Chainlink: This is where LINK could be headed despite its 2022 achievements

• Chain­link revealed its achieve­ments of 2022
• How­ev­er, the met­rics and indi­ca­tors were bearish

Chain­link [LINK] post­ed a new update that high­light­ed its achieve­ments through 2022, which reflect­ed how far the net­work has evolved in a year. 

One of which was Chain­link Ora­cle Ser­vices that sup­port­ed more devel­op­ers and projects than ever before. Fur­ther­more, the update enabled more than $6.9 tril­lion in trans­ac­tion val­ue in 2022.

Addi­tion­al­ly, Chain­link Data Feeds expand­ed across new blockchains and lay­er-2s, includ­ing sup­port for a non-EVM chain such as Solana.

In 2022, #Chain­link reached sev­er­al major mile­stones from val­ue enabled to #LINK staked, help­ing the #Web3 econ­o­my scale securely.

Here’s a look at key net­work high­lights & how Chain­link is grow­ing to meet glob­al demand for #ProofNot­Promis­es 🧵👇 pic.twitter.com/fO6pCmvlEo

— Chain­link (@chainlink) Decem­ber 31, 2022

Read Chainlink’s [LINK] Price Pre­dic­tion 2023–24

How can this benefit LINK in 2023?

As of Jan­u­ary 1, 2023, Chain­link was down by more than 6% in the last sev­en days and was trad­ing at $5.57 with a mar­ket cap­i­tal­iza­tion of over $2.8 bil­lion. Though LINK’s stock price showed signs of recov­ery dur­ing the first days, con­cerns still remain on its met­rics front.

As per Santiment’s data, LINK’s Mar­ket Val­ue to Real­ized Val­ue (MVRV) Ratio wit­nessed a sub­stan­tial low over the past week. This could be trou­ble­some for the future of LINK.

Fur­ther­more, LINK’s net­work growth also fol­lowed a sim­i­lar path and reg­is­tered a sharp decline. CryptoQuant’s data revealed that LINK’s exchange reserve was increas­ing, sig­ni­fy­ing high sell­ing pressure.

The good news was also that LINK’s devel­op­ment activ­i­ty increased, which reflect­ed the devel­op­ers’ efforts to improve the blockchain. 

Source: San­ti­ment

Inter­est­ing­ly, Chain­link also part­nered with sev­er­al oth­er com­pa­nies over the last year. This could help the net­work increase its offer­ings for its users. A few of them include the part­ner­ship with the Blue­ber­ry Pro­to­col, Mag­pie XYZ, and Galilio Protocol.

Are your LINK hold­ings flash­ing green? Check the Prof­it Calculator

Patience is recommended, but why?

A look at LINK’s mar­ket indi­ca­tors por­trayed a bear­ish pic­ture. Most indi­ca­tors didn’t favor a price hike. For instance, LINK’s Chaikin Mon­ey Flow (CMF) reg­is­tered a downtick. 

Not only that, but the Rel­a­tive Strength Index (RSI) was also quite low. This looked neg­a­tive for the net­work. LINK’s Expo­nen­tial Mov­ing Aver­age (EMA) Rib­bon also looked pret­ty bear­ish, which might bring in more trouble.

Source: Trad­ingView