Chainlink (LINK) recently reclaimed a price level last seen in late 2023, briefly crossing above $26 before retracing to $24.65. This pullback follows an extended rally from lows below $10 in April.
Chainlink Price Analysis
Despite the recent correction, LINK continues to trade above its 50-day exponential moving average. Price action has formed a rounded cup structure, with resistance located between $26 and $30. This zone, which marked significant resistance throughout 2023, could determine the direction of the next trend movement.
Increased Network Activity
Network activity on the Chainlink platform has surged, with data from Santiment revealing over 9,813 unique transactions occurring on August 17. This figure marked the highest daily activity since 2021. The day after, new wallet creations peaked at 9,625, setting another yearly record. This spike in user participation reflects growing engagement and speculative accumulation around the token.
Product Expansion and Token Utility
In parallel with user activity, Chainlink’s Data Streams have broadened to include real-time pricing on traditional assets like Apple (AAPL) and NVIDIA (NVDA) stocks. The protocol also launched Chainlink Reserve, an on-chain reserve feature designed to enhance long-term token utility and ensure network stability.
Chainlink continues to show a bullish trend, maintaining stability in the market and expanding its service offerings. The increased network activity and product diversity create a solid foundation for potential price growth.
