Chainlink's native token showed a 16% increase between February 9 and February 12 and is currently trading around $20.15, a level not seen since January 2022. This brought its market capitalization to $11.8 billion.

Market Cap LINK | Source: TradingView

LINK's price recovery is accompanied by increasing network activity and trading volume. Notably, the price remains within the limits of the ascending parallel channel, suggesting more upside potential.

Chainlink network activity spikes

Data from IntoTheBlock highlights Chainlink's activity reaching a 22-month high, along with an increase in the number of active and new addresses.

The data also confirms that the number of active addresses increased from about 2,800 on January 25 to about 3,210 on February 10. A similar increase was also seen in the number of new Chainlink addresses, increasing from 808 to 1,020 during the same period.

Number of daily active LINK addresses | Source: IntoTheBlock

Similar data from Santiment shows an increase in the number of daily active addresses (DAA), almost doubling from 2,801 on January 25 to more than 5,560 on February 12, marking a 97% increase. .

DAA on the Chainlink network | Source: Santiment

On February 1, Eigenpie announced the integration of Chainlink CCIP on Arbitrum and Ethereum.

Paxos also announced the adoption of Chainlink's new price feed for PayPal USD on February 7. DeFi-focused Umami DAO also recently integrated Chainlink Data Streams on Arbitrum.

Whale activity on exchanges surprised many people

Technical indicators and on-chain data suggest that LINK price has been overextended and a pullback is imminent. Data from blockchain analytics platform, SpotOnChain, shows that a whale transferred 245,000 LINK worth $4.9 million on Binance.

The same whale with the wallet labeled “0x2a1” moved a total of 495,057 LINK worth $7.5 million off the Binance exchange at an average of $15.13 per token between the 28th /1 to February 7, 2024.

Whale 0x2a1 sent 244,958 LINK ($4.9 million) to Binance | Source: SpotOnChain

While this wallet still contains 250,000 LINK worth around $5 million, redistributing the tokens and sending them to exchanges could signal an intention to sell at the current price.

On the other hand, LINK's ascending channel could attract bullish technical traders. Since January 26, LINK price action has drawn a series of higher highs and higher lows, leading to the formation of an ascending parallel channel on the daily chart.

The formation of this bullish technical pattern points to a continuation of the uptrend, as long as the price remains within the limits of the channel. This forecasts LINK to rise towards the upper boundary of the channel currently at $21. A decisive close above this level could take the price to $25.

LINK/USD Daily Chart | Source: TradingView

Popular analyst, Rekt Capital, expects support to be around $19 before LINK resumes its uptrend.




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