Chainlink (LINK) Price Up 24%; On-Chain Data Indicates Bullish Sentiment Ahead

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Chainlink (LINK) is up nearly 24% in a week, with the current price trading at $15.65. According to data from on-chain analytics firm Santiment, the increase in active addresses activity is the reason behind this rally in the LINK price. Since February 24, the start of the Russia-Ukraine war, every rise in the active addresses had pushed the price to shoot higher.

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Active Address Price Divergence Data Indicates Bullish Sentiment

Santiment reports in a tweet on Monday that the active address to price divergence chart shows points of bullish price movements. Typically, the LINK price has rallied after the active address to price divergence moves in the green zone, as depicted in the chart. The Santiment data also reveals the retracement levels where the price movements have generally reversed.

Source: Santiment

#Chainlink is +24% since bottoming out on #war news back on February 24th. Upticks have been driven by spikes in $LINK address activity, where pushes in active address/price divergence into the green zone have worked as excellent #bullish validators.

In January, the Chainlink active address to price dipped massively, bottoming out near the level of 68, which resulted in the LINK price plummeting rapidly.

Also, in March, the Chainlink active address to price has moved in the green zone, forming numerous spikes, resulting in the LINK price moving higher. Thus, the current data validates bullish sentiment, pushing the price to move higher from here.

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LINK Price Movement Expectations

As per the current Santiment active address price divergence data, the price is expected to move higher in the next couple of days. At the time of press, the LINK price has rallied nearly 7% in the last 24 hours, with the price trading near $15.65.

The price action paints a bullish movement in the upside channel, looking to cross the resistant level at $15.80. If the LINK price breaks the March 2nd resistance level, it could move significantly higher.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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