LINK, within the last 30 days, has already visited the $5 region twice, changing hands at $5.96 at one point in November 10 and going to as low as $5.69 on November 21.
Since then, the Chainlink network crypto asset has managed to recapture the $6 and $7 territories and is doing a great job at sustaining the latter.
- Chainlink experienced a price correction that dissolved its 7% weekly gains
- LINK is still in the midst of a price pump of more than 20% during the past two weeks
- Chainlink network now has 20 successful integrations
In fact, according to tracking from Coingecko, at the time of this writing, the digital asset trades at $7.29 – a value that is 30% more than its currently monthly low.
Earlier Tuesday, the altcoin was sporting a weekly gain of 7%. However, as it entered a minor correction phase, the increase was trimmed to just almost 1%.
The crypto declined by 2.8% during the last 24 hours but is still sitting on a 24% price pump over the last two weeks.
Although things might be looking a little bit good for Chainlink, investors and holders need to keep an eye on its whales as their market participation could easily pull the asset down once again.
A Quick Glance At Chainlink Metrics
It appears now that LINK holders have nothing to worry about especially that the asset’s Relative Strength Index (RSI) is still hovering above the 50-neutral zone.
However, the crypto’s Money Flow Index (MFI) has now settled in an overbought region after tremendous selling pressure was observed in the market.
Meanwhile, over the last two days, the observed market outflows among exchanges were higher than the inflows, giving the cryptocurrency the ability to sustain its upward momentum during the same period.
The demand for Chainlink token seemed to have outweighed the on-going selling pressure as evidenced by the higher number of addresses receiving it as compared to the addresses sending it, 2,207 and 893, respectively.
Although these point towards a bullish momentum, holders and investors need to be wary about LINK whales as those holding at least a million units are contributing to the selling pressure.
If these large investors continue to reduce their balances by selling their holdings, there’s a big chance that the asset’s price will plummet once again.
⬡ Chainlink Adoption Update ⬡
— Chainlink (@chainlink) December 4, 2022
Some Positive Developments For Chainlink Ecosystem
To provide more security for the LINK network’s oracle infrastructure, the Chainlink Staking v0.1 is expected to go live next week.
This new feature is also deemed crucial in increasing demand for the cryptocurrency by convincing traders to hold rather than sell their coins.
The DeFi project also attained another milestone in its interoperability drive after achieving a total of 20 blockchain integrations including some with the biggest names in the industry such as Binance Smart Chain (BNB), Polygon (MATIC), Ethereum (ETH), Fantom (FTM), Optimism (OP) and Avalanche (AVAX).
LINK total market cap at $3.5 billion on the daily chart | Featured image: HBB Solutions, Chart: TradingView.com