Chainlink's LINK token has experienced a significant rally, increasing by 16% between February 9 and February 12, soaring to $20.85—the highest level since January 2022.

This surge has boosted its market capitalisation to $11.67 billion, propelling LINK above Dogecoin (DOGE) to become the 10th largest cryptocurrency by market capitalisation.

Accompanying the price rally is a notable spike in network activity and trading volume for LINK, indicating a growing interest and engagement in the Chainlink ecosystem.

Despite this positive momentum, LINK's price trajectory remains within an ascending parallel channel, suggesting there might be room for further growth.

Moreover, data from IntoTheBlock shows Chainlink network activity reaching a 22-month high, with a significant uptick in both active and new addresses engaging with the network.