Chainlink (LINK) Recovers 20% As Network Lights Up With Activity
2024年8月7日 - 12:30PM
NEWSBTC
Chainlink (LINK) has made a sharp 20% recovery from the crash
during the past day, as the network has seen a spike in address
activity. Chainlink Has Returned Above $9.8 After Recovery Rally
The cryptocurrency sector had opened the week with a sharp crash,
and Chainlink was no exception, as its price had slammed down
towards the $8 level after being above the $11 mark during the
weekend. Related Reading: Bitcoin MVRV Lowest Since FTX Crash,
Signal To Buy? In the past day, the market has seen some respite,
but LINK has particularly stood out with a surge of almost 20%,
which has taken its price back above $9.8. The below chart shows
what the recent trend in the asset has looked like. Out of the top
20 coins by market cap, only Solana (SOL) and Shiba Inu (INU) rival
Chainlink in returns over the last 24 hours. Despite the big jump,
though, LINK is still nowhere near making a full recovery from the
recent downturn. Nonetheless, the surge would still provide some
hope to its investors. As for the cause behind this recovery rally,
perhaps on-chain data could provide some hints. LINK Daily Active
Addresses Has Hit Highest Levels Since May According to data from
the market intelligence platform IntoTheBlock, the LINK network has
recently seen a surge in Daily Active Addresses. The “Daily Active
Addresses” here refers to an on-chain indicator that keeps track of
the number of Chainlink addresses participating in some transaction
activity daily. The metric naturally includes both senders and
receivers. The unique number of active addresses on the blockchain
can be considered the same as the unique number of users
participating in the network activity, so the indicator’s value
tells us about the amount of traffic LINK is receiving right now.
When the metric’s value is high, it means a large number of
addresses are making moves on the network. Such a trend implies
that interest in the asset is high among investors. On the other
hand, the low indicator suggests that few are paying attention to
cryptocurrency as there isn’t much trading activity on the chain.
Now, here is a chart that shows the trend in the Daily Active
Addresses for Chainlink over the past few months: The graph shows
that Chainlink saw a sharp surge in its Daily Active Addresses
alongside the crash, implying that many users became active to make
some transfers. Such a trend isn’t unusual during periods of
volatility, with the activity usually corresponding to panic from
the investors. This time around, however, things may have been
different. Related Reading: Crypto Liquidations Cross $1 Billion As
Bitcoin Crashes To $51,000 “Interestingly, this surge occurred
alongside a general outflow from exchanges, suggesting accumulation
during yesterday’s troubled market,” notes IntoTheBlock. With the
latest spike, the Chainlink Daily Active Addresses has reached the
highest level since May. Featured image from Dall-E,
IntoTheBlock.com, chart from TradingView.com
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