Chainlink (LINK) saw a notable surge in network activity over the past two days despite the continued struggles faced by the crypto market in terms of volatility. Chainlink saw over 6,000 new wallets being created on its network over the past two days.
As per the on-chain data provided by Santiment, Chainlink witnessed 6,182 new LINK wallets being generated in total from June 25 through June 26. In this regard, 3,142 new wallets emerged on June 25, while 3,040 wallets were generated on June 26.
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Chainlink Records Its Strongest Network Growth of the Year
This two-day increase represents the largest growth in Chainlink’s network to date this year. The significance of this move lies in the fact that it was made despite the volatile state of the cryptocurrency market.
The continuous increase in the number of newly created wallets points to a greater number of users who are using Chainlink’s services. Network activity is considered to be a good indicator since it indicates the growing popularity of a certain blockchain project despite tough times on the market.
Though the price of LINK has been continuously under pressure, the growth of the network shows that there hasn’t been a reduction in activities on the blockchain.
At the time of writing, LINK is trading at $7.37 with a 24-hour trading volume of $231.41 million and a market capitalization of $5.37 billion. LINK price increased 1.92% over the last 24 hours.
Can Rising Network Activity Support LINK Price Recovery?
The growth of new wallets is happening amid the LINK token trading near its lowest levels in months due to heavy selling pressure on it. This combination of rising network activity and falling prices for the token itself has been noticed by many market observers.
Previous cycles have had a history where rising amounts of wallets being created in low-price environments have indicated early signs of accumulation and interest before a strong price movement. While rising network participation does not necessarily ensure recovery, it is often seen as an important indicator of rising user engagement.
Should Chainlink continue to see increased on-chain activity and attract more users, then, according to some experts, it would be possible for Chainlink to recover its price should the markets turn around.
The recent jump in wallets created shows for the time being that the Chainlink ecosystem is still growing despite the stress being felt in the crypto space.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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