Chainlink's recent surge in network growth and collaborations with major institutions have led to a 54% price rally in the last seven days. With strong fundamentals and a focus on cross-chain asset tokenization, Chainlink is poised for further growth in the next bullish wave.
Chainlink’s latest bullish surge in the second half of October resulted in a substantial uptick in network growth accompanied by a volatility surge. Meanwhile, the network growth is bound to have an impact on the demand for LINK.LINK’s price action rallied by 54% over the last seven days, however, the token was in the overbought zoneis certainly one of the top blockchain projects with the highest potential for growth once the next bullish wave starts.
For example, it has so far collaborated with the likes of Australia’s ANZ bank, Vodafone DAB, the SWIFT banking service, and DTCC, the largest securities settlement system.2. DTCC—World’s largest securities settlement system, processing $2+ quadrillion annuallySo, why are these collaborations important? Well, it turns out that these are gateways to systems that handle transactions worth billions of dollars. Such collaborations aim to into the power of blockchain oracle solutions.
Chainlink’s solutions in the cross-chain segment also put the network in a position where it can play a key role in cross-chain asset tokenization. The latter is a segment in the blockchain industry that is expected to drive robust long-term demand and utility.Chainlink’s Network Growth metric revealed that the largest spike in the last 12 hours was observed in November last year. Of course, there have been instances since then where network growth registers significant upside.
LINK has also been experiencing spikes in active addresses during those high-volatility instances. The largest spike in the last three years occurred in January 2023. That was when the market embarked on its first major rally since 2021.The latest bullish rally in the last two weeks manifested as a relatively small spike in active addresses compared to its January spike. Nevertheless, LINK addresses have been growing. At press time, LINK had over $2.
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