Chainlink (LINK) continues to take firm steps in the crypto market.
Considering that Chainlink consists of a decentralized network of nodes that deliver information and data from off-chain sources to on-chain smart contracts via oracles, it is the 12th largest by market cap. cryptocurrency The unit is experiencing significant momentum.
For example, check out leading insight provider IntoTheBlock according to LINK is up more than 220%. Additionally, it was one of the top gainers in terms of active addresses in October.
These statistics show that more players are jumping on the LINK network. This may resonate with the fact that institutional interest is through the roof. For example, Grayscale Chainlink Trust (GLNK) recently witnessed a 200% increase.
IntoTheBlock also noted that LINK’s daily transactions increased by 436%. He emphasized that this shows that the activities in the network have increased.
Chainlink Reaches 18-Month High
As noted by leading market analyst Michael van de Poppe, Chainlink recently rebounded from as high as $16 to a level last seen in March 2022.
This rise was triggered by high adoption rates on the LINK network. Van de Poppe suggested that the cryptocurrency will move higher at the $18 price level as it has already surpassed the $12.5 resistance level, as reported by ZyCrypto.
According to an analyst under the pseudonym Hitesh.eth recently altcoin‘s target was $27. However, he stated that if the $16 zone is closed, it will see the light of day. Analysts said, “LINK is heading towards $27. LINK is likely to face a significant supply block in the $16-27 range, which will also serve as a major resistance area for LINK.” said.
Chainlink dropped to $14.18 at the time of writing. However, according to CoinGecko data, it increased by 79.5% last month.