- The LINK network has achieved a remarkable milestone, surpassing $20 trillion in total transaction value.
- In the last 24 hours, traders have been actively buying LINK, leading to a surge in active addresses.
Chainlink [LINK] has been experiencing a positive trend, with a 1% gain as traders show interest in the token.
Analysis by AMBCrypto suggests a growing demand for LINK, setting the stage for a potential price rally in the near future. The following analysis details how this scenario could unfold.
LINK Surpasses $20 Trillion in TVE
Chainlink has witnessed a significant rise in Total Value Extracted (TVE), reaching a new milestone of $20 trillion.
TVE measures the total value of transactions facilitated through Chainlink’s oracle services.
Source: Chainlink
The high TVE indicates strong adoption among blockchains and protocols relying on Chainlink’s price data.
This development has been positively received by the market, showing increased usage of Chainlink and heightened buying activity.
Traders Accumulate LINK Amid Surging Activity
Over the past 24 hours, LINK acquisitions have surged, with 306,510 LINK worth $4.5 million purchased, leading to negative exchange netflow.
Negative exchange netflow signifies growing market confidence as users move assets from exchanges to private wallets for long-term storage.
Source: IntoTheBlock
The rise in LINK purchases coincides with a spike in daily active addresses, reaching levels not seen since December 2022.
The continued growth in active addresses bodes well for LINK, indicating increased trader participation and potential for further buying activity.
LINK Maintains Bullish Momentum
LINK continues to exhibit a bullish trend, breaking out of an ascending triangle pattern, hinting at potential accumulation and a subsequent rally.
The asset is progressing towards a target of $17.67, overcoming critical resistance levels highlighted by Fibonacci retracement analysis.
Source: TradingView
Overall, market sentiment is optimistic as traders continue to accumulate LINK, potentially driving the asset towards its projected target.
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Original: The cat chased the mouse around the house.
Rewritten: Around the house, the mouse was chased by the cat.