Decentralized Oracle Network Chainlink (LINK) Witnesses Rising On-Chain Momentum As Price Surges: Glassnode
New data from market intelligence firm Glassnode reveals that decentralized oracle network Chainlink (LINK) is gaining on-chain momentum as its price rises.
In a new thread on the social media platform X, Glassnode says that LINK’s fundamentals are improving along with its active address momentum and rising price tag.
“While LINK’s price surge was clearly driven by speculative and short-term market activity, its fundamentals are improving too.
Active addresses momentum is trending higher, with the short-term SMA (simple moving average) of 6,682 still above the long-term SMA of 5,878. That said, active addresses remain far below their 2021 peak of 23,416.”
Glassnode goes on to note that LINK hit the highest price it has since 2022 and that its futures open interest has reached a new all-time high, signaling high trading activity.
“Chainlink’s token LINK has hit its highest price in nearly two years, and futures open interest (OI) just surged to an all-time high of $770.27 million!
For context: LINK OI: $770 million. Toncoin (TON) OI: $259 million. Tron (TRX) OI: $356 million. LINK’s OI is 3x TON and 2x TRX, signaling massive trading activity.”
The crypto analytics firm then breaks down how investors took profits from trading LINK, with ultra short-term and short-term investors realizing the most while long-term holders appeared largely dormant.
“We also saw significant profit-taking in the spot market. With $35.57 million in realized profits, yesterday marked the 2nd largest profit-taking event for LINK this year (trailing only Feb 11’s $40.39 million).
This profit-taking was driven mostly by speculative market participants: Ultra-short (1 day-1 week): 15.3% Short-term (3-6 months): 22.5%. Long-term holders stayed mostly quiet, except for the 1-2 year cohort (11.6%).”
LINK is trading for $24.96 at time of writing, a 6.5% decrease during the last 24 hours.
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