Decentralized Oracle Network Chainlink (LINK) Witnesses Rising On-Chain Momentum As Price Surges: Glassnode

New knowledge from market intelligence agency Glassnode reveals that decentralized oracle community Chainlink (LINK) is gaining momentum within the chain as its worth rises.

In a brand new thread on the social media platform X, Glassnode say that LINK’s fundamentals are enhancing, together with energetic handle momentum and rising price ticket.

“Whereas LINK’s worth enhance was clearly pushed by speculative and short-term market exercise, its fundamentals are additionally enhancing.

Momentum for energetic addresses is trending upward, with the short-term SMA (easy transferring common) of 6,682 nonetheless above the long-term SMA of 5,878. That stated, energetic addresses stay nicely under their 2021 peak of 23,416.”

Glassnode goes additional remark that LINK has reached its highest worth since 2022 and that open futures curiosity has hit a brand new all-time excessive, indicating excessive buying and selling exercise.

“Chainlink’s token LINK has reached its highest worth in virtually two years, and futures open curiosity (OI) simply rose to an all-time excessive of $770.27 million!

For context: LINK OI: $770 million. Toncoin (TON) OI: $259 million. Tron (TRX) OI: $356 million. LINK’s OI is 3x TON and 2x TRX, indicating large buying and selling exercise.”

The crypto evaluation firm then breaks down how buyers made earnings from buying and selling LINK, with ultra-short and short-term buyers realizing probably the most, whereas long-term holders appeared largely inactive.

“We additionally noticed vital revenue taking within the spot market. With a realized revenue of $35.57 million, yesterday was the second largest profit-taking occasion for LINK this yr (solely behind February 11’s $40.39 million).

These revenue takings have been primarily pushed by speculative market contributors: Extremely quick (1 day-1 week): 15.3% Brief time period (3-6 months): 22.5%. Lengthy-term buyers remained principally calm, except the 1-2 yr cohort (11.6%).”

LINK is buying and selling at $24.96 on the time of writing, down 6.5% over the past 24 hours.

Do not miss a beat – Subscribe to obtain e mail alerts straight to your inbox

Examine worth motion

Observe us additional X, Facebook And Telegram

Surf to the Every day Hodl combine

Generated picture: Midjourney