Chainlink (LINK) has been on a bullish trajectory over the past week, registering a modest 1% gain as traders continue to accumulate the token. Despite its gradual ascent, market data suggests that this trend could pave the way for a substantial price rally in the coming days.
Chainlink’s Total Value Extracted (TVE) Exceeds $20 Trillion
A key driver behind LINK’s bullish momentum is the significant rise in its Total Value Extracted (TVE), which has now surpassed an impressive $20 trillion. TVE measures the total value of transactions facilitated by Chainlink’s oracle services, and its increase signals strong adoption across multiple blockchains and protocols.
This milestone underscores the growing reliance on Chainlink’s price data, further solidifying its role in the decentralized finance (DeFi) ecosystem. With such widespread integration, LINK is positioned for sustained growth as demand for its oracle services continues to rise.
Traders Accumulate LINK Amid Increased Activity
The past 24 hours have witnessed a notable increase in LINK acquisitions. According to data from IntoTheBlock, 306,510 LINK tokens, worth approximately $4.5 million, were purchased, leading to negative exchange netflow. This trend indicates that traders are moving LINK from exchanges to private wallets for long-term holding, reflecting strong market confidence.
Additionally, Chainlink’s daily active addresses have surged to their highest levels since December 2022. A rising number of active addresses typically signals increased trader participation and potential for further buying activity, reinforcing LINK’s bullish outlook.
Technical Indicators Point to Further Gains
From a technical standpoint, LINK has broken out of an ascending triangle pattern—a bullish formation characterized by horizontal resistance and rising diagonal support. This breakout suggests an accumulation phase that could soon transition into a significant rally.
Key resistance levels to watch include $15.45 and $16.42, both identified using Fibonacci retracement levels. If LINK successfully breaches these barriers, it could reach its projected target of $17.67.
With strong market sentiment, rising adoption, and increased trader confidence, LINK remains in a bullish phase. Sustained buying pressure could drive the asset higher, making it a key token to watch in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Chainlink (LINK) Price Surges After Abu Dhabi Partnership – Is $44 the Next Target?
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