As bulls continue to push for further gains, the price of Chainlink (LINK) remains stagnant around $11. Analysts’ on-chain analysis identifies three critical indicators that could trigger a prolonged consolidation phase in the coming days. 16-Month High in Chainlink During last w...
16-Month High in Chainlink
While the popular altcoin rapidly climbed the crypto winners’ chart last week, hitting a new 16-month price high, holders have not rushed to cash in on significant profits. However, on-chain data indicates a significant decrease in Chainlink network activity.
Details from Santiment Reports
Last month’s price surge in Chainlink was supported by an influx of new users joining the ecosystem amidst real-world asset (RWA) and asset tokenization interest. However, recent on-chain data readings suggest a negative turn last week.
According to Santiment, the number of new addresses created on the Chainlink network has significantly decreased. Additionally, the growth of the Chainlink network reached a 110-day high with 2,465 on October 23. However, similar to the observed trend in active addresses, network growth figures also experienced a 60% decrease, reaching 1,008 new addresses by October 29.
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