Chainlink: How the FTX crash turned out to be a silver lining for LINK



  • Chainlink profited from FTX crash as address activity surges, hitting year-to-year high
  • Trades involving LINK may have taken a back seat with its price amid a decline or a further rise

Chain link [LINK] answer to the FTX Collapse this wreckage around the market has been full of favor. While panic became the order of the day, that was not the circumstance for LINK.

In fact, active addresses on the network have started an incredible increase since the incident. Interestingly, the push had not stopped. This could be seen because Santiment reported that address activity soared to the highest level since May 2021.

Lily Chain link [LINK] price prediction 2023-2024

A review of the information showed that between November 9 and November 17, LINK maintained a daily active address count of around 8,000. This meant that there was more demand for LINK during the period, alongside an excellent number of unique deposits.

Where is LINK’s next destination?

As of this writing, the active address condition seems to have a slight impact on the price. According CoinMarketCap, LINK traded hands at $5.90. This price represented a 1.95% increase in its value over the past 24 hours.

On the daily chart, LINK had struggled to maintain a strong support zone. As of November 15, LINK helped support at $6.12. However, the token had lost its grip on the region, with the last one being $5.58. However, the support level helped trigger the recent rise, given the reversal shown on the chart.

Source: Trading View

Additionally, the Bollinger Bands (BB) seemed to support a rise in price. This was due to the extreme volatility displayed by the BB. Therefore, a further price increase was an option.

On the other hand, LINK’s shooter futures protection indicated bearish momentum, according to the exponential moving average (EMA). At press time, the 20 EMA (green) was below the 50 EMA (yellow). So, it was possible that the price of $5.90 could be lower in the next few days.

On-chain analysis

As for on-chain status, LINK’s network growth had fallen to the brim. At press time, data from Santiment show that network growth decreased from 7474 to 1914. This status indicated that the active address push was involved in LINK transactions through November 15. However, these addresses have lately been hesitant to transfer and deposit assets through the network.

This reduced attendance had also extended its circulation, as LINK’s one-day circulation was 1.57 million. The value was a significant drop from the previous week’s highs. This implied that interest in LINK may now be waning.

Chainlink Circulation and Network Growth

Source: Santiment

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