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Chainlink (LINK) might witness a breakout as several metrics favor the cryptocurrency in the last three weeks. Notably, data shared by IntoTheBlock, a market intelligence platform on X, show promise. According to the data, LINK has surged by 142% in the last month and now averages 8,220 daily active addresses.
Chainlink’s metrics point to growing adoption
This spike in daily active addresses interacting with Chainlink’s network signals increased user engagement. This figure refers to the volume of users that either send or receive transactions daily.
Godfrey BenjaminSince early November, Chainlink has recorded a significant spike, rising by over 80% in its price. The surge took the asset to the height it last reached in January 2022. LINK was able to weather the storm of market volatility for about three weeks before experiencing a correction.
Despite this, analysts remain bullish on LINK. Some have predicted that Chainlink could breach its all-time high (ATH) if it crosses the $50 level. The last time LINK’s price climbed to record levels was in May 2021, with the asset rising above the psychological $50 mark to hit $52.82.
Overcoming volatility and eyeing new highs
With the increased adoption signaled by the average daily active address count, analysts say more users are embracing the service, possibly due to its decentralized Oracle solutions. Generally, in the crypto space, increased activity aligns with a surge in demand for coins.
Many experts believe LINK could test the $30 level in no time if it sustains the current momentum in boosts in address count.
Tomiwabold OlajideThis potential outlook could drive demand for LINK and influence its market value. Market observers believe Chainlink needs to sustain users' interest to support a price climb in the long run.
As of this writing, LINK was trading at $25.78, representing a 1.96% drop. The asset climbed to $27.23 in earlier trading before witnessing volatility that saw its price fluctuate. Despite this, LINK’s technical indicators show promise of likely bullish momentum that investors appear willing to bet on.
Alex Dovbnya
Dan Burgin
Vladislav Sopov