However, this ongoing rally has met apprehension with LINK holders who seem worried about the sustainability and that an imminent pullback could erase some of the gains amassed.
The worries may be since Chainlink is flashing red signals as recently released data from on-chain analytics, Santiment indicates LINK may experience an imminent pullback. Not only this, but LINK’s technical isn’t also painting a favorable outlook as indicated by a double top formation.
Recently released data from Santiment noted that a Chainlink metric, MVRV ratio which refers to LINK’s market value to realized value just hit all-time highs.
Chainlink MVRV Ratio Given by Santiment. True as of 5 July
In an Event Reversal
Chainlink NVT which is link’s Network Value to Transactions Ratio is flashing green. NVT offers useful information about LINK’s fair value. A high NVT indicates that network valuation is outpacing the value being sent on the payment network.
At the moment, LINK is seeing a massive token circulation. A trend started in the last 5 months, if it sustains this further, Chainlink bulls may spur self-made uptrends in the days ahead.