New data obtained from market intelligence firm Glassnode, decentralized oracle network Chainlink $28.5It shows that (LINK) is gaining momentum on the on-chain side with the price increase.
Chainlink Comment
In its statement on the social media platform X, Glassnode stated that LINK’s basic indicators have improved. The increase in the number of active addresses and the rising price indicate positive developments in LINK’s performance.
Glassnode noted that LINK reached its highest price level since 2022 and futures open interest rose to a new record high of $770.27 million. This situation is considered as an indicator of high trading activities. Such remarkable increases in investor interest usually occur before major upward breaks. In terms of news flow, considering the ongoing strong optimism for the first quarter of 2025, LINK Coin may target new ATH levels.
LINK Coin Price Comment
The crypto analysis firm stated that investors realized profits from LINK investors. It was noted that ultra-short-term and short-term investors are the group that sells the most profits. While long-term investors mostly remained passive, it was announced that 11.6% of investors realized profits within 1-2 years.
“LINK’s price increase has clearly been driven by speculative and short-term market activity, but its fundamentals are also improving.” – Glassnode
It was stated that although the momentum in active addresses increased, it remained well below the peak level of 23,416 addresses in 2021. This shows that the user base is still expanding. LINK’s short-term simple moving average (SMA) is $6,682 and its long-term SMA is $5,878. This shows that the short-term trend supports the long-term trend.
LINK is currently trading at $24.96, down 6.5% in the last 24 hours. Price fluctuations reveal that different strategies are being implemented among investors.
The increase in Chainlink’s on-chain activities shows that the use and adoption of the network continues, while price movements keep investors’ interest alive.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
