Chainlink (LINK) reached a new all-time high of $12.60 on Monday, breaking its previous record of $11.90 set in April 2022. The decentralized oracle network’s native token has been on a strong bullish run, gaining nearly 100% in the past two months.
The impressive price performance of LINK is driven by several factors, including the growing adoption and utility of Chainlink’s oracles in the decentralized finance (DeFi) sector, the increasing number of Chainlink wallets holding over 1,000 LINK tokens, and the positive sentiment and liquidity in the market.
Chainlink’s oracles are widely used by DeFi protocols to provide reliable and secure data feeds for smart contracts. According to DeFi Pulse, Chainlink is the fourth-largest DeFi project by total value locked (TVL), with over $4.7 billion worth of assets locked in its network. Chainlink’s oracles enable various DeFi use cases, such as lending, borrowing, trading, insurance, and derivatives.
Chainlink’s Token Holders Soared Amid Price Rally
Chainlink’s token distribution and investor base are also indicators of its growing popularity and demand. According to data from Santiment, the number of Chainlink wallets holding over 1,000 LINK tokens has reached an all-time high of 27,152, showing a steady increase in the past two months.
📈 #Chainlink has jumped all the way above $12.50 this weekend, crossing this threshold for the first time since April, 2022. The amount of wallets that hold at least 1K $LINK (currently worth $12,150 or more) has hit a new #alltimehigh of 27,152 wallets. https://t.co/yQ87RNZCPv pic.twitter.com/ZIBixZWP8D
— Santiment (@santimentfeed) November 5, 2023
This suggests that more investors are willing to invest a substantial amount into LINK, expecting further price appreciation. Chainlink’s technical analysis also supports the bullish outlook for the token. LINK has been trading above both the 50-day and 200-day moving averages, which are fanning out and indicating a strong uptrend.
The trading volume has also increased significantly, reflecting the increasing liquidity and interest in the market. The Relative Strength Index (RSI) is below the overbought territory, signaling healthy price action with room for growth.
Chainlink’s ecosystem is also expanding, as the network continues to secure new partnerships and integrations with various projects and platforms. Chainlink’s oracles are essential for the development and innovation of the smart contract landscape, and the network is poised to benefit from the increasing adoption and demand for DeFi services.
