Will Chainlink [LINK] continue its ascent within the next week?

The price movement of Chainlink recently [LINK] has been rather spectacular. With a market value of more than $3.7 billion as of the time of publication, it was trading at $7.44.

Additionally, LINK was among the top 5 bullish trends on the BTC pair, indicating that its price may continue to rise over the next few days.

The top 5000 ETH whales used Chainlink the most frequently among the smart contracts in the last 24 hours, so the whales were also interested in it.

Was everything, nevertheless, going the token’s way? LINK’s on-chain metrics provided some insight into the current situation.

Is a trend reversal on the horizon?

As LINK’s stochastic was overbought, CryptoQuant’s data showed a strong bearish signal, creating the possibility of a trend reversal soon. The increasing exchange reserve of LINK suggested that there would be greater selling pressure.

Santiment claimed that a significant drop in Chainlink’s development activity over the previous week was a bad sign for the network. The number of daily active addresses for LINK also decreased after reaching a peak on November 25. However, LINK’s MVRV Ratio was significantly higher, suggesting that the price increase might last for a while.

Some positive Chainlink updates

Surprisingly, the market indicators were on the side of the buyers even though the metrics were primarily bearish. One indicator of a continuing price increase is LINK’s Relative Strength Index (RSI), which showed a spike and continued upward movement.

The 20-day exponential moving average (EMA) was rapidly approaching the 55-day EMA, according to the EMA Ribbon, increasing the likelihood of continued growth.