The cryptocurrency oracle network, Chainlink, has been showcasing a remarkable upward trajectory over the last half-year. From a humble $5.6, the value of its native token LINK has climbed to an impressive $20.15. This increase is backed by a series of positive developments that seem to promise continued growth for LINK’s value.
Recent Surge in Chainlink’s Market Activity
In the latest market movements, Chainlink has enjoyed a swell of address activity, contributing to a price peak of $20.856 on Binance—the highest point Chainlink has reached in 2024. At the time of reporting, LINK trades at $20.15, maintaining its strong performance.
Current evaluations place LINK near its highest valuation this year. It is becoming increasingly clear that various on-chain metrics are acting as catalysts for the altcoin’s price stability and growth.
Key On-Chain Indicators Bolster Chainlink’s Value
Three on-chain metrics in particular—active addresses, daily active addresses, and exchange supply—are underpinning LINK’s price ascension. February saw a surge in active addresses, peaking at 6,493 on the second of the month. Similarly, there’s a recorded 12.27% increase in new daily active addresses, echoing a general uptick in Chainlink network activity. A 5% rise in active addresses over the previous week further confirms the trend.
Additionally, the supply of LINK on exchanges has decreased, lessening the selling pressure on the market. Specifically, there has been a 4% reduction in LINK supply on exchanges this month, which aligns with the optimistic outlook for Chainlink’s price trajectory.
Analyst Michael van de Poppe had forecasted the potential for LINK to hit the $20 mark. Following recent Bitcoin price movements, he suggests that LINK could be propelled even higher—to $25 or $35 in the near future.