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Chainlink

Chainlink Sees 11% Gains, Can LINK Continue Its Rally?

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

Chainlink has observed some sharp growth recently, but can the cryptocurrency keep up this run of bullish momentum?

Chainlink Has Enjoyed Notable Returns During The Past Week

While the rest of the digital asset sector has been struggling recently, Chainlink has stood out as a coin that has registered a rapid uptrend. The price has continued this recent run during the past day as well, as its price is now floating above the $7.2 level.

Chainlink Price Chart

The value of the asset seems to have been climbing in the last few days | Source: LINKUSD on TradingView

During the past week, every coin except LINK inside the top 20 assets by market cap has seen negative returns. LINK’s strong gains, thus, make it by far the best performer in the sector.

Related Reading: Bitcoin Non-Whale Addresses Now Control 41.1% Of Supply, A New All-Time High

Despite the strong performance in the past month, though, Chainlink has still not recovered back to the levels it was at before the crash in August. Nonetheless, it’s not too far off now, meaning that if this uptrend can continue in the coming days, the cryptocurrency should complete its recovery.

What The Different Metrics Say About This LINK Surge

Now, as for whether the run can continue, perhaps data from the on-chain analytics firm Santiment might provide some clues. First, the rally appears to be backed by a high amount of address activity, as the below chart shows:

Chainlink Active Addresses

Looks like the indicator's value has been quite high recently | Source: Santiment on X

As displayed above, the number of daily Chainlink active addresses has hit the highest level since July recently. The “active addresses” here refer to the unique addresses that are taking part in some kind of transaction activity on the blockchain.

The number of active addresses could be considered as a representation of the number of users trading the asset, so a high value of the metric implies that the coin is seeing a high amount of activity.

The active addresses staying high during the rally is a positive sign, as it implies that the traders are showing interest in the surge. This is different from the uplift seen near the start of the month, which didn’t get backed by such activity, and therefore, ran out of fuel before long.

Santiment has also pointed out an interesting pattern that LINK has been observing recently and it’s that the price uplifts have generally followed increases in the coin’s exchange reserve.

Chainlink Exchange Supply

The value of the metric had recently spiked | Source: Santiment on X

This pattern has repeated for the latest surge as well since the supply on exchanges had hit a new high for the year right before the rally started. This trend is different from what usually happens with other cryptocurrencies, where a flow of coins into exchanges is often a bearish signal.

Related Reading: Bitcoin Moves Toward Mainstream Legitimacy Following Shanghai Court Ruling

Even though Chainlink has risen sharply recently, it would appear that social media talk around the asset has only seen a moderate increase, as the data for the “social volume” suggests.

Chainlink Social Volume

LINK's social volume hasn't gone up too much | Source: Santiment on X

Too much social media hype has historically been bad for rallies, so Chainlink only seeing a relatively healthy increase in its social volume could be a promising sign for the sustainability of its surge.

Featured image from Shutterstock.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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