Chainlink (LINK) is on a bullish rally today as it capitalizes on a key market trend to retest new weekly highs. By According to data from CoinMarketCap, the coin is up 14.2% in the last 24 hours to $17.94. Chainlink’s current bullish resurgence has opened up entirely new possibilities for the protocol that could propel it on an unprecedented price journey.
Chainlink (LINK) is on a bullish rally today as it capitalizes on a key market trend to retest new weekly highs. By According to data from CoinMarketCap, the coin is up 14.2% in the last 24 hours to $17.94. Chainlink’s current bullish resurgence has opened up entirely new possibilities for the protocol that could propel it on an unprecedented price journey.
Chainlink Metrics to Watch
Designed as a decentralized oracle service, Chainlink as a protocol is gaining intense acceptance across the board, especially with Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
While CCIP utilization is now optimal, the LINK token is outperforming in many ways. Beyond the cursory review of the growth rate, data from IntoTheBlock (ITB) shows that the number of daily active addresses on Chainlink is growing. At the moment, this figure stands at 4,160, an increase of 19.05% in the last 24 hours.
In addition to this, whale activity also saw a resurgence in the last 24 hours as large transactions surpassed $254.24 million in volume, a metric that has increased by 2.4% in the last 24 hours. .
With these metrics in green, Chainlink address profitability It has also grown greatly, as money addresses are now at 66.88%, or 466,060 addresses. Out-of-money addresses are pegged at 30.47%, or 212,370, while break-even addresses are at 2.65%, or 18,430 addresses.
Chain link at $20?
Chainlink in particular is considered by many industry advocates to be one of the undervalued altcoins out there today. With the recovery in its most important metrics, a preparation for a rally towards the $20 price level has begun.
Chainlink last recorded this price on January 21, 2022, and if achieved now, it would mark an impressive record that could propel LINK to further growth, with boosts coming from the Chainlink Stake company rebranded last year.
