Chainlink (LINK) has hit its highest price in two years despite the market-wide correction that has hit the crypto space.
According to on-chain analytics platform Glassnode, this is due to the strengthening fundamentals of the cryptocurrency.
At the time the information was released by the firm, the Futures Open Interest (OI) for LINK had also hit an all-time high of $770.27M.
LINK beats TRON and TON
LINK’s fundamentals have strengthened, beating other strong assets like TRON and TON. While LINK’s OI is at $770M, Glassnode’s data showed that that of TON is at $259M, and TRX at $356M.
The OI being 3X that of TON and 2X that of TRX indicates there’s massive trading activity going on, which may explain the explosive price growth.
The LINK network also saw significant profit-taking activities in the spot market with $35.57M in realized profits, making it the second 2nd largest profit-taking event for LINK this year.
While Glassnode admits that the price surge was driven mainly by speculative short-term market activity, it also admits that the asset’s fundamentals are improving.
This is first indicated by the active addresses momentum which is trending higher, with the short-term SMA of 6,682 still above the long-term SMA of 5,878.
There is however still much more room for growth, as the active addresses remain far below the 2021 peak of 23,416.
Current market trends
After the massive profit-taking event of yesterday, LINK’s price has dropped from the 2-year high of $30.7 and is currently trading at $28.59 at the time of reporting, according to Coin Market Cap.
It however remains one of the strongest assets with 22.58% gain in the last seven days and 2.46% in the last 24 hours when most top assets are red.
What do you think?
Join Techgaged on Telegram
Get first-access to daily trending tech stories, AI breakthroughs, and more, before it hits your feed.
