While Chainlink (LINK) is dominating the oracle sector, on-chain data hints at Pyth Network's (PYTH) upcoming breakthrough. Let's delve into the indicators pointing towards a promising future for this decentralized network.
The bullish momentum of Chainlink (LINK) is drawing attention. The token recently reached an all-time high near $27 in Asian markets. Although the price has slightly corrected, LINK maintains gains of 3.15% over 24 hours. This remarkable performance contrasts with the downward trend of the broader market, making LINK one of the most successful altcoins at the moment.
This surge is accompanied by an explosion of mentions and engagement on social media, indicating growing interest from investors. Google Trends data confirms this trend, with record searches for the term “Chainlink“.
The oracle sector has outperformed the market recently, with an increase of more than 35%. However, the momentum isn’t uniform: Chainlink is largely driving the growth. In August, LINK jumped by 42%, while PYTH only advanced 0.33%. On-chain data shows a decline in daily transactions for both projects since June, suggesting that the price rise isn’t supported by real demand.
Chainlink’s rise can be explained by its unique ecosystem. The launch of the Chainlink Reserve has reduced selling pressure, while accumulation by whales and institutional partnerships have strengthened its position. Although PYTH benefits from the overall bullish trend, it remains uncertain whether it will match LINK’s performance, leaving the latter in the role of market leader.
To capitalize on this rally, here’s an optimized strategy :
Here are the steps to easily buy LINK on Bitget :
Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.
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