A surge in network activity and increased adoption throughout DeFi may have played a role in LINK rallying above $20.
Chainlink’s native token (LINK) showcased a 16% rally between Feb. 9 and Feb. 12 to trade at $20.85 a level not seen since January 2022. This has brought its market capitalization to $11.67 billion and overtakes Dogecoin (DOGE) to become the 10th largest cryptocurrency by market capitalization.
LINK’s price rally is accompanied by increasing network activity and a rise in trading volume. Notably, the price still remains within the confines of an ascending parallel channel, hinting at the potential for more upside.
Data from IntoTheBlock highlighted Chainlink network activity hitting a 22-month peak alongside an increase in active and new addresses.
