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The Dormant Addresses of Chainlink (LINK) Could Serve This Purpose Now

The Dormant Addresses of Chainlink LINK Could Serve This Purpose Now

Since early July, LINK, the native token of the top oracle network Chainlink, has seen enormous growth. According to Santiment’s data, the price of the token has increased by more than 41% since July 1. Since the end of June, the amount of LINK in circulation on major exchanges has dropped dramatically. This kind of decline is typically followed by a price increase in the digital asset in question.

In addition, LINK cold wallets have displayed signs of activity since early July, lending credence to the dramatic price movement in that time. When compared to Bitcoin and other cryptocurrencies, how has this alternative coin fared over the past month?

Near the beginning of the upswing in July, LINK was priced at around $6.07. This asset continued to trade at a premium of roughly $0.35 during the time this blog was being written. Meanwhile, the increasing volume of trades for the alternative currency reflected their rising price. Within the last 38 days, LINK’s trading volume increased by 5%. Also, on July 29 the altcoin saw a trading volume of 1.07 dollars.

LINK’s 11% increase over the past day reflects the upbeat mood on the market. Within that time frame, there was also a 73% increase in trade activity. An continued, sizable LINK buildup was verified by the daily chart.

Consequently, the RSI (Relative Strength Index), reading 67, headed into the overbought area. The Money Flow Index (MFI) also continued its positive trend, staying at 72. LINK’s positive trend will continue for the time being as the 50 Exponential Moving Average is still below the price candlesticks.

Most Chainlink holders have stayed in the black over the past 30 days, according to data compiled by Santiment. There was a huge increase in the asset’s 30-dayMVRV, up to +21.59%. The +3.7% 365-dayMVRV gave long-term investors (LTHs) more cause for celebration.

Despite the recent activity by dormant currencies last month, the number of daily active wallets trading Chainlink has been steadily decreasing. Since July 1 (when we last reported), 859 fewer addresses have been available on the network. Also, new wallets joining the network plunged by 65% within that era.

The most current Adoption Update by Chainlink (1-8 August) revealed 14 integrations across six chains for the crypto’s four services (Chainlink Keepers, Chainlink Reserve Proof, Chainlink Price Feeds, and Chainlink VRF). Among them were Solana, Polygon, Metis, BNBChain, Avalanche, and Ethereum.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.