Toncoin

Chainlink

Decentralized oracle network Chainlink (<a href="https://yellow.com/asset/link">LINK</a>) is experiencing a significant upswing in its on-chain momentum alongside an increase in its market value, according to new data from market intelligence firm Glassnode. This uptick reflects improvements in LINK's foundational metrics, as indicated by the rise in active address momentum. 
Although LINK's price <a href="https://dailyhodl.com/2024/12/13/decentralized-oracle-network-chainlink-link-witnesses-rising-on-chain-momentum-as-price-surges-glassnode/">increase</a> is largely driven by speculative and short-term market dynamics, there is also notable progress in its underlying fundamentals. 
The short-term simple moving average (SMA) for active addresses is 6,682, outpacing the long-term SMA of 5,878. However, current levels are still markedly lower than the 2021 peak of 23,416 addresses, Glassnode reports via social media platform X. 
Additionally, LINK has achieved its highest price point since 2022, with futures open interest reaching an unprecedented $770.27 million, signaling substantial trading activity. For context, LINK's open interest is significantly higher than that of Toncoin (<a href="https://yellow.com/asset/ton">TON</a>) at $259 million and Tron (<a href="https://yellow.com/asset/trx">TRX</a>) at $356 million. 
Glassnode further elaborates on trading trends, highlighting that both ultra short-term and short-term investors have been active in profit-taking. On a recent day, $35.57 million in profits were realized, marking the second largest profit-taking event for LINK this year, closely following the February 11 peak of $40.39 million. 
Short-term market participants accounted for most of this activity, while long-term holders remained predominantly inactive. 
As of this writing, LINK is valued at $24.96, reflecting a 6.5% decrease over the past 24 hours.

Chainlink Sees Surge in Network Activity as LINK Price Hits New Highs

Yellow News

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