Chainlink, the decentralized oracle network, is seeing a surge in both price and on-chain activity, according to data analytics firm Glassnode.
Fundamentals and Price Action
Glassnode reported that while LINK’s recent price jump was fueled by short-term market speculation, underlying fundamentals are also improving. The number of active addresses is increasing, with short-term averages exceeding long-term averages. However, these numbers are still significantly below their 2021 peak.
Record Futures Open Interest
LINK recently reached its highest price since 2022. Even more impressive, futures open interest (OI) hit an all-time high of $770.27 million. This significantly surpasses the OI of other cryptocurrencies like Toncoin and Tron, indicating substantial trading activity.
Profit-Taking and Investor Behavior
Glassnode also analyzed profit-taking in the LINK market. A large amount of profit was realized, mostly by short-term investors. Long-term holders, however, remained largely inactive.
Current Price and Disclaimer
At the time of writing, LINK is trading around $24.96, down slightly from the previous day. Remember, this information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
