Chainlink (LINK) continues to make airwaves based on its notable strides in the crypto market.
Given that Chainlink comprises a decentralized network of nodes that offer information and data through oracles from off-chain sources to smart contracts that are on-chain, the 12th largest cryptocurrency based on the market cap is experiencing significant momentum.
For instance, LINK emerged as one of the top gainers in October in terms of active addresses after experiencing a surge of more than 220%, according to leading insights provider IntoTheBlock.
These statistics show that more players are jumping on the LINK network, which can be echoed by the fact that institutional interest has been going through the roof. For instance, the Grayscale Chainlink Trust (GLNK) recently witnessed a 200% surge.
IntoTheBlock also highlighted that LINK’s daily transactions had skyrocketed by 436%, showing heightened activity on the network.
Chainlink Hits an 18-Month High
After recently soaring to highs of $16, Chainlink surged to a level last seen in March 2022, as pointed out by leading market analyst Michael van de Poppe.
This bullish run has been triggered by high adoption rates on the LINK network, with Van de Poppe suggesting that the cryptocurrency was destined for greater heights at the $18 price level because it had already breached the $12.5 resistance level, as reported by ZyCrypto.
An analyst under the pseudonym hitesh.eth recently stipulated that Chainlink was eyeing $27, but this would see the light of day if the $16 zone was shuttered. The analysts said, “LINK is making strides towards $27. LINK is likely to encounter a significant supply block in the range of $16-$27, which will also serve as a major resistance area for LINK.”
Even though Chainlink had retraced to the $14.18 level at press time, it is still up by 79.5% in the past month, according to CoinGecko data.