Chainlink price forecast as key metrics point to increased onchain activity

• Chainlink price broke to highs $26 before correcting slightly.
• LINK is surging amid a spike in onchain activity.
• Partnerships and adoption trends remain bullish for Chainlink.

Chainlink (LINK) broke above $26 for the first time in months on Monday, surging amid a notable spike in onchain activity.

As LINK pares gains amid broader profit taking, analysts are saying the recent explosion of key network metrics could allow bulls to breach the supply wall at $30 as they target the all-time high of $52 seen over four years ago.

Chainlink sees significant surge in onchain activity

According to Santiment, Chainlink’s onchain activity has witnessed a significant spike in the past week.

For instance, on Sunday, August 17, a total of 9,813 unique LINK addresses executed at least one transaction, while the next day saw more than 9,625 new LINK wallets.

Per the onchain analytics provider, both metrics represent the blockchain network’s highest levels for the year.

“Onchain activity has been even more impressive than the price,” Santiment analysts noted.

Partnerships and LINK reserve

Recently, Visa’s head of crypto, Cuy Sheffield, explained via Visa’s Tokenized podcast, that Chainlink is a major pull for institutional entry into crypto.

Apart from Visa, Chainlink has partnered with ANZ, China AMC, and Fidelity International to bring cross-chain, cross-border settlements to tokenized assets across Australia and Hong Kong.

A Mastercard partnership is also huge for LINK.

Chainlink Data Streams is another solution seeing huge integration. Data Streams are now live for U.S. equities and exchange-traded funds such as AAPL, NVDA and CRCL.

Chainlink also recently partnered with Intercontinental Exchange, the parent company of the New York Stock Exchange.

“Using ICE’s Consolidated Feed data as an input into Chainlink’s derived FX and precious metals rates onchain via Chainlink’s institutional-grade infrastructure is a watershed moment in the evolution of global markets,” said Fernando Vazquez, president of capital markets at Chainlink Labs. “This collaboration signals a pivotal shift towards a unified, globally accessible onchain financial system, with hundreds of trillions in assets on a clear path to tokenization.”

Chainlink Reserve, an effort launched to support Chainlink’s traction in the DeFi and TradFi ecosystems, is also a major boost.

As well as being geared towards establishing Chainlink as a standard solution for global crypto adoption, the program bolsters its tokenized assets growth.

What’s next for LINK price?

Chainlink’s price action amid the surge in network activity suggests bulls are confident in LINK.

Having broken above $20 and strengthened to $26, Chainlink is showing resilience. While bears have a say on immediate LINK price action, analysts say the altcoin could be on the cusp of a significant breakout.

While the key metrics indicate that Chainlink’s network growth is outpacing price gains, there are more bulls who are upbeat about.

A confluence of catalysts such as network integration across decentralized and traditional finance, whale accumulation and macro conditions, is what could propel LINK toward its ATH and into price discovery mode.

LINK traded at the all-time high above $52 in May 2021, a level bulls may target if market conditions align. Currently, the altcoin is on an uptrend since hitting lows of $16 on Aug. 6.