Chainlink May Rally Toward $29 as New Addresses and NVTS Return to November 2024 Levels

• Chainlink price bullish above $24.3–$25, targeting $29.26

• New and Active Addresses rose to ~2,163, matching November 2024 on-chain heat.

• LINK recorded ~38.6% gains over the past 30 days while NVTS retested early-November 2024 levels.

Chainlink price shows bullish momentum as on-chain metrics rebound; read the on-chain signals and levels to watch — track support at $24.3–$25 and target $29.26.

What is driving the Chainlink price rally?

Chainlink price momentum is driven by rising on-chain activity and an improving NVTS (NVT Signal). New and Active Addresses have climbed since June and returned to November 2024 levels, supporting bullish technical structure on the 4-hour chart above $24.3–$25.

How are on-chain metrics signaling strength for Chainlink?

New Addresses reached approximately 2,163, aligning with November 2024 readings. Active Addresses also trended higher and were nearing similar historical highs. These metrics suggest renewed network usage and increased demand, which historically preceded strong LINK rallies.

Key Takeaways

Chainlink saw rising New and Active Addresses as NVTS returned to November 2024 levels; the 4-hour chart favored bulls above $24.3 to $25, with $29.26 next.

Chainlink rose throughout August.

Despite volatility around Bitcoin BTC, LINK bulls have managed to perform relatively well, making 38.6% gains in the past 30 days.

On-chain heat builds

Source: Glassnode

The bullish sentiment explained the uptick in on-chain activity. Using Glassnode data, COINOTAG analysis found that New Addresses have trended higher since June.

At press time, New Addresses were ~2,163, roughly in line with November 2024 levels. This rise in fresh addresses supports the view of renewed retail and protocol-level interest.

Source: Glassnode

Active Addresses were also trending higher and nearing November 2021 levels. Combined, these metrics indicate rising network engagement — a favorable backdrop for token appreciation if demand persists.

While higher activity can precede rallies, it does not guarantee them. Historical parallels make future gains plausible, especially if Bitcoin and Ethereum see further strength that funnels capital into LINK.

What other signs could Chainlink appreciate?

Source: Glassnode

The Network Value to Transactions Signal (NVTS) was trading near levels seen in early November 2024 — the period that preceded the LINK move from $10.56 to $29.26. NVTS uses a long-term moving average of daily transaction volume to smooth short-term noise.

A relatively low NVTS implies LINK may be undervalued versus its on-chain utility. The recent NVTS retest strengthens the technical case for a continuation of the rally if network activity and market demand remain consistent.

LINK chart holds support

Source: LINK/USDT on TradingView

The 4-hour chart shows LINK trading inside a rising channel and above the former resistance at $24.88, which now acts as a key support region. The $24.3–$25 demand zone is critical; holds there would likely attract buying toward channel highs and the $29.26 target.

Moving averages, the Awesome Oscillator, and the A/D indicator currently favor buyers. Traders should watch for a confirmed retest of $24.88 as support or a decisive break below $24.3 that would invalidate the near-term bullish bias.

Frequently Asked Questions

What levels should traders watch for Chainlink price action?

Watch the $24.3–$25 demand zone for support and $29.26 as a near-term upside target. A confirmed hold above $24.88 strengthens bullish momentum; a break below $24.3 would increase downside risk.

How do on-chain metrics like NVTS affect LINK’s outlook?

NVTS measures market value relative to transaction volume; a low NVTS indicates relative undervaluation. LINK’s NVTS retesting early-November 2024 levels supports a bullish case if network activity stays elevated.

Key Takeaways

• On-chain momentum: New and Active Addresses rose to ~2,163, suggesting renewed network activity.
• Technical structure: LINK trades in a rising channel and needs $24.3–$25 support to target $29.26.
• Actionable insight: Monitor NVTS, address growth, and Bitcoin/Ethereum strength for directional confirmation.

Conclusion

Chainlink price currently benefits from rising on-chain metrics and a bullish 4-hour structure. LINK needs to hold the $24.3–$25 zone to maintain the path toward $29.26; traders should combine NVTS readings and address growth with price action for confirmation. Follow on-chain signals and chart levels for the next actionable setups.