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Amidst escalating on-chain activity, a crypto analyst is buoyant about Chainlink's (LINK) potential to surpass the $20 mark, highlighting a surge in trading engagement as a pivotal indicator.
Presently, over 5,330 addresses collectively hold more than $8.59 million worth of LINK, indicative of a growing interest in the cryptocurrency.
Analyzing On-Chain Metrics
To evaluate the likelihood of this potential surge, the analyst turned to the "In/Out of the Money Amount Price" tool, providing insights into the number of traders currently in profit at varying price levels. Notably, until LINK reaches the $20 threshold, approximately 8.59 million holders remain "out of the money," suggesting a probable increase in selling pressure once this milestone is attained.
Furthermore, chart data reveals that approximately $1.12 billion worth of LINK is currently in the green, while $331.22 million is in the red. At the time of writing, LINK is trading at $18.64, marking its highest value since February 2022. The token has witnessed a 5.28% increase in the last 24 hours and a substantial 27.93% surge over the past week. LINK's trading volume has soared to its highest level since August 2022, a trend often associated with bullish price movements.
Bitcoin Minetrix Presale Surpasses $10.2 Million Amid Bullish Momentum
Meanwhile, Bitcoin Minetrix, a pioneering crypto cloud mining platform, is experiencing a surge in its presale as it garners significant investor interest. The platform offers users a seamless avenue to earn Bitcoin (BTC) by staking BTCMTX tokens in exchange for Bitcoin mining credits, eliminating the complexities associated with traditional mining operations.
According to Crypto News, one notable advantage of Bitcoin Minetrix lies in its robust security framework, which sets it apart from conventional cloud mining solutions. Unlike many Bitcoin cloud mining services that have faced scrutiny over operational integrity, Bitcoin Minetrix prioritizes transparency and legitimacy through its decentralized and user-owned BTCMTX token. By leveraging BTCMTX staking, transactions are recorded on-chain and secured by Ethereum smart contracts, ensuring a trustworthy and auditable process.
According to U Today, currently available at $0.0132 in the ongoing presale stage, Bitcoin Minetrix has achieved remarkable success, surpassing $10.2 million in presale funds. This impressive milestone underscores the platform's appeal and the growing demand for reliable cryptocurrency cloud mining solutions.
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