Blockchain News

Chainlink [LINK] Beats its Contemporaries, thanks to dApp Activity

Oracle network that is decentralized According to Token Terminal data, Chainlink [LINK] topped the list of applications in terms of Decentralized Applications (dApps) development over the last 180 days.

According to platform data, LINK had 61.4 active developers based on dApp development, outnumbering Osmosis [OSMO] and Uniswap [UNI].

Chainlink deserved the honor, as evidenced by the numerous partnerships and integrations it had during that time period. While this could be considered an impressive performance, it had failed to reflect on LINK’s price, owing primarily to the bear market.

LINK’s 90-day performance had decreased by 28.08%, according to CoinMarketCap. Furthermore, LINK was unable to reverse the trend, as the price fell by 4.32%.

The four-hour chart indicated that LINK had given up control to the bears. The Relative Strength Index (RSI) revealed that LINK was in the oversold zone. Because it was down at 20.99, it meant that the speed and price movement change failed the bottom swing test. Increased buying momentum, on the other hand, could be enough to cause a reversal.

LINK’s volatility showed extreme signs of unpredictability. This was due to the Bollinger Bands (BB) leaving the low volatile region on December 27. Furthermore, at the time of publication, the LINK price was trending towards the lower bands. This has been consistent since the aforementioned date, confirming the RSI’s oversold condition.

In terms of the Moving Average Convergence Divergence (MACD), LINK chose potential entry points over a bullish move for gains. This was due to the fact that the selling (orange) and buying (blue) values remained below the histogram. This suggested a bearish trend while avoiding clarity for buy triggers. In the meantime, LlNK may continue to slow.

Chainlink limited the influence of its smart contracts using on-chain data. According to Glassnode’s data, LINK’s supply in smart contracts had recovered from the drop in June 2022. The supply was 57.04% at the time of writing. This meant that users preferred LINK staking activities over waiting for a suitable buying opportunity.

Besides, there wasn’t much going on with LINK per exchange activity. At the time of publication, Glassnode reported that both exchange inflow and outflow were at low levels.


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