{"id":448703,"date":"2024-12-04T01:30:03","date_gmt":"2024-12-03T20:00:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=448703"},"modified":"2024-12-03T15:19:25","modified_gmt":"2024-12-03T09:49:25","slug":"chainlink-despite-30-rise-in-24-hours-is-link-still-undervalued","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/chainlink-despite-30-rise-in-24-hours-is-link-still-undervalued\/","title":{"rendered":"Chainlink: Despite 30% rise in 24 hours, is LINK still undervalued?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">LINK spiked by over 30% in the last 24 hours.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">It remained undervalued overall despite this spike in price.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As <a href=\"https:\/\/ambcrypto.com\/category\/chainlink-news\/\" target=\"_blank\" rel=\"noopener\">Chainlink [LINK]<\/a> crosses significant milestones, including a $15.87 billion market cap and a price rally to $25.08, the question arises: is LINK still undervalued? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With its crucial role in powering decentralized finance (DeFi) through Oracle services, Chainlink&#8217;s fundamentals and on-chain metrics suggest a story of growing utility and demand. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBcrypto&#8217;s analysis of its Total Value Secured (TVS), daily active addresses, MVRV ratio, and price action provided insights into whether LINK&#8217;s current valuation aligned with its potential.<\/span><\/p>\n<h2><b>Rising demand for Chainlink oracles<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The TVS chart from <a href=\"https:\/\/defillama.com\/oracles\/Chainlink\" target=\"_blank\" rel=\"noopener\">DeFiLlama<\/a> revealed <a href=\"https:\/\/ambcrypto.com\/chainlinks-low-long-term-risk-is-it-time-to-buy-as-link-consolidates\/\" target=\"_blank\" rel=\"noopener\">Chainlink\u2019s<\/a> expanding dominance in the DeFi ecosystem. Having climbed steadily throughout 2024, the TVS exceeded $60 billion at press time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The increase reflected increased adoption of Chainlink\u2019s data feeds across decentralized applications.\u00a0<\/span><\/p>\n<figure id=\"attachment_448704\" aria-describedby=\"caption-attachment-448704\" style=\"width: 909px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/download-1.png\"><img decoding=\"async\" class=\"size-full wp-image-448704\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/download-1.png\" alt=\"Chainlink TVS\" width=\"909\" height=\"540\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/download-1.png 909w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/download-1-300x178.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/download-1-768x456.png 768w\" sizes=\"(max-width: 909px) 100vw, 909px\" \/><\/a><figcaption id=\"caption-attachment-448704\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The rising TVS aligns with the increased activity across DeFi protocols, with Chainlink benefiting as more projects integrate its Oracle solutions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Given its market cap-to-TVS ratio, LINK appears undervalued compared to its contribution to securing decentralized ecosystems.<\/span><\/p>\n<h2><b>Uptick in network participation<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Analysis of the daily active addresses chart highlighted a surge in network activity, peaking at over 11,455 addresses on the 2nd of December. This showed heightened user interest and engagement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Notably, the spike coincided with LINK\u2019s recent price rally, indicating that new participants may be entering the ecosystem during bullish market conditions.<\/span><\/p>\n<figure id=\"attachment_448705\" aria-describedby=\"caption-attachment-448705\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-448705\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024.png\" alt=\"LINK daily active addresses\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.41-03-Dec-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-448705\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Such a rise in active addresses typically correlates with increased on-chain utility. Sustained growth in this metric could further support Chainlink\u2019s value appreciation.<\/span><\/p>\n<h2><b>Evaluating LINK\u2019s valuation<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The 60-day MVRV ratio for Chainlink has surged above 55%, indicating that the average holder was sitting on significant unrealized gains. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Historically, elevated MVRV levels suggest a higher likelihood of profit-taking and potential short-term corrections. However, LINK\u2019s price trend amid these levels reflected strong market confidence.<\/span><\/p>\n<figure id=\"attachment_448706\" aria-describedby=\"caption-attachment-448706\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-448706\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024.png\" alt=\"LINK 60-day MVRV\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-08.04.09-03-Dec-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-448706\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While the MVRV ratio signals that LINK might be entering overbought territory in the short term, its long-term trajectory appears strong, supported by its growing TVS.<\/span><\/p>\n<h2><b>Technicals back a bullish narrative<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s analysis of the <a href=\"https:\/\/ambcrypto.com\/will-chainlinks-potential-bull-flag-lead-link-to-50-gauging\/\" target=\"_blank\" rel=\"noopener\">Chainlink<\/a> chart revealed a breakout above key resistance levels, supported by strong trading volumes. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The token has maintained a bullish trajectory, trading well above its 50-day and 200-day moving averages. The RSI, however, indicates overbought conditions at 81.97, suggesting that a short-term correction could be on the horizon.<\/span><\/p>\n<figure id=\"attachment_448707\" aria-describedby=\"caption-attachment-448707\" style=\"width: 1491px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-03_08-03-40.png\"><img decoding=\"async\" class=\"size-full wp-image-448707\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-03_08-03-40.png\" alt=\"Chainlink price trend\" width=\"1491\" height=\"740\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-03_08-03-40.png 1491w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-03_08-03-40-300x149.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-03_08-03-40-1024x508.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-03_08-03-40-768x381.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-03_08-03-40-1200x596.png 1200w\" sizes=\"(max-width: 1491px) 100vw, 1491px\" \/><\/a><figcaption id=\"caption-attachment-448707\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Fibonacci retracement levels highlighted $23.78 and $20.43 as potential support zones if LINK retraces from its current highs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the upside, the next resistance levels could be $28 and $30, providing opportunities for further growth if bullish momentum persists.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">LINK&#8217;s market cap in BTC&#8217;s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The elevated MVRV ratio and overbought RSI suggest the possibility of short-term corrections, but the broader trend points to long-term growth potential.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Considering Chainlink\u2019s growing utility, expanding adoption, and relatively modest market cap-to-TVS ratio, LINK still appears undervalued in the context of its role in the crypto ecosystem.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink surged to $25.08 with a market cap of $15.87 billion. Technical indicators suggest further growth.<\/p>\n","protected":false},"author":76,"featured_media":448712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,6380,66,3,4,20],"tags":[6427],"class_list":["post-448703","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-chainlink-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chainlink: Despite 30% rise in 24 hours, is LINK still undervalued? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Chainlink surges to $25.08 with a $15.87B market cap. 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