Chainlink Surges 14% in 8 Hours, Outpacing Altcoin Market

Chainlink (LINK), one of the standout coins for 2024, has experienced a dramatic surge, with its market cap increasing by 14% in the past eight hours. This significant rise has decoupled Chainlink from the broader altcoin market, signaling a potential bullish trend for the cryptocurrency. Notably, the number of Chainlink whales, defined as holders with 100,000 or more LINK, has risen by 4.6% over the past five weeks, totaling 564.

🔗🐳 #Chainlink’s market cap has shot up +14% in the past 8 hours, decoupling from the #altcoin pack. There are now 564 100K+ $LINK whales, a +4.6% rise in just 5 weeks. If social dominance calms and #FOMO doesn’t take over, #bullish conditions are ahead. https://t.co/UQcQvD2jzk pic.twitter.com/SK1y43XxJv

— Santiment (@santimentfeed) May 17, 2024

Technical Analysis

Looking at an in-depth analysis, the Chainlink price has broken above the Ichimoku Cloud, suggesting a solid bullish trend. The Leading Span A (green line) is above Leading Span B (red line), indicating upward momentum. Additionally, the conversion line (blue) has crossed above the baseline (red), confirming the bullish sentiment.

On the other hand, the Average Directional Index (ADX) is currently at 35.24, indicating a strong trend. A rising ADX value typically supports the strength of the ongoing trend, which is bullish. On the other hand, the Awesome Oscillator (AO) has turned positive, with green bars indicating bullish momentum. The histogram shows increasing green bars, suggesting the bullish pressure is gaining strength.

Despite the strong upward movement, market observers caution against the potential for a sudden influx of fear of missing out (FOMO), which could lead to volatile price swings. Social dominance metrics indicate that the bullish conditions will likely persist if the current hype surrounding Chainlink can stabilize.

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