Chainlink (LINK) & Polygon (MATIC) Price Surge as Bitcoin (BTC) Rises Back Above $60k

TLDR:

• Chainlink (LINK) saw a surge in daily profits, with profit-to-loss ratio hitting 5.98
• 63.06% of LINK holders remain at a loss despite rising profits
• LINK price expected to potentially rise to $11.57 based on momentum indicators
• Bitcoin traded sideways between $59,900 and $61,000 amid lack of catalysts
• Polygon’s MATIC rose 12% ahead of token migration, while Chainlink’s LINK surged 15%

Chainlink (LINK) and Polygon (MATIC) tokens have seen a price rise today, standing out amidst a relatively stagnant cryptocurrency market.

Chainlink’s daily transaction volume profit-to-loss ratio reached 5.98, its highest level since July 14. This means that for every LINK transaction resulting in a loss, 5.98 transactions have returned a profit. Despite this positive trend, 63.06% of LINK holders, representing 441,000 addresses, are still holding their tokens at a loss compared to their purchase price.

Technical indicators suggest potential further growth for LINK. The Chaikin Money Flow (CMF) is in an uptrend, sitting above the zero line at 0.05, indicating increased accumulation over the past 12 hours.

LINK’s Moving Average Convergence/Divergence (MACD) setup shows buying pressure exceeding selling activity. If this accumulation persists, analysts predict LINK’s price could climb to $11.57, although a reversal could see it drop to $8.08.

Crypto analyst CRYPTOWZRD has highlighted LINK’s promising position, noting that the daily technical outlook is bullish following its recent closure in the green.

The analyst anticipates further upward movement from its current position and will be analyzing the intraday chart for the next trading opportunity.

LINK Daily Technical Outlook:$LINK closed bullish today and the next move from the current location will be bullish. My primary focus will be on the intraday chart to get the next opportunity 🧙‍♂️ pic.twitter.com/i7GAe3dlpS

— CRYPTOWZRD (@cryptoWZRD_) August 22, 2024

Meanwhile, Polygon’s MATIC token has risen 12% as it approaches a token migration that will switch the existing MATIC to POL, a unified token usable across all of Polygon’s blockchains. This migration is likely driving increased interest and trading activity in MATIC.

Chainlink’s LINK token also saw a 15% increase as its data feeds were implemented on the lending market Aave’s new release on the zkSync blockchain, signaling more demand for the token.

Bitcoin (BTC) has been trading sideways between $59,900 and $61,000, reflecting a lack of notable catalysts to fuel significant price movement in either direction. The overall crypto market cap slightly retreated to $2.1 trillion after failing to break through the $2.15 trillion mark.

Inflows into U.S.-listed spot Bitcoin exchange-traded funds (ETFs) remained muted, with only $39 million in net flows on Wednesday. This slow inflow is signaling a lack of new demand among professional investors, potentially putting bearish pressure on BTC.

Other major tokens like Ethereum (ETH), Solana (SOL), and BNB Chain’s BNB saw minor gains of up to 2%, while Dogecoin (DOGE) and Ripple (XRP) remained largely unchanged. Tron’s TRX dropped 4.5% after a rally on Wednesday following the release of a new memecoin generator.

As of the latest data from CoinGecko, LINK is trading at $11.40, with a daily trading volume of $393,734,125. This represents a 9.30% increase in the last day and a 9.34% uptick over the past week.