- Chainlink supply on exchanges dipped nearly 4% in February to 211.61 million LINK tokens.
- LINK price lingers near its 2024 peak of $20.856 on Wednesday.
- Chainlink network activity and trade volume support recent LINK price gains.
Chainlink has observed an increase in address activity in the past week. This paved the way for LINK price to rally towards its 2024 high of $20.856 on Binance.
LINK price is $20.294 on Wednesday, lingering close to its 2024 peak. On-chain metrics paint a bullish picture for Chainlink’s token.
Also read: Ripple unveils plans for crypto custody while XRP price trades sideways
Chainlink on-chain metrics support LINK price gains
Three key on-chain metrics, Active Addresses, Daily Active Addresses and Supply on Exchanges support LINK’s recent price gains. Active Addresses noted several spikes throughout February, as seen in the Santiment chart below. Active Addresses hit a high of 6,493 on February 2.
LINK Active Addresses. Source: Santiment
The Daily Active Addresses chart shows a 12.27% increase in new addresses in the past week. The chart from IntoTheBlock shows a 5% increase in Active Addresses in the past seven days. This supports the rising activity on Chainlink.
Daily Active Addresses. Source: IntoTheBlock
LINK Supply on Exchanges dipped in February, dropped from 219.51 million on February 2 to 211.61 million on Wednesday. LINK supply has declined 4% this month, likely reducing the selling pressure on Chainlink’s token. This supports the bullish thesis for Chainlink.
LINK Supply on Exchanges. Source: Santiment
At the time of writing, LINK price is $20.294. If Chainlink’s native token extends its gain, LINK price could revisit its 2024 peak of $20.856.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Litecoin Price Forecast: LTC hits $130 for first time in almost three years as open interest soars
Litecoin price grazed the $130 mark on Monday, propelled by improved sentiment around privacy-focused coins after a United States (US) court reversed sanctions placed on Tornado Cash.
Bitcoin: $100K breakout or drop to $90K ahead of Microsoft’s BTC investment vote?
Bitcoin price retraces to $95,000 on Monday after recovering from last week’s pullback. MicroStrategy co-founder Michael Saylor explained a strategic approach to Bitcoin on Sunday.
Ripple surges to a six-year high just below $2.50
Ripple (XRP) price extends its gains, trading above $2.40 at the time of writing on Monday after rallying more than 60% the previous week and surging almost four times in November.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates while ETH, XRP rallies
Bitcoin consolidated on Monday following its recovery from last week's pullback. At the same time, Ethereum and Ripple extended their rallies, driven by investors reallocating capital from BTC to altcoins, signaling the potential for continued upward momentum.
Bitcoin: A healthy correction
Bitcoin (BTC) experienced a 7% correction earlier in the week, dropping to $90,791 on Tuesday before recovering to $97,000 by Friday. On-chain data suggests a modest rebound in institutional demand, with holders buying the dip. A recent report indicates BTC remains undervalued, projecting a potential rally toward $146K.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.