Cryptocurrency

Bitcoin

Chainlink

Rise

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/chainlinks-persistent-rise-in-the-cryptocurrency-arena" rel="noopener noreferrer nofollow">Chainlink’s Persistent Rise in the Cryptocurrency Arena</a><br></p>
<p style="text-align: justify">The cryptocurrency oracle network, Chainlink, has been showcasing a remarkable upward trajectory over the last half-year. From a humble $5.6, the value of its native token LINK has climbed to an impressive $20.15. This increase is backed by a series of positive developments that seem to promise continued growth for LINK’s value.</p>
<h2 id="recent-surge-in-chainlink-s-market-activity">Recent Surge in Chainlink’s Market Activity</h2>
<p style="text-align: justify">In the latest market movements, Chainlink has enjoyed a swell of address activity, contributing to a price peak of $20.856 on Binance—the highest point Chainlink has reached in 2024. At the time of reporting, LINK trades at $20.15, maintaining its strong performance.</p>
<p style="text-align: justify">Current evaluations place LINK near its highest valuation this year. It is becoming increasingly clear that various on-chain metrics are acting as catalysts for the altcoin’s price stability and growth.</p>
<h2 id="key-on-chain-indicators-bolster-chainlink-s-value">Key On-Chain Indicators Bolster Chainlink’s Value</h2>
<p style="text-align: justify">Three on-chain metrics in particular—active addresses, daily active addresses, and exchange supply—are underpinning LINK’s price ascension. February saw a surge in active addresses, peaking at 6,493 on the second of the month. Similarly, there’s a recorded 12.27% increase in new daily active addresses, echoing a general uptick in Chainlink network activity. A 5% rise in active addresses over the previous week further confirms the trend.</p>
<p style="text-align: justify">Additionally, the supply of LINK on exchanges has decreased, lessening the selling pressure on the market. Specifically, there has been a 4% reduction in LINK supply on exchanges this month, which aligns with the optimistic outlook for Chainlink’s price trajectory.</p>
<p style="text-align: justify">Analyst Michael van de Poppe had forecasted the potential for LINK to hit the $20 mark. Following recent <a href="https://en.bitcoinhaber.net/bitcoins-bull-run-on-the-horizon-insights-from-mn-tradings-founder" rel="noopener noreferrer nofollow">Bitcoin</a> price movements, he suggests that LINK could be propelled even higher—to $25 or $35 in the near future.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/chainlinks-persistent-rise-in-the-cryptocurrency-arena" rel="noopener noreferrer nofollow">Chainlink’s Persistent Rise in the Cryptocurrency Arena</a></h5>

Chainlink’s Persistent Rise in the Cryptocurrency Arena

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