A top crypto market analyst recently proposed a potential Chainlink (LINK) correction based on the data from Santiment. According to the Market Value to Realized Value (MVRV) ratio in the 30-day timeframe, once it passes 19%, LINK usually experiences a steep correction. This prediction appears to be coming true as the current MVRV ratio stands at 20% and LINK is trading 3.27% lower than 24 hours ago. Although the token is declining, the general crypto market cap is up by 2.82%. Moving forward, a trader's expectations should be backed with risk management. Although the data suggests a potential correction, Chainlink's success comes from its growing adoptions and partnerships such as the Cross-chain Interoperability Protocol (CCIP) and SWIFT, which shows that these indicators could help increase LINK's resilience over time.
Lincoln James
- 2023-10-02
Data Suggests a Potential Chainlink (LINK) Correction
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