Chainlink surges by 10%, Active Addresses Also Set a New Record

Santiment, a data analytics firm recently shared information about the active addresses that are backing LINK. According to the firm, these addresses were recorded last week as they were active every day.

Over 8k Active Addresses on LINK

The firm has revealed that in the past week, they have recorded over 8,000 LINK addresses that remained active every day throughout the last week.

This is the highest level they have recorded for the LINK addresses in an 18 months period.

Significance of the Active Addresses

If the number of active addresses for a network or a token is high, then it means that it is going to observe a high transaction volume. The combined efforts of the wallets generate many transactions in a single day.

This eventually helps in increasing the trading price of the respective asset. In this case, it is Chainlink (LINK) that has recorded a strong boost in its value due to the active addresses.

If the value of the particular metric is high, then it means that many investors are taking interest in the asset. Over time, the interest in the asset may continue to rise, proving to be a positive sign for the asset.

If the particular metric shows low values, then the outcome is negative sentiments. This means that the value of an asset would move in a negative direction due to a lack of interest from investors.

With fewer investors staying in favor of the asset, the only move the asset makes would be in the negative direction.

Active Addresses have surged in the Past Couple of Weeks

A look at the addresses chart shows that a month back, the number of active addresses on Chainlink was quite low. However, the number has picked up the pace in the past couple of weeks.

The number of active addresses has surged significantly and the situation has become quite favorable for the bulls. The price of Chainlink is to move in a bullish direction.

Chainlink’s Price Surge

Due to the recent developments in favor of Chainlink, the trading price of the network’s native token LINK has surged over 10%.

The recent boost in LINK’s price is a positive indication that the interest is growing in the digital asset and it may continue surging in future trading sessions.

At the time of writing, the trading price of LINK is floating at a high of $6.347. Compared to the current trading price, the trading price of LINK had recorded a 3% dip in the past week.

As for the entire month, the value of LINK still shows that it has lost 7% of its overall value. With the recent surge in place, it is expected that the situation would continue getting better in the future.

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