As Chainlink racks up more integrations, will LINK gather the bulls and play

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  • Chain­link announced mul­ti­ple inte­gra­tions of its ser­vices across dif­fer­ent chains
  • The price of LINK has been on a con­tin­u­ing decline, even with the lat­est developments

In its most recent adop­tion update, Chain­link, an indus­try ora­cle net­work, report­ed that it had wit­nessed sev­er­al adop­tions in the pre­vi­ous week. Since the most recent FTX dis­as­ter, the protocol’s lat­est inte­gra­tion has added Proof of Reserve ser­vices, expand­ing its range of ser­vices. Could the price of LINK be affect­ed by these most recent adoptions?


Read Chainlink’s [LINK] Price Pre­dic­tion 2023–2024


Chainlink and its growth

In a recent tweet, Chain­link announced that BNB Chain, Poly­gon, Avalanche, and Ethereum had adopt­ed Chain­link inte­gra­tions. The Proof-of-Reserve ser­vice, which had been gain­ing pop­u­lar­i­ty in recent weeks, was one ser­vice that was incor­po­rat­ed as well.

Binance CEO Chang­peng Zhao (CZ) pro­posed the con­cept of Proof-of-Reserves. This was in a bid to demon­strate an exchange’s liq­uid­i­ty after FTX’s col­lapse and a per­ceived lack of liq­uid­i­ty on sev­er­al exchanges. 

Show­ing cred­i­ble POR would enable the iden­ti­fi­ca­tion of healthy or ail­ing cryp­to projects. Data col­lec­tion is made pos­si­ble by Chainlink’s POR ser­vices. This could then be used to accu­rate­ly assess whether a cryp­tocur­ren­cy project is liquid.

Hav­ing big chains accept and inte­grate with Chain­link is great for the plat­form, but how has the plat­form fared, and has it been as ben­e­fi­cial for LINK holders?

Positive metrics but slow price movement

Accord­ing to San­ti­ment, LINK’s social dom­i­nance wit­nessed a steady rise as seen at the time of writ­ing. The most recent surge was the largest that was seen in recent months, with the lat­est one being in August. 

This sug­gest­ed that peo­ple were talk­ing more about the assets, which could lead to real change. The met­ric had, how­ev­er, declined and was seen at around 0.39% at press time.

Source: San­ti­ment

A glance into the platform’s devel­op­ment activ­i­ty revealed that the met­ric was on the rise. The met­ric was 43.19 at the time of writ­ing. This demon­strat­ed the high lev­el of activ­i­ty among devel­op­ers and may indi­cate upcom­ing fea­tures or inte­gra­tions. The amount of devel­op­ment activ­i­ty that peaked in the last few months stood at 50.3.

Source: San­ti­ment

There has been lit­tle excite­ment in LINK’s price move­ment over the past few days. The dai­ly time­frame chart showed that it had been declin­ing. Fur­ther­more, over 7% of LINK’s val­ue had been lost in the pre­vi­ous three days.

Source: Trad­ingView

LINK has been strug­gling ever since 8 and 9 Novem­ber, when it suf­fered two back-to-back, enor­mous drops that caused it to lose over 33% of its val­ue. The asset was seen to be encoun­ter­ing resis­tance between $6.17 and $6.64, which had func­tioned as the pre­vi­ous sup­port lev­el when it was trad­ing between $7 and $8.

The $9 area that LINK touched at the begin­ning of Novem­ber may be revis­it­ed if it can ral­ly and over­come the cur­rent resis­tance lev­els. If it can­not build and hold sup­port, a sub­se­quent down­ward trend could also make its way up the charts.



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