Bullish Predictions Pick Up for Chainlink, Driving Strong Weekend Move
Among today's top gainers in the cryptocurrency world is Chainlink (CRYPTO: LINK), with the oracle network up 1.7% over the past 24 hours and up 9.8% since Friday's close, as bullish bets ramp up on the top-15 crypto by market capitalization.
Importantly, it's worth noting that the strong move higher Chainlink made over the weekend came after a very pronounced move lower on Friday, as top crypto projects sold off on growing recessionary concerns, which hit most risk assets hard. Outflows from crypto, tracked via data from spot exchange-traded funds (ETFs) as well as from increased liquidations across many derivatives contracts in the sector, drove bearish sentiment in these higher-risk assets as recessionary signals picked up.
However, a recovery in most risk assets over the past weekend has been spearheaded by strong moves in the crypto market, suggesting investors in projects such as Chainlink, which allows for external off-chain price feeds to be integrated into decentralized blockchain-based applications, will see continued strength.
Source Fool.com
