Chainlink (LINK) Soars 14%, Keep Eye on These 3 Metrics

Fri, 2/02/2024 – 15:45

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Chainlink (LINK) is on a bullish rally today as it is capitalizing on a key market trend to retest new weekly highs. Per data from CoinMarketCap, the coin is up 14.2% in the past 24 hours to $17.94. The current bullish resurgence in Chainlink has opened up whole new possibilities for the protocol that might set it on fire for an unprecedented price journey.

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LINK 1D Chart. Source: CoinMarketCap

Chainlink metrics to watch

Designed as a decentralized oracle service, Chainlink as a protocol is gaining intense embrace across the board, especially with the Chainlink Cross Chain Interoperability Protocol (CCIP). 

While the utilization of CCIP is now optimal, the LINK token is outperforming in many ways. Beyond the superficial growth rate review, data from IntoTheBlock (ITB) shows that the number of daily active addresses on Chainlink is growing. At the moment, this figure is pegged at 4,160, up by 19.05% in the past 24 hours.

Besides this, whale activity also saw a resurgence over the past 24 hours as large transactions topped $254.24 million in volume, a metric that has jumped by 2.4% in the past 24 hours.

With these metrics in the green, Chainlink address profitability has also grown in no small measure as addresses in the money are now at 66.88%, or 466,060 addresses. Addresses out of money are pegged at 30.47%, or 212,370, while those at the break-even point come in at 2.65%, or 18,430 addresses.

Chainlink to $20?

Many industry proponents notably consider Chainlink as one of the undervalued altcoins around today. With the recovery in its most important metrics, a setup for a rally toward the $20 price level has been ignited.

The last time Chainlink recorded this price point was Jan. 21, 2022, and if achieved now, would mark an impressive record that might set LINK on fire for more growth, with boosts coming from the Chainlink Staking venture rebranded last year.

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