The Chainlink price has had a somewhat mediocre performance over the past few months.Once a cryptocurrency that was within the top 10 by market capitalization, LINK has currently slipped to 22nd place.However, within the next few months, Chainlink could be poised to outperform other cryptocurrencies.In addition to the fundamentals, LINK’s weekly chart shows an extremely bullish occurrence.The chart reveals that the LINK price has formed a bullish divergence with the RSI on a weekly basis.
The bullish divergence is shown by the fact that the price has recently fallen to new local lows, while the RSI is not making a new low.This shows that the bears are losing power and that the LINK bulls are ready to control the market again.Ultimately, the bullish divergence could signal the end of the prolonged downtrend.
However, in the short term, there could be another drawdown for LINK.The 4-hour chart is showing a bearish divergence as the price is making new local highs while RSI is trending down, making new lower lows.Although the market is taking a bullish stance on Chainlink, the discrepancy means that momentum is slowing.Chainlink Relies On Strong Fundamentals In 2023 A bullish catalyst in 2023 might become Chainlink’s low-latency pull-based oracles.Instead of regularly pushing data to the chain based on predefined conditions, the oracle reports will be made available off-chain and added to the chain by users as they are needed.This technical improvement was announced by Chainlink in early November.As Chainlink’s community ambassador “ChainLinkGod” wrote on Twitter, this has massive implications for dApp users and developers.They can use the technology to increase leverage, lower trading fees, and improve the UX.
Additionally, the oracle reports can be kept private until transactions are settled on the chain.“Combined with the high-frequency nature of the data, oracle frontrunning can be mitigated,” the ambassador says.
This is a game-changer, especially for decentralized derivatives protocols, which could see a massive influx in 2023 given the antics and collapses of centralized exchanges in 2022, as it makes them more competitive.The LINK price could benefit from the hype and increased usage, as well as from the partnership with SWIFT.As announced in late September 2022, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) has partnered with Chainlink to connect the global financial ecosystem to almost any blockchain.The World Economic Forum estimates that up to 10% of global GDP will be stored and transacted via distributed ledger technologies by 2027, and tokenized markets could be worth up to $24 trillion by 2027, according to a new report.If Chainlink could be a part of this development alongside SWIFT, the LINK bulls can easily take over and push the price upward.Featured image from Binance Academy, Chart from TradingView.com Data shows Chainlink address activity has returned to 2021 levels recently, a sign that could turn out to be bullish for the asset’s value.
Chainlink Daily Active Addresses At High Levels Recently According to data from the on-chain analytics firm Santiment, this increase in LINK activity first started around two months ago.The relevant indicator here is the “daily active addresses,” which tells us the total number of addresses that were involved in a transaction on any given day.The metric counts both senders and receivers in its calculation, and only accounts for unique addresses in the data, meaning that the wallets that participated in multiple transfers on the same day are only counted once.This helps remove duplicate transactions and other noise from the data, and provides a more accurate picture of the network activity.When the value of this indicator is high, it means a large number of daily users are interacting in some way on the blockchain right now.Such a trend shows the market is active currently.
On the other hand, low values of the metric imply not many unique users are showing trading activity at the moment.This kind of trend can be a sign that the general interest around the crypto is low at the moment.Now, here is a chart that shows the trend in the Chainlink daily active addresses over the last few years: Looks like the value of the metric has been elevated in recent weeks | Source: Santiment on Twitter As shown in the above graph, the Chainlink daily active addresses were at pretty low levels for most of 2022.This was because the investors weren’t finding the coin that interesting to trade during the bear market consolidation.In the last couple of months or so, however, there has been a very noticeable rise in the unique users transacting on the network daily.
In fact, these values of the indicator are similar to those seen during 2021, when the bull run was going on.Usually, high network activity is bullish for the price in the long term as increased utility of the chain builds a more sustainable ground for the future.LINK has been rallying in the last week or so, which may suggest that this high activity from holders in the last two months may already be paying off for the crypto.Also, while a high number of users are important for starting price moves like this, it’s also true that they are needed during such rallies to keep them going.If the Chainlink daily active addresses continue to be at the current high levels, then it may mean the current rally can keep up the momentum for a while longer.
LINK Price At the time of writing, Chainlink is trading around $6.3, up 13% in the last week.The value of the asset seems to have surged in the last few days | Source: LINKUSD on TradingView Featured image from Paolo Feser on Unsplash.com, charts from TradingView.com, Santiment.net Hououin Kyouma Loves to write, enthusiastic about cryptocurrency.
Currently studying Physics at university.- Chainlink revealed its achievements of 2022 – However, the metrics and indicators were bearish Chainlink [LINK] posted a new update that highlighted its achievements through 2022, which reflected how far the network has evolved in a year.One of which was Chainlink Oracle Services that supported more developers and projects than ever before.
Furthermore, the update enabled more than $6.9 trillion in transaction value in 2022.Additionally, Chainlink Data Feeds expanded across new blockchains and layer-2s, including support for a non-EVM chain such as Solana.In 2022, #Chainlink reached several major milestones from value enabled to #LINK staked, helping the #Web3 economy scale securely.Here’s a look at key network highlights & how Chainlink is growing to meet global demand for #ProofNotPromises 🧵👇 pic.twitter.com/fO6pCmvlEo — Chainlink (@chainlink) December 31, 2022 Read Chainlink’s [LINK] Price Prediction 2023-24 How can this benefit LINK in 2023? As of January 1, 2023, Chainlink was down by more than 6% in the last seven days and was trading at $5.57 with a market capitalization of over $2.8 billion.Though LINK’s stock price showed signs of recovery during the first days, concerns still remain on its metrics front.
As per Santiment’s data, LINK’s Market Value to Realized Value (MVRV) Ratio witnessed a substantial low over the past week.This could be troublesome for the future of LINK.Furthermore, LINK’s network growth also followed a similar path and registered a sharp decline.CryptoQuant’s data revealed that LINK’s exchange reserve was increasing, signifying high selling pressure.The good news was also that LINK’s development activity increased, which reflected the developers’ efforts to improve the blockchain.Interestingly, Chainlink also partnered with several other companies over the last year.
This could help the network increase its offerings for its users.A few of them include the partnership with the Blueberry Protocol, Magpie XYZ, and Galilio Protocol.Are your LINK holdings flashing green? Check the Profit Calculator Patience is recommended, but why? A look at LINK’s market indicators portrayed a bearish picture.Most indicators didn’t favor a price hike.
For instance, LINK’s Chaikin Money Flow (CMF) registered a downtick.Not only that, but the Relative Strength Index (RSI) was also quite low.This looked negative for the network.LINK’s Exponential Moving Average (EMA) Ribbon also looked pretty bearish, which might bring in more trouble.- Chainlink announced a new partnership with Blueberry.
– RSI and stochastic were oversold and whale interest increased.Chainlink [LINK] became a much-talked-about topic in the crypto space of late.Blueberry, which unifies the DeFi experience by aggregating and automating the top strategies (that the space has to offer) announced a partnership with Chainlink.Blueberry has joined Chainlink BUILD to accelerate the adoption of automated LP strategies on Uniswap v3.With this new partnership, Blueberry will provide network fees and other incentives to Chainlink service providers as part of Chainlink Economics 2.0.
🏗️ #ChainlinkBUILD 🏗️@BLBprotocol has joined #Chainlink BUILD to help accelerate the adoption of its automated LP strategies.Blueberry has committed 3.5% of its total token supply to be used as an economic incentive for Chainlink service providers.https://t.co/SQu5b7I0Ud pic.twitter.com/QBCY0XgHgu — Chainlink (@chainlink) December 27, 2022 A 111.28x hike on cards if LINK hits Bitcoin’s market cap? Whale interest increased Furthermore, whales have recently expressed interest in Chainlink.As per WhalesStats, a popular Twitter account that posts updates related to whale activity, it was revealed that LINK was one of the “top 10 most purchased tokens among the top 100 biggest ETH whales in the last 24 hours.” JUST IN: $LINK @chainlink now on top 10 purchased tokens among 100 biggest #ETH whales in the last 24hrs 🐳 Check the top 100 whales here: https://t.co/N5qqsCAH8j (and hodl $BBW to see data for the top 5000!)#LINK #whalestats #babywhale #BBW pic.twitter.com/MvmbaQBkKN — WhaleStats (tracking crypto whales) (@WhaleStats) December 28, 2022 Surprisingly, LINK managed to gain significant interest without registering any promising gains over the last week.According to CoinMarketCap, LINK’s price decreased by more than 3% in the last seven days.At press time, it was trading at $5.74 with a market capitalization of over $2.9 billion.
A trend reversal soon? A look at LINK’s on-chain metrics shed light on why the whales were interested in the token.Some of the metrics suggested a price hike during the last days of the year.CryptoQuant’s data revealed that LINK’s Relative Strength Index (RSI) and stochastic were in oversold positions, which is pretty bullish.
Furthermore, LINK’s net deposits on exchanges were low compared to the 7-day average, suggesting less selling pressure.How many LINKs can you get for $1? Santiment’s chart also pointed out that a few more things were working in LINK’s favor, which might have played a role in garnering whale interest.
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