Chainlink’s LINK token has surged by approximately 95% over the past month, making it one of the top-performing altcoins. Backing the bullish momentum are some of the key on-chain metrics that appear to be in its favor.
As per the Holder Profit Analysis conducted by Intotheblock, a significant majority of LINK holders are now sitting on profits. It’s noteworthy that more than 70% of holders had endured losses for over a year during the bear market.
Currently, 56% of LINK holders are in a profitable position, a percentage that aligns with many other top tokens.
LINK’s On-Chain Metrics Paints Bullish Picture
Intotheblock’s latest findings indicate optimistic trends within the Chainlink network in terms of transaction data. Daily transactions have surged by 436% from their monthly lows, reflecting a positive trajectory.
Chainlink has been one of the top performers of the recent bullish momentum and many have high expectations. Let’s take a look at some key on-chain metrics for $LINK
— IntoTheBlock (@intotheblock) November 14, 2023
This pattern is mirrored in the total transaction volume, with recent activity leading to a notable increase. Just last week, the daily volume reached $515 million, a level last observed in July 2022.
Regarding whale activity, Chainlink (LINK) has witnessed a substantial net accumulation by major holders. In the last 30 days, holders with more than 1% of the total supply have accumulated a significant amount, totaling 52,450,813 LINK.
Chainlink’s Oracle Trend Gains Momentum
Several positive developments within the Chainlink ecosystem have played a pivotal role in the recent performance of the LINK token.
Recently, Vodafone, a major telecom company in Europe and North Africa, officially entered into a partnership with the Japanese financial conglomerate Sumitomo Corporation. This collaboration leverages Chainlink oracles to facilitate transactions and support various applications, including those related to electric vehicle charging stations and toll roads.
The digital platform was named Pairpoint and is designed to establish a framework for vehicles and devices to interact and engage in transactions autonomously within the growing Internet of Things (IoT) landscape.
This positive momentum aligns with a broader trend favoring Chainlink’s Oracle solution.
Additionally, Grayscale’s Chainlink Trust (GLNK) has experienced significant growth, reaching a premium of 200% last week compared to the LINK market prices. This essentially highlighted the institutional demand for the asset.
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