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Chainlink Bull

Chainlink Rallies 10% As Active Addresses Stay At 1-Year High

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Chainlink has rallied up 10% today as on-chain data shows the number of active addresses are at a 1-year high.

Chainlink Active Addresses Have Observed A Surge Recently

According to data from the analytics firm Santiment, there were more than 8k LINK addresses active per day last week, the highest in 18 months.

The “active addresses” is an indicator that measures the total amount of Chainlink addresses that were involved in a transaction on any given day.

When the value of this metric is high, it means a large number of addresses have been taking part in transfers recently. Such a trend shows the interest around the crypto among traders is high right now.

On the other hand, low values of the indicator suggest there aren’t many LINK investors taking part in transactions on the blockchain. This kind of trend can imply the general interest around the coin is low at the moment.

Now, here is a chart that shows the trend in the Chainlink active addresses over the past year:

Chainlink Active Addresses

Looks like the value of the metric has been quite high in recent days | Source: Santiment

As you can see in the above graph, the number of Chainlink active addresses have spiked up during the last couple of weeks.

The surge started around when the crypto exchange FTX began to collapse, which lead to a crash in the entire crypto market.

During the last week, the indicator peaked at 8k active addresses per day, the highest value it has observed since May 2021, around 18 months ago.

Related Reading: Not Your Keys: Monthly Bitcoin Exchange Outflows Reach New ATH

Since then, the number of Chainlink active addresses have slowed down a bit, but are still around 1-year high levels.

This means that despite the bad market conditions, investors have showed pretty high demand for trading the crypto.

While the crash has also hit Chainlink hard, the last 24 hours have seen the crypto finally carry some bullish momentum as the price has shot up by more than 10% in the period.

Related Reading: Litecoin Continues To Show Strength, Overtakes Solana In Market Cap

The current high activity could be positive for LINK’s latest rally as demand from traders is what’s needed to sustain any such price move, which the crypto seems to have plenty of at the moment.

LINK Price

At the time of writing, Chainlink’s price floats around $6.347, down 3% in the last week. Over the past month, the crypto has lost 7% in value.

The below chart shows the trend in the price of the coin over the last five days.

Chainlink Price Chart

The value of the crypto seems to have spiked up during the past day | Source: LINKUSD on TradingView
Featured image from Paolo Feser on Unsplash.com, charts from TradingView.com, Santiment.net
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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