The cumulative value of cryptocurrencies has once again reached the threshold of 1.15 trillion dollars, and LINK Coin has shown positive divergence in this process. There are several reasons for the price increase of LINK Coin. We discussed the interest in the RWA field and the breakthrough in the technical front in the last 24 hours. Now we should examine what is happening on the on-chain side. Will the rise of LINK Coin continue?
Chainlink (LINK) Review
Chainlink founder Nazarov recently stated that there is a high level of interest in blockchain-based solutions in the corporate sector. With CCIP, Chainlink took a very important step to respond to corporate demand. At the same time, their collaboration with Swift gained great attention. While all this was happening, LINK Coin increased by 20% as the price of BTC started to rise.
On-chain readings indicate that the ongoing rise is also supported by whale interest. Santiment’s data points to the highest levels of whale transactions and interaction counts of unique addresses in the Chainlink network in the past 3 months. There has also been a significant increase in transaction volume.
LINK Coin Reviews
There are things that motivate investors and it is difficult to follow them. Instead, it is beneficial to follow relatively experienced large capital investors in this field. Whales are accumulating as a result of many important developments and events that trigger optimism in the long term. LINK Coin whales are buying with the expectation of an increase.
LINK Token shows performance that supports price increase in many on-chain metrics. However, the same cannot be said for the Chainlink protocol. There has been a decrease of nearly 50% in active users and network revenue. It is possible to relate this to the general market volume shortage, as the quieter days of DeFi platforms also lighten the workload of Chainlink.
Indeed, Dune Analytics data supports this.
So what will happen next? If Bitcoin turns back from the summit as it has been for months and oscillates downwards targeting the 26,000 region, the volumes will decrease even more. Altcoins will experience double-digit losses and the feeling of continued decline in the medium term will become more apparent. However, if it enters a period of stable upward movement like the beginning of the 2021 bull market, the price below $10 may remain cheap for LINK Coin. Everything from Chainlink network revenue to LINK Token price and even general market volume/interest is dominated by the price of BTC.
