Strong Buy Signal? Chainlink (LINK) Sees Strong 142% Growth in Active Addresses

Chainlink (LINK), the token powering the decentralized Oracle network, has recorded substantial growth in user activity. Data from blockchain analytics firm IntoTheBlock reveals an average of 8,220 daily active addresses for LINK, reflecting a 142% surge compared to the previous month.

Chainlink is currently averaging 8.22k daily active addresses, a remarkable 142% growth compared to one month ago pic.twitter.com/hwicbKPXvi

— IntoTheBlock (@intotheblock) December 9, 2024

The rise underscores increasing engagement and adoption within the Chainlink ecosystem, signaling heightened interest in its blockchain solutions. The spike in activity may be tied to recent developments or collaborations, emphasizing the token’s growing utility in the decentralized finance (DeFi) sector.

Chainlink’s Strategic Partnerships

Notably, Chainlink has partnered with prominent organizations, including SWIFT and Euroclear, to expand its blockchain solutions. Recently, it highlighted these collaborations in an X post, showcasing its growing influence in the financial sector.

These partnerships facilitate the creation of blockchain-powered solutions and tokenized assets, strengthening Chainlink’s role in blockchain and DeFi applications. As blockchain adoption continues to grow, the increasing demand for reliable oracle services like those provided by Chainlink could drive long-term demand for LINK, ultimately benefiting its price over time.

LINK’s Bullish Momentum

LINK’s price has climbed over 80% in the past month and more than 45% year-to-date. As of press time, the token is priced at $24.02, nearly 55% below its all-time high, which some analysts view as a potential buying opportunity.

Analysts are projecting a potential all-time high for the token by 2025, citing strong market fundamentals and increased institutional interest. This outlook is supported by its price chart, which reflects a strong bullish trend and technical indicators, including the 20-day moving average (MA) at $19.32, a key support level.

Additionally, market observers are anticipating a potential ‘golden cross,’ where the 100-day MA crosses above the 200-day MA, often seen as a bullish signal.

Building on this trend, LINK’s Relative Strength Index (RSI) is at 74.24, indicating that the token is nearing overbought territory but still has room for upward movement. Furthermore, the Average Directional Index (ADX) of 52.83 reflects a robust price trend, while the MACD histogram points to strengthening positive momentum, suggesting sustained investor interest.