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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Chainlink (LINK) Recovers 20% As Network Lights Up With Activity

Keshav Verma
Keshav Verma
1 year ago
2 mins read
Chainlink

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Chainlink (LINK) has made a sharp 20% recovery from the crash during the past day, as the network has seen a spike in address activity.

Chainlink Has Returned Above $9.8 After Recovery Rally

The cryptocurrency sector had opened the week with a sharp crash, and Chainlink was no exception, as its price had slammed down towards the $8 level after being above the $11 mark during the weekend.

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In the past day, the market has seen some respite, but LINK has particularly stood out with a surge of almost 20%, which has taken its price back above $9.8. The below chart shows what the recent trend in the asset has looked like.

Chainlink Price Chart
The price of the coin appears to have seen a slight rebound from its lows | Source: LINKUSD on TradingView

Out of the top 20 coins by market cap, only Solana (SOL) and Shiba Inu (INU) rival Chainlink in returns over the last 24 hours. Despite the big jump, though, LINK is still nowhere near making a full recovery from the recent downturn. Nonetheless, the surge would still provide some hope to its investors.

As for the cause behind this recovery rally, perhaps on-chain data could provide some hints.

LINK Daily Active Addresses Has Hit Highest Levels Since May

According to data from the market intelligence platform IntoTheBlock, the LINK network has recently seen a surge in Daily Active Addresses. The “Daily Active Addresses” here refers to an on-chain indicator that keeps track of the number of Chainlink addresses participating in some transaction activity daily. The metric naturally includes both senders and receivers.

The unique number of active addresses on the blockchain can be considered the same as the unique number of users participating in the network activity, so the indicator’s value tells us about the amount of traffic LINK is receiving right now.

When the metric’s value is high, it means a large number of addresses are making moves on the network. Such a trend implies that interest in the asset is high among investors.

On the other hand, the low indicator suggests that few are paying attention to cryptocurrency as there isn’t much trading activity on the chain.

Now, here is a chart that shows the trend in the Daily Active Addresses for Chainlink over the past few months:

Chainlink Daily Active Addresses
Looks like the value of the metric has registered an increase in recent days | Source: IntoTheBlock on X

The graph shows that Chainlink saw a sharp surge in its Daily Active Addresses alongside the crash, implying that many users became active to make some transfers.

Such a trend isn’t unusual during periods of volatility, with the activity usually corresponding to panic from the investors. This time around, however, things may have been different.

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“Interestingly, this surge occurred alongside a general outflow from exchanges, suggesting accumulation during yesterday’s troubled market,” notes IntoTheBlock.

With the latest spike, the Chainlink Daily Active Addresses has reached the highest level since May.

Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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