- Chainlink reported nine new adoptions across six chains.
- The metrics heavily favor the weekly uptrend and the indicators remain in favor of the bulls.
Chainlink The adoption trend has been on the rise for some time, with new integrations every week. In its latest adoption update, the network noted that in the past few days there have been nine adoptions across three Chainlink services across six chains. it’s included bnb chain, Mediation, Avalanche (AVAX), Ethereum (ETH), Polygon (MATIC)AND Solana (SUN).
⬡ Chainlink Adoption Update ⬡
This week there were 3 of 9 integrations #link of the chain Services in 6 different series: #Mediation, #avalanche, #bnbicadena, #etherium, #polygonAND #solarium.
Chainlink helps power the multi-chain ecosystem. pic.twitter.com/035enzFfLP
– Chain Link (@chainlink) February 19, 2023
Reading Chainlink (LINK) Price Prediction 2023-24
In line with the increased adoption, the LINK price also saw an increase in the past seven days. According coin market capLINK has gained more than 25% in price over the last seven days and was trading at $8.22 at the time of writing with a market capitalization of more than $4.1 billion.
the promising price helped Add it remains one of the top picks among whales at the time of publication. WhaleStats, a popular Twitter account that posts updates related to whale activity, revealed that on Feb. 20, LINK ranked third on a list of the top 500 cryptos held by Ethereum whales.
🐳 Top 500 #ETH the whales are floating
$665,917,193 $shib
$209,169,691 $matic
$155,499,328 $link
$146,616,720 $better
$143,482,510 $CHSB
$138,911,939 $bit
$100,127,340 $uni
$76,832,643 $mindwhale classification 👇 pic.twitter.com/F2lpULqiFP
– WhaleStats (crypto whale tracking) (@WhaleStats) February 19, 2023
The metrics supported the price hike!
Link’s metrics suggested that several things went into records hand, which may have played a role in its double-digit growth last week. For example, LINK’s Binance and DyDx funding rates remain consistently high, indicating futures market demand.
LINK’s network growth has also picked up over the past week, which is a positive sign. Things were smooth on the social front as well, as LINK’s social dominance increased.
crypto amount LINK’s net deposits on exchanges were found to be lower than the seven-day average, which was bullish as it indicated lower selling pressure. The number of active addresses on Chainlink also increased, indicating an increase in network users.
besides, Dune He noted that LINK’s popularity on DEX grew as its trading volume on DEX increased in recent weeks.
How much they cost 1,10,100 links are worth today?
Will the boom continue?
Immortal, a Twitter cryptanalyst, mentioned If LINK touches the $9 mark, the bulls can expect a comfortable rally. However, data from CryptoQuant pointed out that the LINK price was in an overbought zone, reducing the chances of a sustained bullish move.
besides, AddChaikin Money Flow (CMF) posted a large increase and was trading above the neutral mark, which is a bullish sign. Furthermore, the MACD also showed bullish gains in the market, indicating a sustained rally in the coming days. However, the Money Flow Index (MFI) was in the overbought zone, which could spell trouble.
Source: TradingView
