There seems to be no brakes to the Chainlink price rally as the LINK price shoots another 12% to extend its weekly gains by more than 50%. As of press time, LINK is trading 12.28% up at a price of $11.42 and a market cap of $6.4 billion.
This mega price surge has helped Chainlink (LINK) to become the 12th largest cryptocurrency by market cap. The recent price surge helped Chainlink add more than $2 billion to its valuation.
Chainlink Has Strong On-chain Indicators
In a recent social media post on X (formerly Twitter), crypto analyst Felix conducted an analysis of LINK’s price performance, indicating the potential for further upward movement, particularly if it manages to breach the critical 500+ day resistance level at $9.6.
Felix also implied that a period of accumulation by large investors might have contributed to this price surge. Approximately $9.92 million worth of LINK tokens were transferred from exchanges to wallets when the price was around $7.26. Since then, LINK has surged by over 50%.
Furthermore, Felix pointed out the robust on-chain strength within the Chainlink ecosystem at the moment.
LINK Price Target At $15?
Felix also highlights the prevailing ‘up-only’ trend in LINK’s price, with various metrics indicating a growing ecosystem. The Chainlink network is witnessing an increase in both active and new addresses. Data from IntoTheBlock reveals that the number of active addresses on the Chainlink network has steadily risen in tandem with the price surge.
Over the past 7 days, the network has seen a remarkable 112% surge in active addresses, alongside an impressive 190% increase in new addresses. This growth is further reflected in the uptick in transaction activity, as Chainlink reached a 7-day peak of over 12,000 transactions on October 23.
Additionally, there’s more positive news on the horizon for Chainlink enthusiasts and bulls, as the launch of Chainlink Staking v0.2 is expected before the end of the year. Many believe that LINK supporters will continue to accumulate in anticipation of this event.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.