By Franklin Smith
The widely utilized oracle network Chainlink experienced fourteen integrations of its four products across two chains between August 22 and 28. That’s according to the platform’s recent adoption update. It confirmed that Chainlink VRF, Proof of Reserve, Keepers, and Price Fees witnessed integrations on Polygon and Ethereum chains.
Meanwhile, the oracle’s governance token, LINK, wasn’t an exemption as the overall crypto space deteriorated this month. The alternative token dropped double-digit in that timeframe.
While publishing this post, LINK changed hands at $6.30, dropping 23% in August (Coinmarketcap data). LINK welcomed declines following Powell’s hawkish comments during the Jackson Hole Symposium. The token lost 14% as the broad market slumped.
Thickening Plot
Currently hovering at its May zone, Chainlink traded 88% down from its $52.88 all-time high. The daily chart’s key indicator positions show the alt’s investors hesitated to deploy further liquidity into LINK’s ecosystem over the last few weeks.
LINK’s RSI (Relative Strength Index) remained at the overbought region seventeen days ago when it read 71. As anticipated, a bearish move triggered a shift in the indicator’s direction, forcing downsides. Consistent dips since August 12 pegged the RSI at 33 during this writing, beneath the neutral-50.
Also, the token’s CMF (Chaikin Money Flow) showed that buying momentum declined substantially since mid-month. While publishing this post, the CMF exhibited downtrends, reading -0.27. Moreover, Moving Average Convergence Divergence’s movement highlighted that a bear cycle emerged on August 16.
There’s More
While crypto holders count the days until the upcoming profits, most LINK investors didn’t witness returns on the investments within the past 30 days. Santiment’s data shows the alt’s 30d MVRV read -13.46%. Furthermore, nothing much changed over the past year, with the 365-dMVRV standing at -21.40% during this publication.
Also, LINK’s Mean Coin Age slumped swiftly between August 25 and 26, following a month-long climbing slope. Extended token’s Mean Coin Age rising slope shows network-wide accumulations. Thus, the dip in this metric indicated that market participants reduced LINK accumulation momentum.
While writing this news, the metric hovered at 265. Surprisingly, investors stayed optimistic regardless of the present gloom in the overall market and continued price drops, with the weighted sentiment reading 1.023.