The Great LINK Surge

Chainlink’s LINK token has pulled off a jaw-dropping 61.3% hike between October 20 and October 25. This glory ride peaked at a whopping $11.78, a level not seen since May 2022. However, it seems that the party wasn’t meant to last forever as LINK has now stabilized around $10.50. Investors are holding their breath, pondering if this new price plateau is a rock-solid foundation or more like quicksand in disguise.

Bitcoin vs. LINK: Who’s the Boss?

Now, hold onto your hats—this bull run didn’t happen in a vacuum. During the same timeframe, Bitcoin strutted its stuff with a 23% jump. By comparison, LINK came out as the prom queen, overshadowing Ether’s 14% and SOL’s 28% gains. Clearly, there’s a new kid on the block, and the market is turning heads towards Chainlink and its decentralized oracle network.

Partnerships: Chainlink’s Secret Weapon

LINK’s latest performance can be linked (pun intended) directly to a string of exciting partnerships and developments. For instance, November is set to bring a native staking upgrade. The initial staking pool filled up in less than three hours—just a tad quicker than your average buffet line at Thanksgiving. This upgrade promises more flexible withdrawals and better security features, giving investors even more reasons to cheer.

• Integration with Advanced Crypto Strategies DAO
• Services for Ethereum’s derivatives platform
• Joining the digital custody world with Cobo Global

Not to forget the news that Vodafone has joined the Chainlink family as a node operator. Who knew telecom could be so cool?

Peeking Behind the Bankruptcy Curtain

For a minute, it looked like heavy storms were brewing with the FTX and Alameda Research bankruptcy worries. But fear not! The Delaware Bankruptcy Court has approved the sale of assets including LINK. Despite initial panic about a $3.4 billion liquidation looming over the market like a bad smell, recent wallet transfers from this bankruptcy estate have been more of a gentle breeze.

Riding the Long Wave

As October rolled in, so did a renewed interest in mid-cap altcoins alongside Bitcoin’s rise above $32,000. It seems quite a few traders decided to take the plunge, with demand for leveraged long positions soaring to a three-month high. Currently, the funding rate for leveraging stands at a doozy of 0.014%, which isn’t too much for traders using leveraged positions. That’s right; traders are feeling pretty optimistic!

Chainlink: Addressing the Elephant in the Room

Speaking of confidence, the number of active addresses on the Chainlink network has hit an 11-month high, according to Messari and Coin Metrics data. To put things in perspective, the last time active addresses were this high, we were sitting pretty at a price of $38.32 back on November 7, 2022. Sure, we had some bumpy rides since then, but clearly, we now have some exciting developments on the horizon for LINK.