Chain link (CLUTCH) is one of the altcoins that have seen a huge revival in recent days alongside the flagship cryptocurrency, Bitcoin. The sign rose to as high as $10 on October 23 and appears to have established support at that level. Following are some crypto analysts have started further analyzing whether or not it can maintain this momentum.
Can the Chainlink Rally Continue?
In a after Shared on his 500 days from >$9.6.”
Source: X
He also seemed to suggest that a period of whale accumulation may have led to this price increase, as more than $9.92 million worth of LINK tokens were sent from exchanges to wallets when it was still trading around $7.26. CLUTCH has increased by more than 33% From that moment on.
Source: IntoTheBlock
Felix highlighted the fact that the Chainlink ecosystem currently showed impressive strength in the chain, which ultimately leads one to wonder whether the rally can be sustained.
LINK’s numbers are on the rise
As Felix noted, LINK’s price appears to be rising currently an ‘up-only’ trend, and all other metrics are not left behind, as the ecosystem is also seeing an increase in the number of active and new addresses. According to facts of IntoTheBlock, the number of active addresses on the Chainlink network is steadily increasing along with the price increase.
Over the past seven days, the network has seen an increase of over 112% in the number of active addresses on the network. Meanwhile, there has also been an increase of more than 190% in the number of new addresses on the network.
As expected, the number of transactions on the network has also increased during this period, with Chainlink recording a seven-day high of over 12,000 transactions on October 23. The trading volume has therefore increased by more than 7% in the past 24 hours, according to facts from CoinMarketCap.
There is also reason to believe that this momentum is far from over The fundamental factors appear to contribute for the bullish sentiment. If so, there’s more good news for the Bulls and Chainlink community Chainlink stakeout v0.2 will launch before the year is out. Many believe that LINK maximalists will continue to gather before launch.
In response to one X message about an upcoming launch of the Staking v0.2, a crypto analyst boldly claimed that LINK could increase to $15 later this year.
LINK price continues recovery | Source: LINKUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com