Chainlink (LINK), a leading player in the crypto market, has shown remarkable resilience amid a bearish market onslaught. Despite the crypto market cap declining over 1% in the last 24 hours, Chainlink has managed to hold 6.51% gains on the weekly chart.
This resistance against the prevailing bearish market forces is noteworthy, especially considering top coins like Bitcoin and Ethereum have lost 3% and 4% of their past week’s gains, respectively.
Chainlink’s LINK in Numbers
The LINK token has seen a 1.68% increase in value over the past day, surpassing the $7 mark. This surge coincides with a notable rise in unique active addresses on the network.
According to data from top-tier on-chain analytics firm Santiment, the number of unique Chainlink addresses has surpassed 3,900 for the first time since July 21. This increase suggests heightened network activity and engagement, indicative of growing interest and participation from the community.
🔗📈 #Chainlink has been trading a bit ahead of the average #crypto sector today, and is attempting to break the $6.80 barrier once again. The amount of unique $LINK addresses interacting on the network hit 3,964 yesterday, its highest level in 2 months. https://t.co/03RmGo67QM pic.twitter.com/3Hqn31ffi7
— Santiment (@santimentfeed) September 22, 2023
Furthermore, a rise in unique active addresses typically corresponds to increased usage and adoption of the network’s native token, LINK. This trend is reflected in the growth of LINK’s market value over the previous week.
A recent report on Chainlink adoption reveals that four of the network’s services have been integrated across six different chains, including Arbitrum, Avax, BNB Chain, Ethereum, Optimism, and Polygon. These integrations signify broader usage of the LINK token and greater involvement in the Chainlink ecosystem.
The daily LINKUSD chart indicates that LINK is on track to reach $8 as it overcomes significant obstacles while buy pressure remains strong. After recording substantial gains over the past eight days, LINK is trading above two crucial support levels, $5.72 and $6.59.
From mid-August to September 18, the token’s price fluctuated between these key price levels. During this period, LINK traded below two critical points, the 200-day and 50-day moving averages ($6.488 and $6.706), until a sharp increase propelled it above $6.8.
The momentum has been sustained over the past few days, with LINK breaking the $7.00 barrier and now aiming for the $7.8 resistance level. If the current buying spree persists, LINK could potentially reach its year-high of $8.89, achieved on November 7, 2022.
