Despite the recent volatility around Bitcoin [BTC], Chainlink [LINK] has managed to stand out, recording a strong 38.6% gain over the past 30 days. The surge in price has been matched by a clear increase in on-chain activity, signaling growing interest in the token.
According to data from Glassnode, the number of new Chainlink addresses has been rising steadily since June. As of now, the figure sits at 2,163 similar to levels last seen in November 2024. Likewise, the number of active addresses has also climbed, coming close to the activity peak of November 2021.
This uptick in network activity is a positive sign for long-term holders and investors. While some may view it as a possible warning of overheated sentiment, historical data suggests that LINK’s rally could still have room to run.
That said, nothing is guaranteed in the crypto market. Still, with further gains in Bitcoin and Ethereum [ETH], additional inflows into LINK remain a likely possibility.
Chainlink Network Activity Signals Potential Upside
The Network Value to Transactions (NVT) ratio measures an asset’s market capitalization against its daily transaction volume. A lower NVT suggests that the asset may be undervalued in relation to its actual utility.
The NVT Signal (NVTS) refines this metric by applying a long-term moving average, such as a 90-day average of daily transaction volume.
For LINK, the NVTS has recently returned to levels last seen in early November 2024, a period that marked the start of LINK’s surge from $10.56 to $29.26. This historical context strengthens the argument that LINK’s current setup could pave the way for further gains.
Chainlink Price Holds Above Key Support at $24.88
To gauge where LINK might head in the near term, analysts looked at the 4-hour chart.
Key levels of $24.88 and $29.26, which were significant on the weekly timeframe, also stood out as important support and resistance zones on the shorter chart.
At the time of writing, LINK was trading within a rising channel (purple) and had moved above the $24.88 level, turning the former resistance into potential support.
Technical indicators, including the moving averages, the Awesome Oscillator, and the A/D indicator, all showed bullish signals. If the $24.3–$25 demand zone continues to hold, the token could be on track for another push toward the upper end of the channel.
