Chainlink is expected to keep going up as more people are using it, and the network is getting busier.
The Chainlink price rally is showing no signs of slowing down. It has surged another 12%, extending its weekly gains to over 50%. Currently, LINK is trading at $11.42, up by 12.28%, and it has a market cap of $6.4 billion.
This impressive surge has propelled Chainlink (LINK) to become the 12th largest cryptocurrency by market cap. Thanks to this recent price increase, Chainlink’s overall value has grown by over $2 billion.
Chainlink Shows Robust On-chain Metrics
In a recent social media post on a platform like Twitter, crypto analyst Felix analyzed LINK’s price performance. He suggested that there’s potential for the price to go up further, especially if it can break through a critical resistance level that has held for over 500 days, which is at $9.6.
Felix also hinted that a period of accumulation by big investors might have contributed to this price surge. Around $9.92 million worth of LINK tokens were moved from exchanges to wallets when the price was about $7.26. Since then, LINK’s price has gone up by more than 50%.
Courtesy: IntoTheBlock
Additionally, Felix highlighted that the Chainlink ecosystem currently has strong on-chain metrics, indicating the network’s overall health and activity.
Is $15 the Next Target for LINK’s Price?
Felix also points out that LINK’s price is consistently on the rise, and various measures suggest a thriving ecosystem. The Chainlink network is experiencing more active and new users. Data from IntoTheBlock shows that as the price goes up, the number of active users on the Chainlink network is also increasing.
In the past week, the network has seen a remarkable 112% increase in active users, along with an impressive 190% rise in new users. This growth is evident in the increased number of transactions, with Chainlink reaching a peak of over 12,000 transactions in a week on October 23.
Furthermore, Chainlink enthusiasts and investors have something to look forward to: the launch of Chainlink Staking v0.2 is anticipated before the year ends. Many people believe that LINK supporters will continue to accumulate more of the cryptocurrency in anticipation of this event.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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