The native token of Chainlink, a blockchain-based oracle network that connects smart contracts to real-world data, has seen a 40% rise in its price in the last 7 days. As of the time of writing, the token trades near $24, showing strong recovery from previous levels.
As per Santiment, Chainlink is seeing its highest level of bullishness since February 1. It has also recently recorded the highest number of active LINK addresses in eight months, while whale transactions have reached a seven-month high. This suggests growing interest from both regular investors, large holders and builders using Chainlink solutions.
Besides onchain activity, Chainlink’s partnerships are also boosting the token’s market confidence. The project teamed with the Intercontinental Exchange to bring foreign exchange and precious metals data on-chain. This links LINK token to traditional finance and increases its real-world use.
Technical signs point to more gains. Analysts say staying above $24 could lead LINK to $30. The Relative Strength Index is in the mid-60s, meaning there is still room before LINK becomes overbought.
LINK remains about 55% below its May 2021 all-time high of $52.88. Like Stellar, Hedera, and Litecoin, it has not yet reached its 2021 peaks. Some analysts say traders may wait for popular coins from 2021 to reach old highs before selling at breakeven.
The recent rise shows strong confidence among investors. Increased on-chain activity, institutional interest, and positive technical signs support the price. If trends continue, LINK could approach previous highs, offering opportunities for investors.
