Check Today's Crypto Market:
Bittime - Chainlink (LINK) is one ofthe crypto assetsthat is on the rise. In a period of four days, from February 9 to February 12 2024, LINK prices jumped by 16% and reached IDR 303,000, the highest level since January 2023.
With this increase, LINK's market capitalization reached IDR 170 trillion and overtook Dogecoin (DOGE) as the 10th largest crypto asset.
The increase in LINK prices is inseparable from network activity and increasing adoption in the DeFi sector. What are the factors supporting LINK's performance and what can we expect next?
Also Read: Latest Update: Chainlink (LINK) Officially Launches V2 Staking Feature
Chainlink Network Activity Surges
Data from IntoTheBlock shows that Chainlink network activity reached a 22-month peak along with an increase in active addresses and new addresses.
Data from IntoTheBlock confirms that active addresses have increased from around 2,800 on January 25 to around 3,210 on February 10. A similar increase was seen in the number of new Chainlink addresses which rose from 808 to 1,020 in the same period.
Similar data from Santiment shows a spike in daily active addresses (DAA), which nearly doubled from 2,801 on January 25 to over 5,560 on February 12, marking a 97% increase.
This increase in network activity may be related to some of the recently announced Chainlink integrations. On February 1, Eigenpie announced the integration of Chainlink CCIP on Arbitrum and Ethereum.
Paxos also announced the use of Chainlink's new PayPal USD price feed on February 7. Umami DAO, which focuses on DeFi, also recently integrated Chainlink Data Streams on Arbitrum.
Check Price:
Whale activity on the stock exchange is eye-catching
Technical indicators and on-chain data may indicate that LINK price has gone too high and needs a correction.
Data from blockchain analytics platform SpotOnChain shows that a whale transferred 245,000 LINKs worth IDR 11.4 billion on Binance.
The same whale with a wallet labeled "0x2a1" has taken a total of 495,057 LINKs worth IDR 109.5 billion from the Binance crypto exchange for an average of IDR 221,000 per token between January 28 and February 7, 2024.
Even though this wallet still has 250,000 LINK worth around IDR 11.5 billion, distributing the tokens and sending them to exchanges could signal an intention to sell at the current price.
LINK's Rising Channel Could Attract Technical Traders
On the other hand, LINK's rising channel could attract bullish technical traders. Since January 26, LINK price action has formed a series of higher highs and lows leading to the formation of an ascending parallel channel on the daily chart.
This bullish technical formation indicates the continuation of the uptrend as long as the price remains within the channel boundaries.
If LINK price manages to break the upper line of the channel, then there is a possibility that it will reach a new higher level. However, if LINK price fails to stay above the bottom line of the channel, then there is a risk of a deeper decline.
Therefore, it is important to monitor LINK price movements closely and adjust trading strategies according to market conditions.
Chainlink is one of the most innovative and impactful crypto projects in the DeFi space. By providing reliable and secure data feeds for a variety of smart applications, Chainlink helps develop a stronger and more diverse DeFi ecosystem.
The LINK price reflects Chainlink's potential and popularity among DeFi developers and users. Even though LINK's price has fluctuated, its long-term prospects remain bright.
How to Buy LINK Tokens on Bittime
You can buy and sell LINK tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. LINK is available on Bittime with LINK IDR pairing.
To be able to buy LINK/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make LINK purchases in the application. More complete guide on how to buy MANTA on Bittime
Monitor price chart movements of Chainlink (LINK), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What is LINK (Chainlink)? Listen to the explanation!
What is Chainlink (LINK) and how does it work?
Latest Update: Chainlink (LINK) Officially Launches V2 Staking Feature
Chainlink and Circle Collaborate to Ease USDC Transfers Between Blockchains
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.