Categories: Market

The LINK rally can be driven by these key factors

Some blockchains take a “slow but steady” approach, while others believe in exponential growth in a single “battle”. It would not be wrong to say that Chainlink (LINK) belongs to the first category.

Price table LINK | Source: Tradingview

Chainlink, the 15th altcoin on the market, is one of the most technologically advanced projects. The platform is a leader in industrial partnerships and integrations. Both play an important role in the growth of the project.

The price of LINK is currently fighting again. What has the potential to change the game?

Games skyrocketing, explosive prices?

Many tokens did quite well amid the speculation about the “gaming summer” a few months ago. In fact, top coins in the gaming sector such as Axie Infinity (AXS), Enjin Coin (ENJ), Decentraland (MANA) and The Sandbox (SAND) have also grown significantly in the past.

Trending projects have reaped many of the same benefits. Fortunately, Chainlink’s price feed and Verifiable Random Function (VRF) solutions were in the right place at the right time during the blockchain play-to-boom.

In addition, Chainlink solutions have recently been integrated into CryptoZoon and Legends of Bezogia. CryptoZoon is an advanced network of professional nodes that find data at market prices. Legends of Bezogia is a leading random number generator on the blockchain that powers smart contracts.

In addition to being a household name in the industry, LINK is also an important altcoin. Hence, these integrations and technological advances have the potential to accelerate development even further.

Character indicators the end a bullish picture?

So far, LINK has struggled to gain more than other high capitalization altcoins and some Layer 1 DeFi coins. However, the situation is more positive as the price recently broke north in volume. good trade to retrace the $ 30 mark after the 3rd retest of the $ 29 resistance.

Although the high volume of trade helped this move, the price failed to hold the $ 30 level and fell nearly 6.5% in the last 24 hours at press time.

However, LINK’s network growth metric has been moving on a healthy path since mid-July, hitting a higher top-low. The upward trend will continue as long as there is no big difference between the network growth rate and the price.

Network development (pink) and price LINK (green) | The source: Sanbase

Finally, the daily number of active LINK addresses bounced off a 3-month low in mid-July and has risen steadily since then.

This is a sign of healthy network activity as the DAA (price divergence and active address) stabilizes and market participants return. However, the 7 day MVRV emphasizes that all short term owners are now profitable. This can encourage them to take profit.

relationship MVRV (pink) and price LINK (green) | The source: Sanbase

So while the indicators are giving some bullish signals, the deciding factor will depend on Chainlink’s technology and ecosystem-driven developments. This will be the key to the future LINK rally.

We invite you to join our Telegram for faster news: https://t.me/coincunews

At home at home

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

5 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

1 hour ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

3 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

4 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

5 hours ago

This website uses cookies.