Polkadot (DOT) and Chainlink (LINK) price have both gone up by 40%

Polkadot DOT and Chainlink LINK price have both gone up by 40
Polkadot DOT and Chainlink LINK price have both gone up by 40

Polkadot (DOT) and Chainlink (LINK) price have both gone up by 40% – It seems most of the crypto market is on the rise. From DeFi platforms, DApps, to  NFTs, the price of cryptos and tokens are all surging over the last few days. According to the weekly Revenue On Investment (ROI) reports, most altcoins have gone up by 20% – 25%.

To highlight, two altcoins, in particular, have shined brighter than the others. In fact, these two have registered surges of 40% within the same time frame. Specifically, both Chainlink (LINK) and Polkadot (DOT) prices have both soared up by 40% each.

In relation to this short-term uptick, analysts expect these two cryptos to keep climbing up. It is not unusual for the crypto market to see a coin surge for the short term and stay at the same price. For instance, most analysts expect Ethereum to remain stagnant after its current bullish surge.

However, they do not think that the case remains the same for Polkadot and Chainlink. Let’s take a look at LINK’s rally. This crypto was in a bearish phase for almost the entire month of July.

More interestingly, during the entirety of this year, the crypto has repeatedly shown bullish signs at the end of each month. It continues on the uptrend for a few days and repeats the cycle. What’s different now is that previously it uptrends and drops right after 4 days. This time, LINK is trending at the bullish zone for the 6th day in a row.

Meanwhile, DOT’s circulating market cap has begun to form the shape of a V. This V-shaped recovery could only mean positive news. Additionally, with more tokens floating into the market, the better the chances for its price.

This, in particular, is seen with DOT’s growing circulating market cap. To note, the circulating market cap on July 21, stood at $10.72 billion. In contrast, according to CoinGecko, DOT’s market cap is at $18.029 billion, at the time of writing. This is an exciting increase for the token.

Lastly, active addresses for both LINK and DOT have been on the rise as well. Therefore, based on these observations we can safely say that long-term investments in these cryptos seem to be a safe bet to place.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Haruna Magaji 2587 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

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