Chainlink (LINK) is on the brink of a breakout thanks to ideal trading metrics for the past three weeks. IntoTheBlock reveals LINK has had a stunning increase of 142% of the number of daily active addresses; they have reached 8,220 daily interactions within a month.
These are actual network activities indicating growing users’ involvement, which shows the increasing interest in the new asset, the cryptocurrency. Since early November, LINK has managed a 80% bounce in the price and is back to the price range last witnessed in January this year.
Chainlink’s Current Price Action: Volatility Amid Technical Bullish Indicators
Although the cryptocurrency recently retraced for several days after enduring weeks of sideways trading, the future during the trading forecast appears to be bright. Pundits argue that if LINK breaks above the $50 mark, it could climb to new all-time high (ATH), $52.82 which was set in May this year.
An increase in the usage of decentralized Oracle solutions is considered as the main reason behind the increased activity of Chainlink. He and other analysts have projected that consistent usage, backed up by the increase in daily active addresses, will propel the LINK token back to test the $30 psychological level in the near term.
This is evident because more businesses requiring Chainlink give an indication of a boost in the value of Chainlink on the market.
Currently LINK is at $25.78 and has been in a 1.96% loss over the last 24 hours. The asset was at $27.23 earlier in the day before fluctuation. Still, the price hovers around the middle of the range, while technical tools suggest a bullish syndicate to direct new investors toward higher prices for LINK.
How user attention and engagement will be sustained and the extent to which Chainlink will be able to sustain the current upward trajectory will go along way in defining its market performance in the next one for weeks.
