Chainlink ($LINK) is up significantly in price since Sept. 1, but this price rally hasn't been accompanied by a similar rise in new wallet activity.

As on-chain analytics provider Santiment noted, $LINK's price is up about 24% from Sept. 1 to Oct. 6. However, the number of new $LINK addresses hasn't seen much of an increase.

As noted by Santiment, new $LINK addresses are averaging 1,249 per day over the past four weeks up to Oct. 6. By comparison, new $LINK addresses were averaging 1,225 per day over the past four weeks up to Sept. 1. That's an increase of less than 2%.

Know when your
coins move

Alerts, real-time prices, and market news — all in one app 4.8 based on 40K reviews in the App Store and Google Play

This is in stark contrast to, say, Solana. New Solana addresses are up 33% over a similar time period. And SOL is up about 20%. Meanwhile, ETH hasn't seen much of an increase in new addresses despite an 11%-ish rise in price.
Chainlink ($LINK) price sees a significant rally in September.

$LINK closed at around $11.22-$11.23 on Sept. 1, depending on the exchange. And as of Oct. 6, $LINK is closing at around $13.96, meaning it's up about 24.4%. Coinbase historical data shows that $LINK closed on Sept. 1 at $11.228. Meanwhile, Binance shows $LINK closed on Oct. 6 at $13.959.

Earlier in September, $LINK spiked over $13 at the start of the month before sharply pulling back. On Binance, $LINK fell to an intraday low of $10.618 on Sept. 16. But that's when the bulls started taking over. $LINK broke over $12 on Sept. 18. Then the token finally pushed over $15 later in the month.

On Sept. 28, $LINK saw its biggest move of the rally. During that day, $LINK was up 10.15% to close around $15.45. It also traded as high as an intraday high of $15.77. In other words, it's up about 38% from its Sept. 1 closing price in terms of closing prices.

Chainlink makes key ecosystem upgrades

The price rally has come amid a flurry of ecosystem announcements.

For example, Chainlink launched CCIP 2.0 on Sept. 28, a big upgrade to its cross-chain infrastructure. CCIP 2.0 offers more control over cross-chain transactions to institutions and asset issuers via features like optional extra verifiers, faster-than-finality transfers, configurable fees, and native compliance features via the Chainlink Automated Compliance Engine.

It is worth noting that $LINK was up 10% on Sept. 28, the same day as the CCIP 2.0 announcement. However, that's not enough to say that the CCIP upgrade triggered $LINK's price rise.