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Chainlink’s native token (<a href="https://cointelegraph.com/chainlink-price-index" rel="noopener noreferrer nofollow">LINK</a>) showcased a 16% rally between Feb. 9 and Feb. 12 to trade at $20.85 a level not seen since January 2022. This has brought its market capitalization to $11.67 billion and overtakes Dogecoin (<a href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow">DOGE</a>) to become the 10th largest cryptocurrency by market capitalization.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/16e1ab71-1237-49bc-81a5-72174ec2afe6.png">
 <figcaption style="text-align: center;">LINK Market Capitalization. Source: <a href="https://www.tradingview.com/x/rdMm2gmz/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
<a href="https://cointelegraph.com/news/chainlink-40-weekly-rally-bull-trap-link-price" rel="noopener noreferrer nofollow">LINK’s price</a> rally is accompanied by increasing network activity and a rise in trading volume. Notably, the price still remains within the confines of an ascending parallel channel, hinting at the potential for more upside.
<h2 id="chainlink-network-activity-surges">Chainlink network activity surges</h2>
Data from IntoTheBlock highlighted Chainlink network activity hitting a 22-month peak alongside an increase in <a href="https://cointelegraph.com/learn/active-vs-new-addresses-in-crypto-key-differences-explained" rel="noopener noreferrer nofollow">active and new addresses</a>.
Data from IntoTheBlock confirmed that active addresses had increased from around 2,800 on Jan. 25 to about 3,210 on Feb. 10. A similar uptick was noted in the number of new Chainlink addresses which rose from 808 to 1,020 over the same period. 
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/3db5aaad-8553-4b9d-95a7-59118acd8335.png">
 <figcaption style="text-align: center;">LINK daily active addresses. Source: IntoTheBlock
 </figcaption>
</figure>
Similar data from Santiment shows a surge in daily active addresses (DAA), which almost doubled from 2,801 on Jan. 25 to more than 5,560 on Feb. 12, marking a 97% increase.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/0c6c01a7-0244-44c8-af8b-b543fa705f8a.png">
 <figcaption style="text-align: center;">Chainlink network DAA. Source: Santiment
 </figcaption>
</figure>
On Feb. 1, Eigenpie announced the integration of Chainlink CCIP across Arbitrum and Ethereum.
Paxos also announced the adoption of Chainlink’s new PayPal USD price feed on Feb. 7. The DeFi-focused Umami DAO also recently integrated Chainlink Data Streams on Arbitrum.
<h2 id="whale-activity-on-exchanges-raises-eyebrows">Whale activity on exchanges raises eyebrows</h2>
Technical indicators and on-chain data may suggest that the LINK price is overextended and due for a pullback. <a href="https://platform.spotonchain.com/en/signal-details/whale-deposited-link-to-binance-26617" target="_blank" rel="noopener noreferrer nofollow">Data</a> from blockchain analytics platform SpotOnChain shows that a whale transferred 245,000 LINK worth $4.9 million on Binance.
The same whale with the wallet labeled “0x2a1” has taken a total of 495,057 LINK worth $7.5 million off the Binance crypto exchange at an average of $15.13 per token between Jan. 28 and Feb. 7, 2024.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/9320111e-22f3-41db-9cf5-68eb6d82e2ff.png" alt="" title="">
 <figcaption style="text-align: center;">Whale 0x2a1 deposited 244,958 LINK ($4.9M) to Binance. Source: SpotOnChain
 </figcaption>
</figure>
Even though this wallet still holds 250,000 LINK valued at around $5 million, redistributing tokens and sending them to exchanges could signal an intent to sell at the current prices.
Related: <a href="https://cointelegraph.com/magazine/real-life-doge-18-meme-going-to-the-moon/" rel="noopener noreferrer nofollow">Real-life Doge at 18: Meme that’s going to the moon</a>
On the other hand, LINK’s ascending channel could attract bullish technical traders. Since Jan. 26, LINK price action has painted a series of higher highs and higher lows leading to the formation of an <a href="https://cointelegraph.com/news/traders-use-this-classic-trading-pattern-to-determine-when-to-buy-the-dip#:~:text=An%20ascending%20channel%20is%20formed,is%20called%20the%20channel%20line." rel="noopener noreferrer nofollow">ascending parallel channel</a> on the daily chart.
This bullish technical formation points to the continuation of the uptrend as long as the price remains within the confines of the channel. This projects a rise in price toward the upper boundary of the channel which currently sits at $21. A decisive close above this could bring the price to $25.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/60f13f29-d12b-4122-9abe-26232d1282b1.png">
 <figcaption style="text-align: center;">LINK/USD daily chart. Source: <a href="https://www.tradingview.com/x/FgdJxvxP/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
Popular analyst Rekt Capital expects a potential restest of the support level at $19 before LINK resumes the uptrend.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> Small dip already underway There's scope for a bit more of a pullback to the black level for a retest<a href="https://twitter.com/hashtag/LINK?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#LINK</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a> <a href="https://t.co/J7JEr0fhnY" rel="noopener noreferrer nofollow">https://t.co/J7JEr0fhnY</a> <a href="https://t.co/Jsbb08KbOA" rel="noopener noreferrer nofollow">pic.twitter.com/Jsbb08KbOA</a>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1757356186410811826?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 13, 2024</a>
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Chainlink (LINK) hits 1-year price high above $20 — Here’s what to expect next

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