The Chainlink project recently announced an update allowing for ETH cross-chain transfers, resulting in an increase in new LINK addresses on the network. The number of new addresses surged from 778 to 1123, indicating improved adoption and potentially driving up demand for the token. This rise in new entrants comes after Chainlink integrated with Ethereum and extended the Cross-Chain Interoperability Protocol (CCIP) to support the transfer of native ETH between different blockchain networks.
The increase in LINK addresses and smart contract supply shows promise for the expansion capabilities of the network, allowing for more assets to be bridged to other chains. While the development showcases positive growth for Chainlink, the short-term price of the token may face challenges in the market due to exchange inflow and outflow dynamics. If the current trend continues, with inflow outpacing outflow, LINK’s price could potentially drop below $14, but if there is a shift in sentiment towards accumulation, the price might see a rebound in the future.