- Chainlink’s price surged past $26 before experiencing a slight correction.
- LINK is gaining momentum amid a spike in on-chain activity.
- Partnerships and adoption trends remain bullish for Chainlink.
On Monday, Chainlink (LINK) crossed the $26 mark for the first time in several months, driven by a notable increase in on-chain activity.
As LINK retraces some of its gains in a broader profit-taking scenario, analysts suggest that recent surges in key network metrics might enable bulls to break through the significant supply wall at $30, as they target the all-time high of $52 recorded over four years ago.
Significant Spike in Chainlink’s On-Chain Activity
According to Santiment, Chainlink’s on-chain activity has seen a significant uptick over the past week.
For instance, on Sunday, August 17, a total of 9,813 unique LINK addresses conducted at least one transaction, while the following day, more than 9,625 new LINK wallets were created.
These measures represent the highest levels for the blockchain network this year, as highlighted by the on-chain analytics provider.
“The on-chain activity has been even more impressive than the price,” noted analysts from Santiment.
Partnerships and LINK Reserve Initiatives
Recently, Visa’s crypto lead, Cuy Sheffield, discussed in the Tokenized podcast how Chainlink is a prominent attraction for institutional entry into the crypto space.
Beyond Visa, Chainlink has formed partnerships with ANZ, China AMC, and Fidelity International to facilitate cross-border, inter-chain settlements for tokenized assets in Australia and Hong Kong.
A partnership with Mastercard also marks a significant milestone for LINK.
Chainlink Data Streams is another solution experiencing massive integrations. Data streams are now available for U.S. stocks and exchange-traded funds such as AAPL, NVDA, and CRCL.
Furthermore, Chainlink recently partnered with Intercontinental Exchange, the parent company of the New York Stock Exchange.
“Utilizing ICE’s consolidated data streams as input into Chainlink’s on-chain foreign exchange and precious metals derivatives is a pivotal moment in the evolution of global markets,” stated Fernando Vazquez, President of Capital Markets at Chainlink Labs. “This collaboration marks a shift towards a unified and accessible on-chain financial system, with hundreds of billions of assets clearly moving toward tokenization.”
The Chainlink Reserve, an initiative aimed at enhancing Chainlink’s traction within DeFi and TradFi ecosystems, also stands as a major boost.
This program not only focuses on establishing Chainlink as a standard for global cryptocurrency adoption but also promotes the growth of its tokenized assets.
What’s Next for LINK’s Price?
The price action of Chainlink amid increasing network activity suggests that bulls are confident in LINK’s trajectory.
Chainlink
After surging past $20 and consolidating at $26, Chainlink shows resilience. While bears are influencing the immediate price action, analysts believe that the altcoin may be on the verge of a significant breakout.
Key indicators suggest that Chainlink’s network growth is outpacing price gains, and more bullish sentiment is becoming prevalent.
A confluence of catalysts, including network integrations in both decentralized and traditional finance, whale accumulation, and macroeconomic conditions, may propel LINK towards its all-time high and set it on a price discovery trajectory.
LINK peaked at over $52 in May 2021, a target that bulls may aim for if market conditions align favorably. Currently, the altcoin is on an uptrend since hitting a low of $16 on August 6.
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