Chainlink’s network activity has reached its highest level since January 2024, with new addresses surging to 2,298. This growth comes as LINK consolidates below the crucial $20 mark amid broader market uncertainty.
Network Growth Shows Strong Fundamentals
Recent Glassnode data reveals accelerating network growth for Chainlink. The surge in new addresses points to increasing adoption and renewed investor interest. This metric often precedes positive price action in the crypto market.
Chainlink maintains resilience despite recent market turbulence. The protocol’s strategic partnerships, including collaboration with XRP, demonstrate growing demand for decentralized data solutions. LINK holds strong above key demand zones while other altcoins face selling pressure.
Technical Analysis and Price Outlook
LINK currently trades at $17, struggling to reclaim the 200-day EMA near $18. Bulls need to overcome this resistance to target the psychological $20 level. A breakthrough could trigger significant upside momentum.
Key support sits at $17. A break below could lead to renewed selling pressure. However, growing network metrics suggest strong fundamentals that may fuel an uptrend.
Market Implications
The surge in new addresses indicates growing institutional and retail interest in Chainlink’s oracle solutions. This could strengthen LINK’s position in the DeFi ecosystem.
Chainlink’s expansion comes despite recent market challenges, including the $1.5 billion Bybit hack. This resilience highlights investor confidence in the project’s fundamentals.
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Looking ahead, LINK’s technical setup and network growth suggest potential for a breakout rally. The project continues to strengthen its position as critical infrastructure for smart contracts and DeFi applications.
Tags: Chainlink, LINK Price Analysis, DeFi Infrastructure, Crypto Networks, Oracle Solutions
Source: NewsbtC