New data from market intelligence firm Glassnode shows that decentralized oracle network Chainlink (LINK) is gaining momentum as its price rises.
In a new thread on the social media platform X, Glassnode say that LINK’s fundamentals are improving, along with active address momentum and rising price tag.
“While LINK’s price increase was clearly driven by speculative and short-term market activity, its fundamentals are also improving.
Momentum for active addresses is trending upward, with the short-term SMA (simple moving average) of 6,682 still above the long-term SMA of 5,878. That said, active addresses remain well below their 2021 peak of 23,416.”
Glassnode goes further remark that LINK has reached its highest price since 2022 and that open futures interest has hit a new all-time high, indicating high trading activity.
“Chainlink’s token LINK has reached its highest price in almost two years, and futures open interest (OI) just rose to an all-time high of $770.27 million!
For context: LINK OI: $770 million. Toncoin (TON) OI: $259 million. Tron (TRX) OI: $356 million. LINK’s OI is 3x TON and 2x TRX, indicating massive trading activity.”
The crypto analysis company then breaks down how investors made profits from trading LINK, with ultra-short and short-term investors realizing the most, while long-term holders seemed largely inactive.
“We also saw significant profit taking in the spot market. With a realized profit of $35.57 million, yesterday was the second largest profit-taking event for LINK this year (only behind February 11’s $40.39 million).
These profit takings were mainly driven by speculative market participants: Ultra short (1 day-1 week): 15.3% Short term (3-6 months): 22.5%. Long-term investors remained mostly calm, with the exception of the 1-2 year cohort (11.6%).”
LINK is trading at $24.96 at the time of writing, down 6.5% over the last 24 hours.
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Generated image: Midjourney
