LINK Is Up 24% in Weeks: But This Key Growth Metric Is Barely Moving

LINK was halted at $15.80 recently, and it's down by over 4% in the past 24 hours. However, the broader scale is much more different. Chainlink’s LINK has rocketed by approximately 24% since the start of September, but the latest on-chain data from Santiment reveals an unusual disconnect as new wallet creation has barely moved in the right direction. Today’s price correction, though it’s happening alongside the rest of the market, has raised questions about whether demand is keeping pace with the recent rally or whether another leg down is in the making. The Good and the Bad The analysts from Santiment Intelligence noted that Chainlink averaged 1,249 new addresses per day during the four weeks ending October 6, compared with 1,225 during the four weeks leading up to September 1. This is a very modest increase of less than 2%, even though the native token rocketed by almost 25% within the same period. The contrast with other chains such as Solana is worth mentioning. Santiment reported that new SOL addresses skyrocketed 33% alongside a price surge of around 20% over comparable periods. Ethereum looked more similar to Chainlink, with new addresses remaining relatively flat. However, ...