Quick take:
- The open interest on Chainlink futures contracts has hit an all-time high of $287 Million
- Chainlink has just hit an all-time high of $22.67 – Binance rate
- Chainlink has also had the highest day of active addresses in 5 months
- LINK has the potential to keep moving up but its bullishness is hinged on Bitcoin’s stability
The aggregated open interest on Chainlink (LINK) futures contracts across major crypto exchanges, has just hit a new all-time high of $287 million. This is according to data from Bybt.com which indicates that the open interest has just hit $287.72 million as seen in the following chart courtesy of the tracking website.
Chainlink Hits a New All-time High of $22.67
The record levels of open interest on Chainlink futures contracts come at a time when LINK has set a new all-time high of $22.67 – Binance rate. The new all-time high might be broken a few times this weekend if Bitcoin continues to provide the ideal environment for LINK to thrive. Trader and investor interest with respect to Chainlink is in high-gear and only a volatile Bitcoin can ruin the party.
Chainlink Experiences Highest Day in Active Addresses in 5 Months
The interest and excitement surrounding Chainlink is evident in the amount of daily active addresses. According to data from the team at Santiment, Chainlink has also had its highest day in active addresses in 5 months. The team at Santiment shared their observation of the Chainlink network via the following statement and accompanying chart.
The best kinds of All Time Highs are when projects like #Chainlink, which hit $22.42 today, are backed by great fundamental usage. With this historic achievement, our metrics indicate that $LINK had the highest day of active addresses in ~5 months.
Chainlink Could Continue on its Bullish Path for A few More Weeks
A closer look at the Chainlink daily chart reveals that LINK has the potential to repeat the bullishness witnessed between mid-July and mid-August last year. During this time period, LINK rallied hard to its previous all-time high of $20 due to LINK marines banding together in an attempt to liquidate Zeus Capital.
Therefore, using the past scenario as a template, LINK could thrive for another two to four weeks during which it could continually set and break new all-time highs.
As with all analyses of Chainlink, traders and investors are once again reminded that Bitcoin has to provide the ideal environment for LINK to thrive. Therefore keeping an eye out for any sudden BTC movements is advised when trading Chainlink.
