Chainlink cryptocurrency has been among the most active and trending in the crypto space for some time now. Following a tweet about Chainlink’s Proof of Reserve advantages, its social volume has increased significantly. The Proof of Reserve feature allows users to verify their staked LINK tokens on-chain, ensuring that all transactions are secure and transparent.
This increase in social volume could be indicative of an increase in price. Since the tweet, Chainlink’s performance has been on the rise. As more people become aware of what Chainlink has to offer and its advantages over other cryptocurrencies, it is likely that investors will start showing greater interest in it.
The presence of features like Proof of Reserve and its potential for growth have made Chainlink a hot asset in the crypto space. It has become one of the most popular and trusted cryptocurrencies, as evidenced by its increasing social volume.
Ultimately, it remains to be seen how this increase in social volume will affect the price of Chainlink, but it is likely that the positive sentiment will help propel its price upwards.
Chainlink’s recent price analysis
Chainlink’s price has increased exponentially since the beginning of 2023. The recent surge in its social volume could be one of the driving factors behind this impressive growth. In addition, Chainlink’s blockchain technology and decentralized applications have been gaining increasing attention from investors, further spurring its growth.
At the time of writing, Chainlink is trading at $7.12 after an increase of around 18.53, according to data from Binance.LINK prices are trading above the 21-day Exponential Moving Average of $6.89 and are currently in an upward trend.
Looking at the popular bullish patterns, LINK has formed a bullish flag pattern at the $7.20 level and is currently targeting the resistance of $7.50. Chainlink price analysis on 4-hour and hourly timeframes show the LINK/USD pair is following a strong uptrend. The pair is currently trading above the 50-day moving average and is in an overall bullish trend.
On the 4-hour chart, a bullish pennant pattern is forming with past resistance at $7.28 being tested and broken. Prices are currently hovering around $7.15, which could provide some support in the form of a double-bottom pattern.
The RSI indicator is still strong showing that buyers are still in control of the market, while MACD shows that LINK prices are likely to continue moving higher.
Overall, Chainlink’s social volume and price analysis suggest that the cryptocurrency is currently in a bullish trend and could continue rising as more investors become aware of its advantages.
With its strong fundamentals, LINK has the potential to be a great long-term investment option. It remains to be seen how this surge in social volume will affect its price, but it is likely that the positive sentiment will continue driving LINK prices upwards.
