Chainlink Network Growth Accelerates with New Addresses Reaching 2,298

Chainlink is currently trading near key demand levels after consolidating below $20, facing challenges amid market volatility and uncertainty. The crypto market experienced heightened instability following a significant hack on Bybit, resulting in the theft of $1.5 billion worth of ETH.

Chainlink's network growth is accelerating, with 2,298 new addresses—its highest since January—indicating increased adoption.
Traders are monitoring for a potential breakout as LINK maintains its position above crucial demand zones despite broader market pressures.
Strategic partnerships, such as collaboration with XRP, contribute to Chainlink's resilience and appeal.
Analysts predict LINK could see bullish momentum in 2024, supported by growing demand for decentralized data solutions.

Currently priced at $17, LINK is testing resistance around the 200-day EMA at $18. A reclaim of this level could initiate a rally towards $20. Conversely, failure to hold support at $17 may prompt further selling pressure, risking declines into lower demand zones.

Investors are focused on whether LINK can establish strength above the 200-day EMA and successfully break through the $20 mark in the coming days.