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Chainlink (LINK) has recently achieved a significant milestone, surpassing $20 trillion in total transaction value, enhancing its appeal to investors.
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As interest in LINK grows, the cryptocurrency has reported major increases in both trading volume and active user addresses, signaling a bullish trend.
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According to COINOTAG, “This upward momentum could lead to substantial price increases in coming days,” indicating a robust market sentiment for LINK.
Chainlink’s total transaction value has exceeded $20 trillion, attracting investor interest and indicating a potential bullish trend for the cryptocurrency.
LINK’s TVE Surpasses $20 Trillion
On its path of continuous growth, Chainlink’s Total Value Extracted (TVE) now highlights a remarkable achievement, crossing the $20 trillion mark. This metric reflects the cumulative value of all transactions conducted using Chainlink’s oracle services, showcasing its significance in the DeFi ecosystem.
Source: Chainlink
Such a high TVE is a clear indication of Chainlink’s adoption across various blockchain networks and protocols, highlighting the reliance on its price data services.
The positive market response to this achievement has reflected in several indicators, including increased usage and renewed buying activity from traders eager to capitalize on LINK’s growth.
Traders Accumulate LINK as Activity Surges
In the past 24 hours, LINK has seen intensified accumulation activity, with approximately 306,510 LINK tokens acquired, equivalent to around $4.5 million. This spiraling interest has resulted in a negative exchange netflow, suggesting a shift in trader mindset toward long-term holding.
Negative exchange netflow indicates that more users are transferring their LINK to private wallets instead of trading, aligning with a growing market confidence.
Source: IntoTheBlock
This surge in LINK purchases corresponds with an increase in daily active addresses, which have reached their highest numbers since December 2022, emphasizing heightened trader engagement.
The rise in active addresses is a promising sign for LINK’s trajectory as it suggests increasing participation, further enhancing the likelihood of continued buying momentum.
LINK Remains in a Bullish Phase
Currently, LINK is characterized by a bullish trend, reinforced by its technical chart patterns. The cryptocurrency appears to be breaking out from an ascending triangle, signifying accumulation patterns that often precede significant price movements.
Should LINK maintain its current trajectory, analysts predict it may reach a price target of $17.67, contingent on overcoming resistance levels.
Source: TradingView
Utilizing Fibonacci retracement levels, market analysts have identified two critical resistance thresholds at $15.45 and $16.42 that LINK must breach to sustain its upward momentum towards the anticipated target.
In summary, the prevailing sentiment in the market remains optimistic. As LINK continues to attract buyers, sustained pressure could very well propel it closer to achieving new price heights.
Conclusion
In conclusion, Chainlink’s recent accomplishments, including surpassing $20 trillion in TVE, alongside rising trader engagement and bullish patterns, indicate a favorable outlook for LINK. The combination of increased acquisitions and active participation reflects growing confidence among investors, likely positioning LINK for noteworthy advancements in price as it navigates critical resistance points.
