Santiment, a well-known cryptocurrency analytics firm, has recently pointed out a potentially positive sign for Chainlink (LINK), suggesting that the lack of FOMO (Fear of Missing Out) surrounding the altcoin could indicate an upcoming price surge.
LINK has experienced a surge towards the end of the week, and it only needs a 10% increase to reach a three-year high, a level last seen in January 2022.
Despite the recent rally, Santiment observes that there is a noticeable lack of excitement surrounding LINK, which they consider to be a positive indication. Historically, markets often move against the prevailing sentiment, and the current skepticism surrounding LINK could act as a catalyst for further upward momentum.
On the Bitcoin front, Santiment also drew attention to a significant decrease in BTC balances held in mining wallets since April 2024. A particularly sharp drop of 85,503 BTC in just 48 hours marks the largest decrease since February 2024.
It is worth noting that a similar drop in February preceded Bitcoin’s all-time high of $73,000. However, Santiment points out that there seems to be little correlation between the balance declines and Bitcoin’s price movement this year. Meanwhile, both large investors (whales) and smaller traders (sharks) continue to accumulate BTC, contributing to an overall neutral market signal.