Ascend

2024

Bitcoin

Chainlink

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-continues-its-six-month-ascend-in-the-crypto-market/" data-wpel-link="internal">Chainlink Continues Its Six-Month Ascend in the Crypto Market</a> 
In the world of cryptocurrency oracles, Chainlink is recognized as a leading network and has been on an upward trend for the past six months. Its price has impressively risen from $5.6 to $20.15. There are significant developments following one after another for LINK, all of which carry a supportive quality for the altcoin LINK. Consequently, there is a continued upward expectation for the LINK price. 
<h2 style="text-align: justify" id="the-past-week-for-chainlink-link">The Past Week for Chainlink (LINK)</h2> 
Last week, Chainlink observed an increase in address activity. This development in the cryptocurrency LINK has paved the way for its price to rise towards $20.856, the highest level in 2024 on <a href="https://en.coin-turk.com/binance-loans-to-close-all-outstanding-busd-credit-and-collateral-positions/" data-wpel-link="internal">Binance</a>. Today, as I write this article, the cryptocurrency LINK is trading at $20.15. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-314654 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/link-usdt-coin-turk-com-.png" alt="" width="1564" height="836"> 
Looking at the price, we witness that the cryptocurrency LINK is positioned close to its peak in 2024. On-chain measurements are emerging as a factor supporting the altcoin LINK price. 
<h2 style="text-align: justify" id="chainlink-on-chain-metrics-support-link-price-increases">Chainlink On-Chain Metrics Support LINK Price Increases</h2> 
Three important on-chain metrics, namely active addresses, daily active addresses, and supply on exchanges, have emerged as factors supporting LINK’s recent price increases. Accordingly, active addresses have shown several increases throughout February, as seen in the Santiment graph below, reaching a peak of 6,493 addresses on February 2nd. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-314660 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/gunluk-aktif-adresler-coin-turk-com-.png" alt="" width="2394" height="1098"> 
As for the daily active addresses graph, data from the past week shows a 12.27% increase in new addresses. IntoTheBlock’s graph indicates a 5% increase in active addresses over the last seven days. All these point to the increased activity in the cryptocurrency Chainlink. 
<img loading="lazy" decoding="async" loading="lazy" class="wp-image-314659 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/santiment-coin-turk-com-.png" alt="" width="3840" height="1300"> 
When it comes to the supply of LINK on exchanges, a decrease is observed. Accordingly, the supply of the cryptocurrency LINK on exchanges dropped from 219.51 million on February 2nd to 211.61 million today. The supply of LINK decreased by 4% this month, reducing the selling pressure on the Chainlink token. This situation supports the bullish thesis for Chainlink. 
<img loading="lazy" decoding="async" loading="lazy" class="wp-image-314658 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/poppe-link-cointurk-1.jpg" alt="" width="1200" height="632"> 
Analyst Michael van de Poppe had previously mentioned the $20 levels for Chainlink. Last week, in his chart analysis, the analyst stated that a price increase in the cryptocurrency Bitcoin could drive the altcoin LINK to $25 and even $35 levels. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-continues-its-six-month-ascend-in-the-crypto-market/" data-wpel-link="internal">Chainlink Continues Its Six-Month Ascend in the Crypto Market</a></h5>

Chainlink Continues Its Six-Month Ascend in the Crypto Market

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