Since the beginning of July, the native coin of the top oracle network Chainlink, LINK, has seen tremendous growth. The token’s price has increased by over 41% since July 1, according to data compiled by Santiment. Since the end of June, the amount of LINK that is actively traded on major exchanges has dropped dramatically. An asset’s value typically rises after such a drop.
In addition, there have been signs of activity from dormant LINK wallets as recently as the beginning of July, lending credence to the substantial price movement since then. In what other ways did the alternative coin fare over the previous month?
Chainlink Maintaining a Seaworthy Floating LINK
At the outset of the price surge in July, LINK was trading near $6.07. The asset’s value has remained stable at around $8.45 as of this writing. Meanwhile, the increasing volume of trades for the alternative currency reflected their rising price. The volume of trades in LINK rose by 5% over the past 38 days. Also, on July 29 the altcoin recorded a trading volume of 1.07 dollars.
In addition, as market confidence has risen, LINK has risen by 11% in the last day. In addition, during that time period, trading activity increased by about 73%. LINK has been steadily increasing in value, as evidenced by the daily chart.
The RSI (Relative Strength Index) reached 67, which is the beginning of overbought conditions. The Money Flow Index (MFI) has been rising, staying above 70. Inasmuch as LINK’s 50 Exponential Moving Average is below the price candlesticks, the stock is expected to continue its bullish trend for the time being.
Reappearance of LINK
According to data compiled by Santiment, the vast majority of Chainlink holders have remained profitable over the past 30 days. Thirty-dayMVRV for the asset rose to +21.59%. In addition, the +3.7% 365-dayMVRV gave some long-term investors (LTHs) cause for celebration.
Even though dormant coins showed renewed activity last month, the number of daily wallets that traded Chainlink has been steadily decreasing. Since July 1st, 86% of the network’s addresses have been lost, with only 859 remaining as of this writing. During that time period, the number of new wallets entering the network dropped by 65% as well.
Last but not least, according to the most recent Adoption Update by Chainlink (covering August 1 through August 7), the cryptocurrency’s four services (Chainlink Keepers, Chainlink Reserve Proof, Chainlink Price Feeds, and Chainlink VRF) have seen 14 integrations across six chains. Solana, Polygon, Metis, BNBChain, Avalanche, and Ethereum were among them.
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