While Bitcoin has been stable for the past few weeks, traders are turning their attention to altcoins. In this context, an altcoin has attracted particular attention recently. Oracle service provider Chainlink (LINK) is emerging as the most loved asset by crypto traders in the market. For some time now, LINK has been trading in the $6-8 range, which investors call the accumulation zone. Meanwhile, data provider Santiment emphasizes that Chainlink’s social dominance has increased. Santiment noted that traders are taking action on the altcoin:
Chainlink’s market cap fell 5% on Friday before jumping as the day’s trade closed. There have been three major increases in social dominance for LINK. These increases showed investors making moves. Also, the last increase occurred when the price started to rise again. That’s why it was remarkable.
Traders: “This altcoin outperforms Bitcoin”
cryptocoin.com As we reported, crypto trader Benjamin Cowen said that Chainlink will outperform Bitcoin. Stating that LINK is currently in the accumulation phase during the ongoing bear market, the analyst added that it will perform better when the bull market resumes. Meanwhile, fundamental developments in the Chainlink ecosystem are also of great importance. LINK enables smart contracts and secure data sharing.
However, it stands out as one of the best choices among Oracle networks. Recently, LINK has partnered with SWIFT, the world’s largest interbank payment system. This partnership includes providing price feeds for testing cross-chain applications. “Chainlink serves as a backbone for many cryptocurrencies,” said analyst Benjamin Cowen of the partnership. He then shared:
“Bear market and economic risks are among the reasons why I think it hasn’t been going well lately. Honestly, even if I think Chainlink is a great project, I can’t ignore the bear market. But I also know that the fundamentals of Chainlink shine a little better in a bear market than in a bull market.”
“The fastest horse in the bear market”
Another popular trader, DonAlt, stated that LINK generally performs better in bear markets. In his last interview, the trader stated that the altcoin asset led the market in 2018, 2019 and 2020. According to him, LINK was outperforming all other assets in the market in the past bear markets. The trader also talked about the last price rally. Accordingly, he claimed that he has seen a similar price action to past years over the past few weeks. According to him, LINK price may become the market leader by starting a new bull run. DonAlt said:
In 2018, 2019, 2020, we ensured that LINK outperformed the entire market. LINK was on the rise and I think this is a good story to follow. Now, it continues to perform better over the past few weeks. I think it’s extremely possible for LINK to run another bull run.
