In times when the Bitcoin news and altcoin updates are showing green all around the charts, one token that got our attention is LINK. We can easily notice that today, the Chainlink daily transfers are up by 40%, and the token appears to be leading the charge in terms of momentum.
What is visible is an ongoing upswing which comes after a long-held bout of sideways trading, allowing the coin to ascend up towards the previously established all-time highs. The newfound momentum is not unwarranted either – the token has seen a massive spike in the number of transfers taking place over the past 24 hours.
📈 $LINK Supply in Smart Contracts just reached a 1-year high of 0.512
Previous 1-year high of 0.511 was observed on 21 June 2020
— glassnode alerts (@glassnodealerts) June 23, 2020
All of this points that the Chainlink daily transfers may be leading to a rise in the organic trading volume. Meanwhile, there are other on-chain metrics providing insights into the cryptocurrency’s fundamental strength that are flashing positive signs as well.
One of these metrics in the Chainlink news is the growth of the daily active LINK wallet addresses over the past few months. This resulted in a pole position for Chainlink on the market’s upswing today, with its 24-hour gains only being battled by the ones seen by Ethereum.
At the time of writing, LINK is trading up by under 6% at the current price of $4.41. Thanks to the increased Chainlink daily transfers, the token is benefiting and is only trading down by around 10% from its previously established all-time highs, and it is very possible that buyers will soon start targeting these levels.
One of the other interesting metrics that indicates sharp rises is the number of LINK transfers that have taken place over the past 24 hours. Data from the analytics platform Glassnode shows that the metric has increased by 40% over the past day.
“LINK Number of Transfers (1d MA) increased significantly in the last 24 hours. Current value is 437.792 (up 38.5% from 316.042).”
The daily active address count for LINK is caught within a strong mid-term uptrend, which is another important metric signaling growth in the near future. IntoTheBlock’s data goes in detail about this, revealing that the active address count of Chainlink climbed from yearly lows of 1,000 to nearly 4,000 at press time.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]