Chainlink (LINK) has risen nearly 24% in just a period of one week. The price of $15.65, according to data from the on-chain analytical company Santiment.
The growth in active addresses is the main reason for this rise in LINK price. Since the 24th of February, which was the date of the beginning of the Russia-Ukraine conflict, each increase in active addresses has caused the price to go higher.
Active Address Price Divergence Data Indicates Bullish Sentiment.
Santiment announces in a tweet from Monday that the addresses to the price divergence charts displays the bullish points in price movements. In general it is the case that it is the case that LINK price has increased after the active address price divergence has moved into the green zone as shown on the graph. The Santiment data also shows the retracement levels at which price movement has generally reversed.
In January in January, the Chainlink active address for price dropped dramatically and topped out at the level of which led to that LINK price plummeting dramatically.
In March the Chainlink active address for price has been moving into the green zone creating numerous spikes which resulted in the LINK price rising. This data confirms the bullish trend which is leading the price higher from here.
Based on the current Santiment active price divergence information that the price is likely to rise over the next few days. As of the time of writing The LINK price has increased by almost 7% over the past 24 hours, the price is currently trading around $15.65.
The price action shows an uptrend within the upward channel, with a view to cross the resistance level at $15.80. Should the LINK price breaches the March 2nd resistance zone the price may move much higher.
Santiment Share on Twitter about Chainlink
🔗📈 #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. https://t.co/CnRNCvKsQ7 pic.twitter.com/YV77IGXEiF
— Santiment (@santimentfeed) March 21, 2022
Source: Google News Trend