Chainlink Rallies 10% As Active Addresses Stay At 1-Year High
Chainlink has rallied up 10% today as on-chain data shows the number of active addresses are at a 1-year high.
Chainlink Active Addresses Have Observed A Surge Recently
According to data from the analytics firm Saintlythere were more than 8k LINK addresses active per day last week, the highest in 18 months.
The “active addresses” is an indicator that measures the total amount of Chainlink addresses that were involved in a transaction on any given day.
When the value of this metric is high, it means a large number of addresses have been taking part in transfers recently. Such a trend shows the interest around the crypto among traders is high right now.
On the other hand, low values of the indicator suggest there aren’t many LINK investors taking part in transactions on the blockchain. This kind of trend can imply the general interest around the coin is low at the moment.
Now, here is a chart that shows the trend in the Chainlink active addresses over the past year:
Looks like the value of the metric has been quite high in recent days | Source: Santiment
As you can see in the above graph, the number of Chainlink active addresses have spiked up during the last couple of weeks.
The surge started around when the crypto exchange FTX began to collapse, which lead to a crash in the entire crypto market.
During the last week, the indicator peaked at 8k active addresses per day, the highest value it has observed since May 2021, around 18 months ago.
Since then, the number of Chainlink active addresses have slowed down a bit, but are still around 1-year high levels.
This means that despite the bad market conditions, investors have showed pretty high demand for trading the crypto.
While the crash has also hit Chainlink hard, the last 24 hours have seen the crypto finally carry some bullish momentum as the price has shot up by more than 10% in the period.
The current high activity could be positive for LINK’s latest rally as demand from traders is what’s needed to sustain any such price move, which the crypto seems to have plenty of at the moment.
At the time of writing, Chainlink’s price floats around $6.347, down 3% in the last week. Over the past month, the crypto has lost 7% in value.
The below chart shows the trend in the price of the coin over the last five days.
The value of the crypto seems to have spiked up during the past day | Source: LINKUSD on TradingView
Featured image from Paolo Feser on Unsplash.com, charts from TradingView.com, Santiment.net