"Fulamak the price is really going up, so LINK investors must be happy, right?"
Cryptocurrency Chainlink (LINK) seems to still be showing very strong bullish momentum as its price managed to climb another 12% to reach over $11.50 from $9.90 on October 24th yesterday.
According to crypto analyst Felix on his X social media account, the price of LINK has the potential to see further gains as the digital asset has already crossed its resistance zone at $9.60.
The rise of LINK may also be due to large investors flocking to the digital asset, comments Felix, adding that $9.92 million worth of LINK was transferred from the exchange to the wallet when the price was at $7.26.
Not only that, Felix also showed that there is a robust on-chain in the LINK ecosystem at the moment.
The LINK network saw an increase in both active and new addresses, where data from IntoTheBlock revealed that the number of active addresses on the LINK network continued to rise along with the price increase.
Over the past seven days, active addresses and new addresses on the LINK network have each recorded an extraordinary jump of 112% and 190% due to the increase in transaction activity when LINK reached 12,000 transactions on 23 October 2023.
In addition, the launch of Chainlink Staking v0.2 which is expected to happen before the end of this year is also a driver for the price of LINK to jump higher and many believe that its supporters will continue to gather for the event.
As of this writing, LINK price has jumped by 11.21% to $11.17 in the last 24 hours with a market capitalization of $6 billion and is up 51.76% over the last week.
