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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Chainlink Bullish Signal: LINK Address Activity Returns To 2021 Levels

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Chainlink Bull

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Data shows Chainlink address activity has returned to 2021 levels recently, a sign that could turn out to be bullish for the asset’s value.

Chainlink Daily Active Addresses At High Levels Recently

According to data from the on-chain analytics firm Santiment, this increase in LINK activity first started around two months ago. The relevant indicator here is the “daily active addresses,” which tells us the total number of addresses that were involved in a transaction on any given day.

The metric counts both senders and receivers in its calculation, and only accounts for unique addresses in the data, meaning that the wallets that participated in multiple transfers on the same day are only counted once. This helps remove duplicate transactions and other noise from the data, and provides a more accurate picture of the network activity.

When the value of this indicator is high, it means a large number of daily users are interacting in some way on the blockchain right now. Such a trend shows the market is active currently.

On the other hand, low values of the metric imply not many unique users are showing trading activity at the moment. This kind of trend can be a sign that the general interest around the crypto is low at the moment.

Now, here is a chart that shows the trend in the Chainlink daily active addresses over the last few years:

Chainlink Address Activity

Looks like the value of the metric has been elevated in recent weeks | Source: Santiment on Twitter

As shown in the above graph, the Chainlink daily active addresses were at pretty low levels for most of 2022. This was because the investors weren’t finding the coin that interesting to trade during the bear market consolidation.

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In the last couple of months or so, however, there has been a very noticeable rise in the unique users transacting on the network daily. In fact, these values of the indicator are similar to those seen during 2021, when the bull run was going on.

Usually, high network activity is bullish for the price in the long term as increased utility of the chain builds a more sustainable ground for the future. LINK has been rallying in the last week or so, which may suggest that this high activity from holders in the last two months may already be paying off for the crypto.

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Also, while a high number of users are important for starting price moves like this, it’s also true that they are needed during such rallies to keep them going. If the Chainlink daily active addresses continue to be at the current high levels, then it may mean the current rally can keep up the momentum for a while longer.

LINK Price

At the time of writing, Chainlink is trading around $6.3, up 13% in the last week.

Chainlink Price Chart

The value of the asset seems to have surged in the last few days | Source: LINKUSD on TradingView
Featured image from Paolo Feser on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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