Over the past three months, the pace of development of the Chainlink network has significantly accelerated, in any case, this conclusion was made by the team of the analytical company Santiment. According to them, at the moment the number of new daily created active addresses is 143% higher than three months ago.
LINK’s growth, measured by the number of new daily active addresses created, continues to grow rapidly. To date, 5,301 new addresses have been created, which is 143% more than 2,189 addresses three months ago. Five days ago, that number almost reached 10,000.
$LINK’s network growth, which measures the amount of new daily active addresses created, continues its rapid rise. As of today, its 5,301 new addresses created is 143% higher than its 2,189 three months ago. This number nearly hit 10k five days ago. https://t.co/W3yWIB4TX5 pic.twitter.com/Uo8Hjqs159
– Santiment (@santimentfeed) January 23, 2021
As you can see in the chart above, LINK’s price correlates with the growth of the Chainlink network, and it is an exact copy of Metcalfe’s Law, which was the basis of cryptanalysis by consultant Timothy Peterson.
In his latest analysis of Chainlink, Peterson defined LINK as “fairly priced” compared to Bitcoin and Ethereum, which, by contrast, contain signs of a bubble.
ChainLink is priced fairly. Bitcoin and Ethereum are showing signs of a bubble that LINK does not.
#ChainLink is fairly valued. There’s a bubble in #bitcoin and #ethereum that is not present in $LINK. pic.twitter.com/uBy6XiKLRe
— Timothy Peterson (@nsquaredcrypto) January 23, 2021
Given the rapid increase in daily active addresses and Peterson’s peculiar analysis, it can be concluded that the digital asset is still holding its positions in the crypto market, registering a new record level of $ 25.50.
Chainlink is trading at $ 23.5 at the time of writing, forming significant short-term support in the price zone between $ 23-24. If LINK holds above this area, then this week may well end with an upward movement.
However, as with other altcoins, the fate of Chainlink largely depends on the price movement of bitcoin.
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