Chainlink’s on-chain data reveal that network activity has steadily increased 10-fold over two years in a row. At the time of writing, the crypto currency is traded at 30 dollars.
Chainlink’s price has hit about $ 28.4 three times in the past 48 hours, making it a strong resistance level that the coin has repeatedly tried to break. The bullish momentum that has been going on for a while pushed its price above $ 29 on February 12, and after weeks of consolidation, the coin is likely to test all-time highs.
This remarkable rise of Chainlink has been associated with the impressive growth of activities in its network. Data collected from its ecosystem revealed that a total of 414 blockchain-related projects were using Chainlink technology. This data indicates an increase in 315 projects integrating Chainlink technology in early November 2020.
These numbers represent a 31.4% increase in the number of blockchain projects adopting Chainlink in three months. Chainlink’s price nearly tripled in the same period. The cryptocurrency was trading around $ 10 in early November 2020, but is currently over $ 30.
New addresses that join Chainlink’s protocol have also increased in recent weeks. LINK’s network growth has consistently improved, from 2,400 in November 2020 to 6,700 addresses per day. This represents a 64% increase in 90 days, which happens simultaneously with the increase in price.
Renowned crypto analyst Timothy Peterson evaluated Chainlink’s on-chain data earlier this week. Peterson stated that, based on the model he developed, the value of LINK is based on “function calls of various blockchain protocols using price flows and oracles”. Higher function calls made directly led to a higher demand for the Chainlink token (LINK) located at the center of the network, which raised the price.
With the current upward momentum expected to continue for a few more weeks, Chainlink’s price may reach new record levels in the coming days.