On-chain data shows that a Chainlink indicator is currently forming a pattern that has led to an average 50% increase for LINK in the past.
Chainlink 30-Day MVRV Ratio Has Plunged
In a new post on X, analyst Ali discussed the latest trend in Chainlink’s 30-day MVRV ratio. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that tracks the ratio between LINK’s market cap and realized cap.
The market cap naturally refers to the total valuation of the asset’s circulating supply at the current spot price. In contrast, the realized cap is a different type of capitalization model that calculates the total value of the cryptocurrency by instead taking the price at which each coin in circulation last moved on the network as its “true” value.
Since the last transaction of any coin was probably the last time it changed hands, the price at its time would signify its current cost basis. As such, the realized cap sums up the cost basis of eve
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