Amid the recent bullish momentum in the cryptocurrency market, Chainlink (LINK) has emerged as one of the standout performers, garnering high expectations from investors. IntoTheBlock, a leading analytics platform, shared insights via X post, shedding light on key on-chain metrics for the popular digital asset.
One of the notable statistics highlighted is that 56% of Chainlink holders are currently in profit, a figure that aligns with the performance of many other top tokens in the market. This marks a significant shift from the bear market conditions, where over 70% of LINK holders were grappling with losses that extended for more than a year.
The positive sentiment surrounding Chainlink extends to its network metrics, particularly in terms of transaction data. A healthy surge in the number of transactions has been observed, with daily transactions experiencing a remarkable 436% increase from the monthly lows.
Moreover, the total transaction volume on the Chainlink network has witnessed a substantial uptick, reaching a daily volume of $515 million in the past week. This level of activity has not been seen since July 2022, underlining the current strength and vitality of the Chainlink ecosystem.
Examining the behavior of large holders provides additional insights into LINK’s positive trajectory. A closer look at the data reveals a significant net accumulation by holders with more than 1% of the total supply. In the past 30 days alone, these large holders accumulated an impressive 52,450,813 LINK tokens, showcasing a strong vote of confidence in the digital asset.
As Chainlink continues to demonstrate robust on-chain fundamentals and positive market sentiment, investors and enthusiasts alike are closely watching to see if the cryptocurrency can sustain its upward momentum and fulfill its high expectations from the recent performance.
Chainlink Price Analysis
ChainLink is presently valued at $14.55, indicating a 9% upswing in the past week but experiencing a 1.87% downturn in the last 24 hours. Additionally, LINK’s trading volume stands at $1.85 billion, accompanied by a market cap of $8.13 billion and a market dominance of 0.59%.
On May 10, 2021, Chainlink attained its peak value at an all-time high of $52.89, while its nadir was recorded on September 23, 2017, when it reached its all-time low of $0.126297.
Following its all-time high, the lowest price reached was $4.88 (cycle low), and the highest LINK price since the last cycle low surged to $16.56 (cycle high). Currently, the sentiment for Chainlink’s price prediction is optimistic, and the Fear & Greed Index registers at 60, indicating a state of Greed.