with chainlink we are seeing two noteworthy trends:
1. A steady appreciation in price, not just in dollars but also more notably in ETH. LINK/ETH is basically a consistent grind higher
2. Large amounts of LINK being removed from exchanges
what do these two things mean?
Does it mean that normies and twitter users are jumping on the link bandwagon? No. Firstly, Chainlink is still way less hyped by normies compared to other coins of similar Mkt cap.
For example, LinkTrader and Chainlink subreddits have 15k followers each. XRP has 220k followers. Cardano has 80,000. Stellar has 110k. You might think that Link is a normie coin now because you remember in 2017 when only Zig Forums knew about it, but the fact is Chainlink is still far less popular among normies than other coins of a similar market cap. You can see similar patterns on google trends or twitter.
In addition to this, normie small time buyers generally hold their coins on exchange.
What this means is that institutions are buying chainlink tokens. These are people who are planning on using the chainlink network in a big way and are starting to buy their stacks now. We're talking the likes of Oracle, NASDAQ, Microsoft, IBM etc.
Things will start to kick off later this year with Oracle integration and staking. In my opinion we see a slow grind higher until about September or October, at which point we'll be 5-6$. Then we'll start to see some fireworks with major applications by the likes of Oracle and staking. That could take us to 10-20$