The decentralized oracle network Chainlink (LINK) is experiencing a surge in on-chain momentum as its price continues to rise, according to new data from market intelligence firm Glassnode. The firm recently shared insights on social media platform X, highlighting the positive developments in LINK’s fundamentals alongside its active address momentum and increasing price.
Glassnode pointed out that while LINK’s price surge may have been influenced by speculative and short-term market activity, its fundamentals are also showing improvement. The number of active addresses is on an upward trend, with the short-term SMA of 6,682 remaining above the long-term SMA of 5,878. However, active addresses still fall short of their peak in 2021, which reached 23,416.
Additionally, LINK recently reached its highest price in almost two years, with futures open interest hitting a new all-time high of $770.27 million. This surge in open interest indicates significant trading activity surrounding the token, surpassing other popular cryptocurrencies like Toncoin (TON) and Tron (TRX).
Glassnode further analyzed the profit-taking behavior of investors trading LINK, noting that short-term and ultra-short-term investors realized the most profits, while long-term holders remained relatively inactive. The firm reported a profit-taking event of $35.57 million, marking the second-largest event for LINK this year, with speculative market participants driving the majority of profit-taking.
As of the latest update, LINK is trading at $24.96, reflecting a 6.5% decrease over the past 24 hours. Despite the recent price dip, the overall outlook for Chainlink remains positive, with growing on-chain momentum and increasing interest from traders.
For the latest updates on Chainlink and other cryptocurrencies, subscribe to receive email alerts directly to your inbox. Follow us on X, Facebook, and Telegram for real-time price action and market insights. Stay informed with The Daily Hodl Mix for a comprehensive overview of the crypto landscape.
The information provided in this article is based on data sourced from Glassnode and X, with generated images courtesy of Midjourney. Stay tuned for more updates on Chainlink and the broader cryptocurrency market.