Chainlink dey eye $29 rally as new addresses and NVTS reach November 2024 levels
Chainlink (LINK) don regain the bullish momentum as di on-chain metrics, like New and Active Addresses plus di Network Value to Transactions Signal (NVTS), dey climb back to November 2024 level. New Addresses reach about 2,163, matching last November on-chain activity, while Active Addresses dey close to similar peaks. For di past 30 days, LINK don gain 38.6% even as Bitcoin (BTC) and Ethereum (ETH) movements steady.
For di 4-hour chart, LINK dey trade inside one rising channel above di $24.3–$25 demand zone, with di former resistance at $24.88 now be key support. If e hold confirmed above $24.88, e fit push Chainlink go di $29.26 target. But if e break below $24.3, di bullish bias go invalidate.
Di NVTS retest for early-November 2024 levels show say LINK fit be undervalued compared to im transaction volume, this one reinforce di chance for further upside if network activity and market demand strong. Traders suppose dey watch di on-chain metrics, how Bitcoin and Ethereum dey perform, plus key chart levels to confirm di next actionable setup.
Bullish
Renewed on-chain metrics—New and Active Addresses dem hit peaks for November 2024—and NVTS retest for previous low levels don always come before strong LINK rallies (especially di move from $10.56 to $29.26 for late 2024). Technicals for 4-hour chart dey favor buyers wey dey above $24.3–$25 demand zone, with $24.88 as important support wey turn resistance. If dem hold these levels well, e fit cause more upside reach $29.26, but if e break down, e go cancel the bullish case. Short term, increasing network use and low NVTS signal show say LINK dey undervalue and traders get good sentiment. Long term, steady on-chain growth and strong crypto market (BTC/ETH) fit still push LINK higher.