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.
The Past Week for Chainlink (LINK)
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 Binance. Today, as I write this article, the cryptocurrency LINK is trading at $20.15.
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.
Chainlink On-Chain Metrics Support LINK Price Increases
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.
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.
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.
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.
