Chainlink on Track for a Major Rally – Here is Why

Santiment, a prominent cryptocurrency analytics firm, has recently highlighted a potentially bullish signal for Chainlink (LINK), noting that the absence of FOMO (Fear of Missing Out) around the altcoin could indicate a price surge ahead.

LINK has seen a late-week uptick, and it only needs a 10% increase to hit a three-year high, a level last reached in January 2022.

Despite the recent rally, Santiment observes that there’s a noticeable lack of excitement surrounding LINK, which they view as a positive sign. Historically, markets often move against the prevailing sentiment, and the current skepticism surrounding LINK could serve as a catalyst for further upward momentum.

🔗📈 Chainlink has enjoyed a late-week rally, and now needs to climb just +10.8% to match its 3-year high from January, 2022. It is encouraging that there is very little retail FOMO toward LINK. Markets move the opposite direction of the crowd’s expectations, so the crowd’s… pic.twitter.com/UuKdmMMXWA

— Santiment (@santimentfeed) December 6, 2024

On the Bitcoin front, Santiment also drew attention to a significant decline in BTC balances held in mining wallets since April 2024. A particularly sharp drop of 85,503 BTC in just 48 hours marks the largest decrease since February 2024.

Notably, a similar drop in February preceded Bitcoin’s all-time high of $73,000. Despite these fluctuations, Santiment notes that there appears to be little correlation between the balance declines and Bitcoin’s price movement this year. Meanwhile, both large investors (whales) and smaller traders (sharks) continue to accumulate BTC, contributing to a neutral overall market signal.