The number of daily addresses with more than one LINK has been declining. On-chain performance looked concerning for LINK and so did the indicators. Chainlink [LINK] adoption has been on the rise as the blockchain continues to expand its integrations. LINK recently announced multiple new integrations across four chains- Avalanche, BNB, Ethereum, and Polygon. ⬡ […]
However, despite the whales’ confidence, the broader market’s interest in LINK seems to have declined over the past few weeks.has been on a constant decline. A look at LINK’s on-chain performance provided a better understanding of this episode.The decline in the number of holders can be somewhat attributed to LINK’s recent performance on the price front, thanks to the bearish market condition.
LINK’s performance on the metrics front also did not look promising, as most of the metrics supported the possibility of a further downtrend.’s demand in the derivatives market gradually declined as its DyDx funding rate went down. LINK’s exchange inflow spiked quite a few times during the last seven days, which was a bearish signal.
Furthermore, its MVRV Ratio fell significantly, raising the prospect of further price declines. In fact, the network’s popularity also took a blow as its social volume decreased.
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