24 October 2023
Chainlink (LINK) is one of the altcoins that have enjoyed a massive resurgence in recent days alongside the flagship cryptocurrency, Bitcoin. The token rose to as high as $10 on October 23 and seems to have established support at that level. Following this, some crypto analysts have gone on to analyze whether or not it can sustain this momentum.
Can The Chainlink Rally Be Sustained?
In a post shared on his X (formerly Twitter) platform, crypto analyst Felix drew up an analysis of LINK’s price movement on the charts, noting that the token could see “further price movement, especially if it claims above the critical 500+ day resistance at >$9.6.”
Source: X
He also seemed to suggest that a period of whale accumulation may have led to this price surge as over $9.92 million worth of LINK tokens were sent out of exchanges to wallets when it was still trading at around $7.26. LINK has risen by over 33% since then.
Source: IntoTheBlock
Felix highlighted the fact that the Chainlink ecosystem was displaying impressive on-chain strength at the moment, which ultimately leads one to question whether or not the rally can be sustained.
LINK’s Figures Are On The Rise
As Felix pointed out, LINK’s price seems to be experiencing an ‘up-only’ trend currently, and all other metrics are not left behind as the ecosystem is also seeing an increase in the number of active and new addresses. According to data from IntoTheBlock, the number of active addresses on the Chainlink network is steadily rising alongside the price increase.
In the last 7 days, the network has seen an increase of over 112% in the number of active addresses on the network. Meanwhile, there has also been an increase of over 190% in the number of new addresses on the network.
As expected, the number of transactions on the network has also risen during this period, with Chainlink recording a 7-day high of over 12,000 transactions on October 23. Consequently, the trading volume is up over 7% in the last 24 hours, according to data from CoinMarketCap.
There is also reason to believe that this momentum might be far from over, as fundamentals seem to be contributing to the bullish sentiment. If so, there is more good news ahead for the Bulls and Chainlink community as the Chainlink Staking v0.2 is set to launch before the year runs out. Many believe that LINK maximalists are going to continue to accumulate ahead of the launch.
In reaction to an X post about an impending launch of the Staking v0.2, one crypto analyst boldly asserted that LINK could rise to as high as $15 later this year.