On May 17, a survey released updated data on the progress of the Chainlink network (LINK), which recently achieved a significant milestone in its ecosystem. According to the cryptocurrency analytics platform IntoTheBlock, the latest search trend data for Chainlink indicates a substantial increase in network activity.
The analysis revealed that the number of Chainlink transactions has experienced a recent surge, nearing its monthly peak. “Although Chainlink has seen a period of reduced activity lately, the number of transactions has started to skyrocket. The network recorded 5,820 transactions yesterday, approaching its monthly maximum,” the report stated.
Furthermore, the latest search trend data for @chainlink shows a significant spike in activity. The accompanying image provided by IntoTheBlock illustrates the on-chain developments.
However, despite the surge in attention and activity, there has been no significant increase in new addresses. Monthly data shows a stable inflow, indicating a balanced sentiment. The report noted, “Despite this increase in attention and activity, there is no notable increase in new addresses. The monthly data shows a stable inflow, which is neither overly optimistic nor bearish.”
Regarding currency data, the analysis highlighted mainly net withdrawals from exchanges, suggesting a behavior of accumulation. “Delving deeper into this matter, we can observe that large holders have predominantly engaged in positive accumulation over the past month. Addresses holding more than 0.1% of the supply have accumulated a net total of 25 million $LINK in the last 30 days.”
It is important to note that previous surveys have indicated that the cryptocurrency Chainlink has displayed signs of accumulation, while the LINK network has led the activity data. An analysis released on May 6 by the IntoTheBlock platform revealed that LINK is showing signs of accumulation amid a negative net exchange flow for the token in April.
“Despite recent price movements, data from last month shows a negative net flow from exchanges for $LINK, indicating accumulation. During this period, the total net outflow amounted to almost 3.6 million $LINK,” the report stated.
At the time of publication, the price of Chainlink stood at $16.22, representing a 0.6% increase in the last 24 hours.
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