chain link It is a decentralized network that aims to extend the capabilities of the blockchain by connecting smart contracts to real data, events, payments and off-chain computations in a highly tamper-resistant and reliable way.
while providing Chainlink Adoption Update On May 22, from May 16 to May 22, a total of 16 aggregations were found for the three Chainlink services. these service Chainlink Feeds, Chainlink VRF, and Chainlink Keepers included.
The network’s native token, LINK, appears to have made some progress, recording a price surge of 5% over the past 24 hours. But while these integrations have been implemented over the past 7 days, how has this token reacted?
No chain reaction?
The LINK token, which has risen 6% in the last 24 hours, appears to have fallen in the last 7 days. As this integration has been implemented over the past 7 days, the price of the LINK token has seen a downward trend. Standing at $7.84 on May 16th, the token dropped 6% in just 7 days. 86% lower compared to ATH $52.88. If the momentum of these cross-chain integrations and use cases is maintained, they could once again reach the same level3.
Also, during the same period, the market capitalization gradually declined. At $3.66 billion in market cap as of May 16, this was $3.45 billion at the time of reporting, despite the many integrations implemented for the Chainlink network.
Although it has seen price declines over the past 7 days, there appears to be a bullish divergence for the LINK token over the same period. As can be seen from the price chart at the time of press, the MACD maintained its position at the base of the histogram bar with the MACD line intersecting the trend line in an uptrend. This shows that the buying pressure on the tokens has increased over the past 7 days.
Similarly, in the upward curve towards the 50% neutral zone over the past 7 days, the Link token’s Relative Strength Index (RSI) indicates a steady increase in buying pressure.
A bull market, which rose 6% over the past 24 hours, with volume surged 74%, appears to be moving forward with this token.
Oliver Twist of Declines
According to on-chain analysis, LINK not only hit the lowest price, but also reported that certain on-chain metrics used to track growth have also declined over the past seven days.
As expected, on the development side, the token has made some progress over the past 7 days, although it has been very brief. This metric increased just 1% in 7 days.
On the social side, despite the news about cross-chain integration, the token hasn’t recorded much traction over the past week. After May 16th, social dominance peaked on May 17th but then declined. At the time of reporting, it was 0.529%. Similarly, social volume reversed the trend and declined, recording a surge on May 17th. This was 391 at press time.
In addition, the trading volume of LINK tokens has gradually decreased over the past 7 days. During this period, the tokens fell by 57%.
The Daily Active Addresses index, which trades LINK tokens, fell by a whopping 72%.