- LINK’s active addresses increased last week.
- LINK price is up 3.36% in the last 24 hours.
- The current bullish support could see LINK price break above the daily 9 EMA.
A recent tweet from Santiment, a blockchain analytics firm, revealed that the number of active addresses on Chainlink (LINK) has suddenly skyrocketed. The tweet added that the increase in active addresses started when the FTX fallout occurred. Chainlink’s active address activity remains at a one-year high.
Chainlink Address Activity (Source: Santiment)
As can be seen in the graph that Santiment shared on Twitter today, the number of interactions between daily unique active addresses for LINK has averaged over 8k over the past week. This increase in address activity moved LINK address activity to its highest levels since May 2021.
An increase in active address activity is accompanied by an increase in the LINK price today. According to CoinMarketCap, the price of LINK is up 3.36% over the past 24 hours. As a result, the price of LINK changes at $5.99 at the time of publication.
Compared to the cryptocurrency market leaders (BTC) and (ETH), LINK price strengthened against both of them by 6.20% and 6.78%, respectively. LINK’s 24-hour trade volume also increased by 21.09% over the past day, bringing the total trade volume to $353,772,407.
LINK/USDT Daily Chart (Source: CoinMarketCap)
LINK price tried to break above the daily 9 EMA today but pulled back again, as evidenced by the wick currently in today’s candle. However, there is ascending support present that could spark another attempt above the daily 9 EMA.
The daily RSI also supports the bullish thesis as the daily RSI line is positioned below the daily RSI SMA line but is trending positively towards overbought territory and is looking for a bullish crossover above the daily RSI SMA line, which would be an important bullish sign. It will raise the price of LINK to $6,429.
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LINK Unique Active Address Activity Published at Highest Level in One Year: Santiment debuted in Coin Edition.