Chainlink has jumped 31% in the past five days, with 57% of LINK holders at a profitable position amid a market recovery in the new year.
The surge follows a 50% correction that began in November before the Realized Profit and Loss ratio turned to a profit for most positions.
An indicator from the data provider, IntoTheBlock, affirms that about 32% of LINK holders are at a loss position while 12% are at a breakeven point.
The Profit and Loss ratio is used to ascertain the prevailing market conditions, where a large percentage of profiting positions could signal a wrong time to enter the market.
From the long-term perspective, LINK has remained range-bound since September 2021, where it has reached the $35 price level and retraced about 45% on average.
Source: Santiment
