LINK leads the market up! Active addresses and transaction volume both climb, and the future is strong
According to the latest data from market intelligence company Glassnode, the price increase of decentralized oracle network Chainlink (LINK) is driving its on-chain development momentum. Although the surge in prices is mainly driven by speculation and short-term market fluctuations, LINK's fundamentals are gradually improving, especially in terms of active addresses and transaction volume.
Specifically, the number of active addresses of LINK has shown positive growth, and the short-term simple moving average (SMA) is 6,682, which is higher than the long-term SMA of 5,878, indicating that market sentiment is relatively optimistic. Although the number of active addresses is still far below the peak of 2021 (23,416), the improvement in this data has undoubtedly brought more confidence to the market.
At the same time, the price of LINK has reached its highest point since 2022, and the futures open interest (OI) has also hit a record high, showing a high level of trading activity. In particular, LINK's OI is as high as $770 million, three times and two times that of Toncoin ($259 million) and Tron ($356 million), further proving investors' enthusiasm for the asset.
However, there has also been a clear phenomenon of profit-taking in the market. Glassnode pointed out that LINK's profit-taking in the spot market has reached $35.57 million, the second largest profit-taking event this year, second only to $40.39 million on February 11. This is mainly driven by ultra-short-term (1 day to 1 week) and short-term (3 to 6 months) investors, while long-term holders choose to remain silent.
As the impact of short-term market volatility gradually fades, whether LINK can continue to maintain its upward momentum and consolidate its foundation remains to be seen. If you want to keep up with the pace of this market, remember to follow Mr. Qiu, let us deeply interpret the latest developments of cryptocurrency together!
