Linkage may have risen above $20 due in part to a spike in network activity and a rise in adoption across DeFi.
Between February 9 and February 12, Chainlink’s native token saw a 16% increase, trading at $20.85, a level not seen since January 2022.
Due to this, its market valuation has increased to $11.67 billion, surpassing Dogecoin to rank as the tenth-largest cryptocurrency in terms of market capitalization.
A spike in trade volume and increased network activity coincide with LINK’s price climb. Notably, there is still room for more upside as the price is still contained inside the boundaries of a rising parallel channel.
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Chainlink network activity reached a 22-month high in tandem with an increase in both active and new addresses, according to data from IntoTheBlock.
“Chainlink’s network activity surges to a 22-month high, marking significant growth in active and new addresses.”
IntoTheBlock data verified that the number of active addresses had climbed from approximately 2,800 on January 25 to approximately 3,210 on February 10.
The number of new Chainlink addresses increased from 808 to 1,020 within the same time period, showing a comparable trend.
Comparable data from Santiment demonstrates a 97% rise in daily active addresses (DAA), nearly doubling from 2,801 on January 25 to over 5,560 on February 12.
Eigenpie announced on February 1st that Chainlink CCIP would be integrated with Ethereum and Arbitrum.
Additionally, Paxos stated that on February 7, Chainlink’s new PayPal USD price feed will be implemented. Recently, Chainlink Data Streams on Arbitrum were also integrated by the DeFi-focused Umami DAO.
On-chain data and technical indicators can indicate that the LINK price is overextended and ready for a correction.
SpotOnChain, a blockchain analytics firm, has shown that a whale moved 245,000 LINK on Binance, valued at $4.9 million.
Between January 28 and February 7, 2024, the whale identified by the wallet labelled “0x2a1” stole 495,057 LINK, valued at $7.5 million, from the Binance cryptocurrency exchange.
The average token value during this period was $15.13.
While there are still 250,000 LINK in this wallet, worth approximately $5 million, redistributing tokens and shipping them to exchanges may indicate a plan to sell at the current pricing.
LINK’s ascending channel, however, might draw optimistic technical traders.
The price action of LINK has been painting higher highs and lower lows since January 26, which has resulted in the creation of an ascending parallel channel on the daily chart.
As long as the price stays inside the channel, this bullish technical formation suggests that the uptrend will continue.
According to this, the price will grow towards the channel’s top barrier, which is now at $21. The price could reach $25 if there is a strong closure above this.
Before LINK continues its upward path, well-known analyst Rekt Capital anticipates a possible restest of the support level at $19.
Activity on the Chainlink network has seen a remarkable surge, reaching a peak not witnessed in the past 22 months.
According to data from IntoTheBlock, both active and new addresses on the Chainlink network have experienced a substantial increase.
The number of active addresses surged from approximately 2,800 on January 25 to around 3,210 on February 10, indicating a robust uptrend in user engagement.
Moreover, the count of new Chainlink addresses saw a notable rise from 808 to 1,020 within the same timeframe, underscoring growing interest and adoption within the ecosystem.
This surge in activity suggests heightened utilization of Chainlink’s services, potentially driven by various developments and integrations within the decentralized finance (DeFi) space.
In tandem with this uptrend, comparable data from Santiment revealed a significant 97% surge in daily active addresses (DAA) on the Chainlink network.
The DAA nearly doubled from 2,801 on January 25 to over 5,560 on February 12, indicating a substantial influx of users engaging with Chainlink’s oracle solutions.
This surge in network activity coincides with pivotal announcements and integrations within the Chainlink ecosystem.
For instance, Eigenpie announced on February 1st that Chainlink CCIP would integrate with Ethereum and Arbitrum, showcasing the project’s expanding interoperability and utility across various blockchain platforms.
Furthermore, Chainlink’s collaboration with Paxos to implement a new PayPal USD price feed on February 7, along with recent integrations of Chainlink Data Streams on Arbitrum by DeFi-focused projects like Umami DAO, further solidifies Chainlink’s position as a leading provider of decentralized oracle solutions in the rapidly evolving DeFi landscape.
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