By Nathan Ferguson
Chainlink (LINK) is a decentralized platform designed to extend blockchains’ functionality by linking smart contracts to real-world events, payments, data, plus off-chain computation. Also, Chainlink promises reliability to investors.
The 22 May Chainlink Adoption Update stated that three Chainlink services saw 16 integrations between 16 May and 22 May. The services included Chainlink Keepers, Chainlink VRF, and Chainlink Feeds. Also, the update revealed the integrations had happened on four different blockchains – Ethereum, Fantom, BNBChain, and Polygon. a
While publishing this content, LINK hovered lower following the latest spikes. However, how has the alternative token reacted with the mentioned integrations implemented within the past seven days?
No Chain Response?
LINK endured bearish tendencies within the previous seven days. As highlighted above, the platform implemented the integrations within the past week. Though positive for the blockchains, the Chainlink price suffered downward movements. Trading around $7.84 on May 16, the altcoin witnessed a 6% downside moves in one week. Meanwhile, LINK hovered 86% down from its $52.88 ATH. Maintaining the cross-chain integrations momentum and use cases might see the token climbing towards its all-time highs again.
Moreover, the Chainlink market cap endured gradual declines within that period. This metric hovered around $3.66 billion on May 16. While writing these lines, the market capitalization dropped to $3.45 billion regardless of the multiple integrations on the Chainlink Network.
Though LINK prices dipped within the past week, the timeframe seemed to form a bullish divergence for Chainlink. As the price charts show in this publication, the Moving Average Convergence Divergence hovered at the histogram’s base as the MACD line intersected with the trend line to the upside. That confirmed surged buying momentum for LINK within the past seven days.
Also, the Relative Strength Index maintained an upside curve towards the 50-neutral over the previous seven days. That displayed steady buying pressure upticks.
Other Declines
On-chain outlook showed that LINK recorded declines in price and various on-chain metrics essential to tracking growth. As anticipated, development activity remained somewhat unchanged within the past week.
Though the cross-chain integration news, the token had no substantial traction according to the social index. Since May 16, Social Dominance exhibited downtrends, with an uptick attempt on May 17. It hovered around 0.529% at this publication. Also, Social Volume recorded an uptick on May 17 but reversed the downward, standing at 391 at this publication.
Also, transaction volume recorded gradual declines since last week. The period had the transaction volume plummeting by 57%. Meanwhile, the DAA transacting Chainlink lost a staggering 72%.