Is Chainlink starting to “disengage” from the rest of the bear market?

Chainlink, a popular oracle network, has recently attracted a lot of interest from whales. Corresponding whale statesLINK has overtaken WETH to become the most traded asset for the top 500 ETH whales.

The network is down 62.90% since April. Luckily, whale interest is not the only thing going for the token, there has also been a surge in activity from Chainlink holders.

A huge increase in addresses with a balance greater than $10 million was noted. Also, the number of these giant whales has increased by 5.88% since July.

But that’s not all, addresses worth more than $1 million are up +9.51% since July. And it seems like big investors in the crypto market have decided to add LINK to their portfolios.

Source: Messari

While whales have shown some interest in the token, LINK hasn’t been able to make that much noise when it comes to its social metrics.

While there were a few days of high interest, LINK’s social dominance was mostly flat.

word on the street

However, sentiment was more positive than negative, suggesting that the majority of the crypto community appears to be siding with LINK.

One of the reasons for the disagreements among traders could be the recent development of Chainlink Notice Supporting the Proof-of-Stake system, with people on both sides vouching for their preferred method of cryptography.

Source: Santiment

The volatility in people’s mood seems to have impacted the price as well, as LINK has been showing a bearish trend since mid-August.

However, things could soon take a turn for the better as the price is up 6.99% in the last 24 hours as of press time. In fact, the leading indicator CMF has gone far beyond the zero line.

Therefore, there is a very high probability that a lot of money will flow into the LINK market. The RSI seems to be in an uptrend and it would be a bullish signal if it manages to scale the 60 level.

Source: TradingView

While few indicators are looking good for LINK, it may be hit by the bear market in the near term. Therefore, traders should exercise caution before entering into a position.