Chainlink’s Price Surge and On-Chain Metrics
Chainlink (LINK) has seen a significant increase in value, rising by almost 30% in the past month. This surge is driven by a bullish sentiment in the market and is supported by on-chain metrics that indicate heightened network activity. The recent launch of Chainlink Staking v0.2 has also contributed to the positive outlook.
Optimism Sparked by On-Chain Metrics
On November 28th, there was a notable increase in whale transactions for LINK. More than 2,600 transactions exceeding $100,000 each were recorded, according to data from IntoTheBlock. Historical data shows that these spikes in whale transactions often precede a rise in LINK’s price within 2 to 3 days. Despite lower numbers of whale transactions prior to November 28th, there was still a LINK price rally within the expected timeframe.
Increase in Daily Transactions and Dormant Token Movement
The daily transactions on the Chainlink network have surged by 436% from their monthly low. Major holders have also been accumulating LINK tokens. Santiment’s data reveals a significant increase in the movement of dormant tokens, known as ‘Age Consumed’ levels. Previous surges in dormant token movement have been followed by price increases for LINK. Therefore, the recent movement of 4.28 billion dormant LINK tokens on November 28th suggests potential gains for the crypto-asset.
Launch of Chainlink Staking v0.2
Chainlink Staking v0.2 has been launched, introducing a larger pool capacity of 45 million LINK tokens. This expansion aims to make Chainlink Staking more accessible to a wider range of token holders and adds an extra layer of security to the network. The staking feature was initially introduced in December 2022 and allowed LINK holders to earn rewards while supporting Oracle service performance. The maximum pool size has now been increased from 25 million to 45 million LINK tokens.
Hot Take: Chainlink’s Positive Momentum Continues
Chainlink (LINK) has experienced a significant price surge in recent weeks, driven by growing bullish sentiment and supported by on-chain metrics. The increase in whale transactions and daily network activity indicates a positive outlook for the crypto-asset. Additionally, the launch of Chainlink Staking v0.2, with an expanded pool size, enhances the accessibility and security of the network. With these factors in play, Chainlink appears to be on a path of continued growth and success.
By
By
By
By
By