On-chain data shows the Chainlink MVRV ratio has shot up as LINK has rallied above $10, a sign that a steep correction may be due for the asset. Chainlink 30-Day MVRV Ratio Has Crossed The Bearish 20% Mark As explained by an analyst in a post on X, the last three times the LINK MVRV ratio hit similar levels as now, the cryptocurrency registered a sharp drawdown. The “MVRV ratio” (where MVRV stands for Market Value to Realized Value) is an indicator that measures the ratio between the Chainlink market cap and the realized cap. The realized cap here refers to a LINK capitalization model that assumes the true value of each coin in circulation isn’t the same as the asset’s spot price, but rather the price at which the coin last moved on the blockchain. Related Reading: Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today This price at which the coin was last transferred could be imagined to be the value at which its holder bought it, so the realized cap take ..
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