Chainlink’s Recent Surge and Potential for Sustained Momentum
Chainlink (LINK) has experienced a significant resurgence, along with Bitcoin, reaching a high of $10 on October 23 and establishing support at that level. Analysts are now examining whether this momentum can be sustained.
Analyzing LINK’s Price Movement and Whale Accumulation
Crypto analyst Felix analyzed LINK’s price movement on the charts, suggesting that further price movement is possible if it surpasses the critical resistance level at $9.6. He also noted that over $9.92 million worth of LINK tokens were moved from exchanges to wallets when the price was around $7.26, which may have contributed to the surge in price.
Impressive On-Chain Strength in the Chainlink Ecosystem
Felix highlighted the impressive on-chain strength of the Chainlink ecosystem, raising questions about the sustainability of the rally.
Increase in Active and New Addresses
The Chainlink network is experiencing an increase in active addresses and new addresses. Over the past 7 days, there has been a 112% increase in active addresses and a 190% increase in new addresses. The number of transactions on the network has also risen, reaching a 7-day high of over 12,000 transactions on October 23.
Potential for Continued Bullish Momentum
The bullish sentiment is supported by fundamentals, as the Chainlink Staking v0.2 is set to launch soon. This has led many LINK maximalists to accumulate more tokens in anticipation of the launch. Some analysts even predict that LINK could rise as high as $15 later this year.
Hot Take: Chainlink’s Resurgence and Future Potential
Chainlink (LINK) has experienced a significant surge in price, reaching $10 and establishing support at that level. The rally may be sustained due to factors such as whale accumulation, impressive on-chain strength in the Chainlink ecosystem, and an increase in active and new addresses. Furthermore, the upcoming launch of Chainlink Staking v0.2 adds to the bullish sentiment. Analysts predict that LINK could rise as high as $15 later this year. Overall, the future looks promising for Chainlink and its community of supporters.
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