$LINK on the rise following the continuous growth of the DeFi sector and the risk-on tendencies on the cryptocurrency market
, an innovative oracle network that connects smart contracts to real-world data, has been seeing a considerable surge in its network activity, indicating strong bullish sentiment in the market. Recently, the network's address activity experienced a 10% uptick, showing increased user engagement and on-chain activity.
price action. Over the past weeks, the price of LINK has seen a significant rally, marking a 26% increase since reaching its local bottom. As of this writing, the cryptocurrency is trading at $6.3, a level last seen in June. This upward trend indicates renewed investor interest and a possible end to the bearish phase that has gripped the token for some months.The burgeoning DeFi sector is playing a pivotal role in Chainlink's bullish tendencies.
This has not only resulted in a surge in Chainlink's usage but also positively impacted the price action of LINK. As the DeFi ecosystem continues to expand, the demand for Chainlink's oracle services is expected to grow, potentially driving LINK's price even higher.
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