cryptoglobe.com
Chainlink ($LINK) and three other altcoins are poised for potential gains, powered by encouraging on-chain data, at a time in which the price of the flagship cryptocurrency Bitcoin ($BTC) is trading within a tight range between $26,000 and $27,000.
According to popular on-chain analytics firm Santiment, decentralized oracle network Chainlink is witnessing a surge, notably backed by a spike in unique address interactions, with these reaching a two-month high near 4,000 recently.
📊 As #Bitcoin remains in its $26K to $27K range, more #altcoins are spiking following whale accumulation and network growth. $LINK has notably climbed to $7.08, and $EXRD surged up to $0.067. Less social volume in #crypto means more and more projects are moving under the radar. pic.twitter.com/CPipEc0fsX
— Santiment (@santimentfeed) September 23, 2023
The analyst firm noted that Chainlink’s price may keep on rising, especially if the wider market continues to overlook its trajectory. The decentralized oracle network’s native token is at the time of writing trading at $7.3 after rising more than 9% over the past week, and over 23.5% over the last 30 days.
Notably, the decentralized oracle network launched last month for early access users its Cross-Chain Interoperability Protocol (CCIP), aiming to bolster cross-chain applications and services.
The protocol is now functional for these users on the Avalanche, Ethereum, Optimism, and Polygon blockchains, after the protocol was tested by at least 25 partners that are now starting to move to the mainnet.
These partners include major decentralized finance protocol Aave and the decentralized liquidity platform, Synthetix. The protocol, according to the Chainlink team, will soon be adoptable by other leading decentralized finance protocol.
The interoperability protocol has been a key component behind Chainlink’s partnership with SWIFT, the international payment and messaging system predominantly used by banks worldwide.
However, Chainlink isn’t the only crypto catching Santiment’s eye. The firm is also monitoring Loom Network ($LOOM), Frontier ($FRONT) — a decentralized finance (DeFi) aggregation stratum – and the layer-2 blockchain ImmutableX ($IMX).
Per the firm, as adoption for these altcoins grows the three altcoins have been outperforming, as first reported by Daily Hodl.
📈 #Loom (+145%), #Frontier (+138%), and #ImmutableX (+29%) have been strong performing assets over the past week. Each has enjoyed major network growth (new addresses being created). If this growth is maintained, their prices can continue their rallies. https://t.co/UxPv54JsjN pic.twitter.com/MUWg9dWI19
— Santiment (@santimentfeed) September 22, 2023
The firm added that if these networks keep on growing and new addresses keep on being created they may be able to sustain their rallies into the future and keep on outperforming the market.