In the last seven days, the price of Chainlink (LINK) has climbed by 36.55%, bringing the token’s value to its highest level since January 2022. This increase coincides with a broader altcoin rally that has seen many cryptos erase a big bunch of the losses accrued over the last few months.
But that is not all. Based on this analysis, LINK may not be done with the upswing, with indicators suggesting a higher value in the coming weeks.
Chainlink Bearish Sentiment Is Not Entirely Bad News
The recent Chainlink price rally has ensured that the altcoin now trades at $25. This milestone could be linked to rising buying pressure, especially from crypto whales.
However, according to Santiment, retail investors have not yet joined the bandwagon, suggesting that LINK’s value still has room for further growth. One indicator that proves this is the Weighted Sentiment.
Weighted Sentiment measures the perception the broader market has about a cryptocurrency. When the reading is negative, it means the average remark online about the asset is bearish. On the other hand, when the reading is positive, it means most comments are bullish.
Today, Chainlink’s Weighted Sentiment is in the negative zone. This indicates that retail Fear Of Missing Out (FOMO) has not hit the token. Historically, when price increases and sentiment stays bearish, the crypto has not yet hit its peak.
Santiment, in a post on X earlier today, also agrees with this thesis, saying that little bullish expectations from the crowd are a good sign for LINK.
“It is encouraging that there is very little retail FOMO toward LINK. Markets move in the opposite
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Author: Victor Olanrewaju
