As a seasoned crypto investor with a knack for deciphering market trends, I must admit that Chainlink’s (LINK) recovery rally has caught my attention. After weathering the storm and plunging towards the $8 level, it’s heartening to see LINK back above $9.8.
Over the last 24 hours, Chainlink (LINK) has bounced back by approximately 20%, recovering from the recent downturn. Notably, there’s been an increase in activity on the network, as indicated by a surge in address usage.
Chainlink Has Returned Above $9.8 After Recovery Rally
To start the week, the cryptocurrency market experienced a steep drop, and Chainlink followed suit, with its value diving towards $8 from over $11 it held during the weekend.
Over the last 24 hours, the market has experienced a brief calm, yet LINK has notably spiked by nearly 20%, pushing its value over $9.8 once more. The following graph illustrates the latest movements of this asset.
Among the top 20 cryptocurrencies by market capitalization, only Solana (SOL) and Shiba Inu (INU) have matched Chainlink’s performance over the past 24 hours in terms of returns. However, despite this significant increase, Chainlink (LINK) is far from fully recovering from its recent slump. Regardless, the rise offers a glimmer of hope to its investors.
As for the cause behind this recovery rally, perhaps on-chain data could provide some hints.
LINK Daily Active Addresses Has Hit Highest Levels Since May
Based on information from market intelligence platform IntoTheBlock, there has been a notable increase in the number of daily active Chainlink addresses, or the count of unique Chainlink addresses involved in any kind of transaction activity each day. This figure encompasses both accounts sending and receiving transactions.
In simpler terms, the distinct number of active addresses on the blockchain corresponds to the number of individuals actively engaging in the network’s activities. Therefore, the indicator’s current value gives us an idea of the volume of activity or traffic that LINK is experiencing at this moment.
As a researcher observing network activity, when I notice a high value in the chosen metric, it signifies a significant number of participants are actively transacting within the network. This pattern suggests a heightened level of investor engagement and interest towards the asset being monitored.
On a different note, the low indicator implies that cryptocurrency is not attracting significant attention since there’s minimal transaction activity taking place on the network.
Currently, I’d like to share a graph illustrating the evolution of Daily Active Addresses for Chainlink over the recent months:
The chart indicates that there was a significant increase in daily active addresses for Chainlink, coinciding with a downturn. This suggests that a number of users might have started using it to facilitate transactions during this period.
During volatile times, it’s not uncommon for such a pattern to emerge, often reflecting investor anxiety. Yet, this occurrence might not align with past experiences.
According to IntoTheBlock’s observations, it’s worth noting that this increase happened while there was a widespread withdrawal from the trading platforms, implying that there might have been a buildup during yesterday’s turbulent market period.
Recently, the number of daily active addresses on Chainlink has risen significantly, reaching its peak level since May.
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2024-08-07 06:43