has achieved a notable milestone, surpassing $17.50 for the first time in six weeks. This surge has positioned Chainlink ahead of other cryptocurrencies, showcasing its strength in the market. According to Santiment, a market intelligence platform, the current ratio of profitable transactions to losses for Chainlink is 11 to 1, the highest since December 8, 2022.
The significant increase in Chainlink’s value highlights its decoupling from the broader cryptocurrency market. On-chain data indicates that the majority of Chainlink transactions are yielding profits. Specifically, for every transaction at a loss, there are 11.1 transactions in profit. This remarkable profit-taking ratio demonstrates Chainlink’s strong performance and investor confidence.
This uptick in Chainlink’s price and its high-profit ratio reflect growing investor interest and market optimism. The cryptocurrency has managed to decouple from general market trends, establishing its upward trajectory. This is a positive indicator for Chainlink holders and the broader crypto community, as it suggests sustained interest and potential for further growth.
Looking at Chainlink’s current market performance, the digital asset exhibits a bullish trend despite the broad market downturn. Chainlink has been trading on a bullish note over the past week and month, recording a surge of 5% and 9%, respectively.
As of press time, LINK is trading at $16.96, up 1.99% in the past 24 hours. The market capitalization and trading volume have also increased, surging to $9.86 billion and $915 million, respectively.
