Market
This is Why Chainlink Price Has Room for More Gains
LINK, the native token of the leading decentralized oracle network Chainlink, has noted a 5% price surge over the past 24 hours. It currently trades at $11.76, with a 2% hike in trading volume during that period.
On-chain, the altcoin shows signs of renewed bullish momentum, suggesting a potential double-digit rally in the near term. This analysis explores why this is bound to happen.
Chainlink Witnesses Increased Demand
LINK’s Exchange Netflow is the first indicator worthy of note here. The altcoin has recorded consistent negative exchange netflows over the past 30 days. On Thursday, the trading session ended with 667,290 LINK tokens taken out of cryptocurrency exchanges.
An asset’s Exchange Netflow measures the net amount of its tokens flowing into or out of exchanges. Negative netflows occur when more tokens are leaving exchanges than entering them, suggesting that holders are moving their holdings off exchanges.
Such a trend typically signals accumulation by holders. When holders withdraw assets from exchanges, they often transfer them to cold storage or private wallets for long-term holding. This is a bullish signal for the market as it reduces the token’s availability for short-term trading, improving its price action.
Read more: How to Buy Chainlink (LINK) With a Credit Card: A Step-By-Step Guide
Furthermore, Chainlink’s large investors or whale addresses have increased their holdings, supporting the bullish outlook. According to BeInCrypto’s analysis of LINK’s supply distribution, whale addresses holding between 10,000 and 1,000,000 LINK have accumulated 11 million tokens in just 30 days — an investment exceeding $130 million at current market prices.
This group of holders now collectively holds 221 million LINK tokens, marking their highest balance since December 2017. The uptick in whale accumulation is a bullish signal because it reduces LINK’s available supply, signals confidence, and can also prompt retail investors to buy, all of which can contribute to a price increase.
LINK Price Prediction: Uptrend is Certain If Demand Remains
LINK is trading at $11.76, having rebounded from support at $11.24. Growing demand for the altcoin, highlighted by an increasing Relative Strength Index (RSI), is pushing it toward resistance at $13.73.
The RSI, now at 55 and climbing, indicates that buying interest is outweighing selling pressure, signaling bullish momentum. A successful breakout above this resistance could set LINK on a path to a target of $15.47.
However, should demand weaken and LINK fails to beat resistance, it may trend downward to retest support at $11.24. If this level does not hold, Chainlink’s price could fall further to $9.98.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
How Sui Trading Volume Decline Could Impacts the Altcoin’s Price
Sui (SUI) trading volume has dropped by 30% in the past 24 hours, following the token’s failure to reclaim the $2 level despite recently reaching a new all-time high.
Following this development, traders who had anticipated a swift move toward $3 have now tempered their expectations. This on-chain analysis explores the reasons behind this shift and what may lie ahead for SUI.
Interest in Sui Continues to Fade
On October 24, Sui’s trading volume was over $700 million. However, as of this writing, the metric has dropped to $503.32 million, representing a 30% decline within the mentioned timeframe.
Crypto trading volume measures how frequently a particular coin is traded within a specific time frame. Investors use this metric to gauge the asset’s buying and selling popularity at any given moment.
Thus, the drop in SUI’s trading volume indicates fading market interest. Typically, declining volume during a price recovery signals bearish momentum. If this trend persists, SUI’s price may fall below the $1.91 level.
Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024
In line with this perspective, Coinglass data reveals that the 24-hour Long/Short Ratio is currently below 1. This ratio serves as a gauge of investor sentiment; when it exceeds 1, it indicates more longs—those betting on a price increase—than shorts.
Conversely, a reading below this threshold suggests a different sentiment. While the Long/Short Ratio is under 1, the data also shows that it is close to this level. This indicates that the average trader is not necessarily bearish but is likely to remain on the sidelines, awaiting clarity on how high or low SUI’s price may go.
SUI Price Prediction: No Recovery Yet
Based on the daily chart, SUI’s price has fallen below the 20-day Exponential Moving Average (EMA) for the first time since April. The last time this happened, SUI’s price plunged by 62% within four months.
However, this is not to say such a situation will repeat itself. Still, it is unlikely that the altcoin will recover in the short term. As it stands, the token might drop by double digits. If that happens, then SUI’s price could decline to $1.64.
Read more: Everything You Need to Know About the Sui Blockchain
On the other hand, if Sui’s trading volume increases, this outlook could shift. In that scenario, bulls would need to assert buying pressure and prevent bears from dominating the market. If they succeed, the altcoin’s value could rally to $2.37.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana Bot Trading Spikes, Sets Record at $211 Million
Solana Telegram bot ecosystem hit a new milestone yesterday, with trading volume reaching $211 million, as reported by Dune Analytics.
The Trojan bot led this surge, recording a trading volume of $93.7 million, which accounts for nearly 44.4% of the total. The bot was launched earlier this year as a rebranded version of Unibot.
Solana Bots Continue to Dominate the DEX Trading Market
In terms of lifetime trading volume, BonkBot still holds the largest share of the DEX bot market. BonkBot’s lifetime trading volume currently stands at $8.69 billion, followed by Maestro and Trojan.
However, Trojan has recently dominated the market in terms of average weekly volume. Data from Dune shows that Trojan’s weekly volume accounts for 39% of the entire DEX bot sector trading. This is followed by BonkBot, which accounts for 13.6%.
Read more: Do Crypto Trading Bots Work?
Solana’s network activity surged to a peak as its Real Economic Value (REV) — a key measure of blockchain revenue — hit a record $11.1 million on October 24, likely driven by a recent spike in meme coin trading.
Since October 19, Solana’s economic activity has consistently outpaced Ethereum’s, marking a notable shift in the market. Additionally, DEX bot activity on Solana has skyrocketed, with daily bot trading volumes soaring nearly 70-fold in two months, from around $30 million in September.
This trading momentum has positively impacted SOL, which is up by 15% this week. Additionally, Solana’s DEX Raydium recently surpassed Ethereum in daily fees collected. Fees on Raydium, primarily from swap transactions, mirror the heightened activity on the platform.
The current liquidation map reveals a bullish sentiment among SOL traders, with a higher volume of long positions compared to shorts. While this optimism aligns with Solana’s recent growth, it also introduces a potential risk if market conditions shift unexpectedly.
Read More: Solana ETF Explained – What It Is and How It Works
Solana’s exchange-traded products also saw notable developments this month. Investment giant VanEck recently introduced staking rewards to its Solana ETNs in the European market. However, the future of a Solana ETF in the US remains uncertain. Both VanEck and 21Shares have filed separate ETF applications, but a decision is unlikely before the upcoming election.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Are Whales Holding Back on This Rally?
ApeCoin (APE) price has surged 63.86% in the last seven days, but major holders remain skeptical. The number of wallets holding between 1 million and 10 million APE has dropped consistently since October 19.
This decline suggests that whales are not yet convinced about the sustainability of this rally. Without their confidence and participation, it may be challenging for APE to maintain its upward momentum.
APE Whales Are Still Not Convinced
APE price has been in the news after Yuga Labs announced the launching of ApeChain. However, whales don’t seem convinced.
The number of wallets holding between 1 million and 10 million APE has been consistently dropping since October 19. This indicates a lack of confidence among major holders, even with the recent upward movement in price.
Read more: ApeCoin (APE) Price Prediction 2024/2025/2030
Tracking whale activity is crucial because they often drive significant market moves. Between October 19 and October 25, the number of APE whales dropped from 168 to 158.
This decline suggests that despite APE price recent gains, whales are not yet convinced and are not actively accumulating. Without their participation, sustaining the rally could be challenging, indicating uncertainty in APE’s current price momentum.
ApeCoin DMI Shows The Current Trend Isn’t That Strong
The DMI chart for APE shows three important components: the ADX (yellow), the +DI (blue), and the -DI (red). The ADX value is currently at 22.91, indicating a relatively weak trend.
The ADX measures the strength of the trend, with values above 25 considered a strong trend. In this case, the ADX suggests that APE’s recent uptrend lacks momentum to be classified as strong.
The +DI (blue) is at 30.51, which is higher than the -DI (red) at 21.10, indicating that buying pressure is currently dominating selling pressure. However, with the ADX below 25, the current upward movement might lack the force needed to continue with significant gains.
The interplay between the +DI and -DI suggests a bullish trend, but for APE’s uptrend to be sustained and stronger, the ADX would need to rise above 25, confirming a more decisive trend in the current buying momentum.
APE Price Prediction: Can APE Surge More 53% In October?
APE is currently trading above the shorter-term EMA lines, suggesting bullish momentum. However, they are beginning to flatten, which implies potential consolidation after the recent surge. This is also reinforced by the recent heavy drop in the shorter EMA line (the red one in the chart).
Read more: ApeCoin (APE): Everything You Need To Know
Key resistance levels are marked in blue at $1.47 and $1.82. If APE is able to break the $1.47 resistance, it could test $1.82 next, marking a potential 53% price growth.
On the downside, significant support levels are at $1.12 and $0.94, highlighted in red. These support areas provide stability if the price pulls back further, but maintaining support above $1.12 would be vital for holding onto recent gains and avoiding a deeper correction.
This will be crucial to keeping APE among the most relevant altcoins in the market, as the coin has repeatedly moved in and out of the top 100 by market cap in recent months.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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