Crypto News– The Chainlink price rally continues unabated, with LINK surging an additional 12%, extending its weekly gains to over 50%. At the time of writing, LINK is trading at $11.42, marking a 12.28% increase, and boasting a market capitalization of $6.4 billion.
25 October LINK Price on the Rise: Chainlink Sees 50% Weekly Gains, Setting Sights on 15 Dollars as the Next Target
This substantial price surge has propelled Chainlink (LINK) to become the 12th largest cryptocurrency by market capitalization. The recent surge has injected over $2 billion into Chainlink’s overall valuation.
Adding to the optimism, a recent analysis of LINK’s price performance by crypto analyst Felix, shared on X (formerly Twitter), suggests the potential for further upward movement, particularly if LINK can breach the critical resistance level that has persisted for over 500 days, standing at $9.6.
Felix also alluded to the possibility of a period of accumulation by major investors contributing to the surge in price. Notably, approximately $9.92 million worth of LINK tokens were moved from exchanges to wallets when the price was around $7.26. Since that point, LINK has experienced a remarkable surge of over 50%. Furthermore, Felix highlighted the robust on-chain indicators currently observed within the Chainlink ecosystem.
Is a 15-dollar price Target Achievable for LINK?
Felix also underscores the prevailing “up-only” trend in LINK’s price, supported by various metrics that point to a flourishing ecosystem. The Chainlink network is experiencing a surge in the number of active addresses, as well as a notable increase in new addresses. Data sourced from Into TheBlock reveals that the Chainlink network has seen a consistent uptick in active addresses, aligning with the surge in price.
In the last 7 days alone, the network has recorded an impressive 112% growth in active addresses, accompanied by a remarkable 190% uptick in the creation of new addresses. This expansion is further evident in the heightened transaction activity, with Chainlink achieving a 7-day peak of over 12,000 transactions on October 23.
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