As the crypto market sustains a renaissance, tokens like chain link (LINK) It has been difficult for him to capture a part of the general positive sentiment.
According to on-chain data, various projects have enjoyed a variety of investor participation as the ecosystem has stabilized with bear losses.
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Despite being ranked #21 in terms of market capitalization and being on a watch list of over 1 million potential investors, LINK’s adoption competition has been a struggle.
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According to Glassnode, non-null link addresses are fell short of to 665,850. As implied from its name, the metric measures the number of addresses that contain a positive amount of cryptocurrency.
Therefore, the drop reflects selling by existing holders or investors looking for other projects.
But a closer look at the previous data reveals that the decline is from January itself. This puts the option of slow traction above the effect of selling pressure.
LINK, down 87.36% from its all-time high (ATH), has achieved price growth of just 1.44% over the past 30 days. This was in main contrast to the trend shown by Bitcoin (BTC), ethereal (EHT)And many more in the same group.
However, it seems that the coin has made up lost ground as it has gained 8.13% in the last seven days. Although LINK has corrected based on its price, its volume has ebbed and stopped in recent days.
Volume serves as an indicator of market strength. Increased volume indicates an increase in transactions on a network and is generally considered a sign of a healthy network.
At press time, LINK had a volume of 328.21 million. While this was an increase from the March 18 price, it was minimal compared to many other coins.
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However, link financing rate At press time it was positive at 0.01%. The metric reveals the rate of periodic payments based on the long and short positions held by traders.
When the metric is positive, it means that the short positions are yielding long results. On the other hand, long pay short when the funding rate is negative.
Therefore, the current situation implies that the long LINK positions made the most profit at the expense of the short positions. However, sentiment for LINK going forward may depend on the direction in which BTC moves.
Lastly, events like the turmoil in the banking sector could also affect the currency.