New Chainlink Addresses Hit Highest Levels Since January – LINK Network Growth Accelerates

Chainlink is exchanged at crucial demand levels after days of consolidation below the sign of $ 20, fighting to recover the momentum in the midst of a wider uncertainty of the market. The entire cryptocurrency market has faced greater volatility and instability after weeks of sales pressure. Investors remain at the limit after Friday bybit, which saw $ 1.5 billion stolen from Eth, further fueling fear and caution at the market level.

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Despite the uncertainty, Chainlink is showing signs of strength. The key data of Glassnode reveal that the growth of the chain network is accelerating, with the number of new $ links addresses that increase to 2,298, its highest level since January. This peak of network activities suggests an increase in adoption and a renewed interest from investors, potentially reporting a movement of the feeling for cryptocurrency based on Oracle.

While Chainlink continues to consolidate at key levels of demand, the traders are observing a potential breakout up close. A strong recovery in the growth of the network could translate into a higher purchase pressure, helping to connect the levels of critical resistance and escape its current interval. However, if the bearish feeling persists, link could have difficulty maintaining support, leading to a further disadvantage. With the market in a fundamental point, the next few days will be crucial in determining if Chainlink can capitalize on his growing network activity and push higher.

Chainlink grows between uncertainty

Chainlink has continued to expand despite the wider uncertainty of the market and volatility, demonstrating resilience even if the prices fight to break the key resistance levels. While many Altcoin have undergone extreme sales pressure in recent weeks, Link has held the areas of crucial demand strongly, keeping its most performing project position in the Oracle sector.

One of the key drivers of Chainlink’s strength are its continuous strategic partnerships, including its collaboration with XRP, which highlights the growing demand for reliable decentralized data solutions in the Blockchain space.

While the market looks to the future, chain investors remain optimistic on the potential of the project in 2024. Many analysts predict that Link has a bullish year, with the increase in adoption that feeds the further appreciation of prices. The analyst of the best Ali Martinez shared Glassnode data on X, revealing that the growth of the chain network is accelerating significantly.

The number of new connection addresses has increased to 2,298, its highest level since January. This increase in the activity of the network suggests a growing interest and adoption of investors, both generally upward indicators for price action.

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With this growing momentum, Chainlink seems to position himself as one of the most promising projects in the cryptocurrency sector. If this continuous trend, link could see a Breakout rally in the coming months, consolidating its role as a critical infrastructure component for decentralized applications and intelligent contracts.

Price action details: crucial demand test

Chainlink (link) is currently exchanged at $ 17 after several attempts to recover the exponential average of 200 days (EMA) around the level of $ 18. Tori are facing a critical moment while the connections consolidate below the key resistance , fighting to get enough momentum for a breakout. If buyers enter and recover the level of $ 18, the next main obstacle will be the psychological sign of $ 20. A strong push above this level could trigger an aggressive rally in higher price objectives, preparing the foundations for one Relizist continuation.

However, if Link cannot hold the support level of $ 17, the price could face a renewed sales pressure, leading to a potential drop in lower demand areas. Given the current uncertainty of the market, investors are monitoring these levels up close to determine the next directional move. The recent increase in the new chain addresses, as reported by Glassnode, suggests a growing interest of investors, which could provide the fuel necessary for a tendency to rise.

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In the next few days, all eyes will be on the fact that the connection can establish a force above 200 days and to claim the sign of $ 20. A decisive breakout would confirm the bullish momentum, while a further disadvantage could indicate a consolidation prolonged or a potential repetition of lower support levels.

First floor image from Dall-E, TradingView chart