Chainlink Emerges as 5th Most Developed Crypto Protocol
For the most part of 2023, Chainlink has been trading in the $6-$7 range. In June, it dropped to a low of $4.7 but swiftly recovered. Despite the price fluctuations, LINK has been in Contango since Q2 2023. It has not stepped into the Backwardation yet. To contextualize, Contango and Backwardation are futures curves that depict the pattern of prices over time. A market is considered to be in Contango when the futures price is above the expected spot price. This is usually a bullish sign. Contrarily, when the futures price hovers below the expected spot price, then the market is considered to be in backwardation and is a bearish sign. Thus, with the LINK market consistently in Contango, it can be contended that traders expect the asset’s price to rise over time. Source: IntoTheBlock Also Read: Bitcoin Must Surpass $98,000 for Miner’s Sustainability in 2024 Amid the bullish sentiment, WHALES and Sharks have been accumulating LINK. A recent Analysis by Santi...