Chainlink (LINK) One of the top choices among crypto investors by CoinEdition

• Chainlink has been trading with an accumulation zone of $6-$8.
• Santiment said three social dominance peaks seen for $LINK, reflecting reversals in traders.
• Cryptoanalyst Benjamin Cowen said that Chainlink will surpass .

As traders have recently turned to altcoins, Chainlink (LINK) is quickly becoming the top choice for trading among investors. This can be attributed to the fact that for some time now Chainlink has been trading in an accumulation zone of $6-$8.

The provider of the chain and social metrics Santiment highlighted the peak in the social dominance of Chainlink causing price reversal. Per Santiment noted that three social dominance peaks appeared for $LINK, confirming the fact that traders were making moves.

#Chainlink’s market cap fell ~5% on Friday before rebounding just as today’s trade (UTC time) closed. Three social dominance peaks appeared for $LINK, indicating that traders were making moves. The latter happened just as the price started to rise again. pic.twitter.com/9g6l7c5sIA

— Santiment (@santimentfeed) October 15, 2022

Well, there were others who had some hot takes on the performance and potential of Chainlink. For example, renowned cryptoanalyst and founder of Into The Cryptoverse (ITC) Benjamin Cowen pointed out that Chainlink will surpass Bitcoin.

Cowen explained that LINK is now in the ‘accumulation phase’ during the current bear market and will surpass as soon as the bull market resumes.

What is even more prominent is the ongoing evolution of the Chainlink ecosystem. In fact, Chainlink has established itself as a top choice for several projects that will assist smart contracts and secure data sharing.

In addition, Chainlink’s strategic partnership with SWIFT, which is the world’s largest interbank payment system, will provide price feeds for testing cross-chain applications. Cowen also called Chainlink ‘a backbone’ for several cryptocurrencies. In a recent interview, he commented:

Of course, one of the reasons why I think it hasn’t done as well lately isn’t necessarily because Chainlink isn’t a great project, it’s more just because of the general market risk and the fact that we’re actually in a bear market, but I think the fundamentals of Chainlink shine through a little better in the bear market than they sometimes do in the bull market.

Another well-known crypto trader, DonAlt, echoed similar views when he claimed that LINK is generally outperforming during the bear market. Furthermore, he added that in 2018, 2019, 2020, LINK had done better than the entire market and has been on the same competitive path in recent weeks.

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