Recent data from Glassnode reveals the inner workings behind Chainlink's price and network activity increase.
Chainlink Insights
Glassnode analysts noted significant improvements in Chainlink’s key indicators. The rise in active addresses and price indicates positive developments in LINK's performance. According to the report, LINK reached its highest price level since 2022.
LINK Coin Price Analysis
Investment activity in LINK has led to a record high of open positions in the futures market at $770.27 million. Short-term investors are realizing the most profits while long-term investors remain passive. Additionally, 11.6% of investors holding for 1-2 years have taken profits.
Current Situation and Conclusions
Despite the increase in active addresses, it remains below the peak level seen in 2021, suggesting the user base is still expanding. LINK is trading at $24.96, representing a 6.5% decline over the past 24 hours. Price fluctuations indicate diverse investor strategies. The rise in Chainlink's on-chain activities indicates continued usage and adoption, keeping investor interest alive.
Data indicate positive network developments for Chainlink amid rising prices and activity, signifying continued expansion and usage.
