Chainlink will presumably continue its ‘up-only’ trend in light of the significant increase in active addresses and network traffic.
The Chainlink price rally appears unstoppable as the LINK price surges another 12% to extend its weekly gains to more than 50%. At the time of publication, LINK is trading 12.28% higher at $11.42 with a market cap of $6.4 billion.
This enormous price increase has made Chainlink (LINK) the twelfth largest cryptocurrency by market capitalization. The recent price increase added over $2 billion to Chainlink’s market capitalization.
Chainlink Contains Robust On-chain Indicators
In a recent social media post on X (formerly Twitter), Felix, a crypto analyst, analyzed LINK’s price performance, indicating the potential for further upward movement, significantly if it surpasses the $9.6 resistance level, which has been in place for 500+ days.
Felix also implied that significant investor accumulation may have contributed to this price increase. At approximately $7.26, roughly $9.92 million worth of LINK tokens were transferred from exchanges to accounts. Since then, LINK has increased by more than 50 percent.
In addition, Felix highlighted the current substantial on-chain strength of the Chainlink ecosystem.
LINK Price Target at $15?
Felix also emphasizes the prevailing ‘up-only’ trend in LINK’s price, with several metrics indicating a developing ecosystem. The network of Chainlink is experiencing an increase in both active and fresh addresses.
According to IntoTheBlock data, the number of active addresses on the Chainlink network has consistently increased alongside the price increase.
The network has witnessed an extraordinary 112% increase in active addresses and a 190% increase in new talks over the past week. This expansion is also reflected in the rise in transaction volume, which reached a 7-day high of over 12,000 on October 23.
The release of Chainlink Staking v0.2 is anticipated before the end of the year, which is additional good news for Chainlink enthusiasts and investors. Numerous individuals believe that LINK supporters will continue to gather in anticipation of this event.