Chainlink’s LINK Token Soars to 22-Month High on Increased On-Chain Activity
Chainlink’s LINK token reached its highest level in nearly two years as dormant wallet holders resumed transacting with their stored LINK. This surge in activity led to a spike in the “Age Consumed” metric, indicating that previously inactive tokens were moving back into circulation.
Increased Circulation from Dormant Wallets Drives Price Rally
Santiment data revealed that Chainlink experienced a significant influx of previously dormant LINK tokens re-entering the market. This influx likely fueled the recent price rally, pushing LINK to breach critical resistance levels and reach an intraday peak of $18.13.
Buyers Overpower Excess Supply Hits from Reactivated Whales
Despite concerns about major holders offloading their holdings, buyers have been overpowering any excess supply hits from reactivated whales. This speculative response has allowed LINK to continue its upward trend.
Chainlink’s Continued Leadership in Oracle Services and Cross-Chain Interoperability
Chainlink remains a leader in blockchain oracle services and cross-chain interoperability, positioning itself for further growth as adoption increases among enterprises and traditional institutions. Its Cross-Chain Interoperability Protocol (CCIP) also positions LINK to benefit from asset tokenization growth.
Bullish Outlook for LINK with Resistance Levels Predicted at $25 to $30
LINK has outperformed many other cryptocurrencies in 2024, currently trading around $18. Analysts forecast that the asset could reach resistance levels near $20 and potentially climb to between $25 and $30 if favorable momentum continues.
Hot Take: Chainlink’s LINK Token Surges on Increasing On-Chain Activity
Chainlink’s LINK token has experienced a significant price surge due to increased circulation from previously dormant wallets. The reactivation of these dormant tokens has fueled the recent rally, pushing LINK to its highest level in nearly two years. Despite concerns about major holders selling off their holdings, buyers have been able to overpower any excess supply hits from reactivated whales. Chainlink’s leadership in oracle services and cross-chain interoperability positions it for further growth as adoption increases. With a bullish outlook and resistance levels predicted at $25 to $30, LINK continues to be a strong investment bet on blockchain’s future.
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