Chainlink has seen its price plunge within the previous seven days. Nevertheless, the asset’s new collaboration might see things shifting for the better. It confirmed partnering with zksync’s layer2 environments to incorporate the new price feeds.
Meanwhile, the new integrations appear to have affected LINK’s development activity. Santiment’s chart shows the development activity noted a colossal uptick within the previous few weeks. Market players that utilize development activity increase to decide about investing in an altcoin might take this as an optimistic signal.
LINK’s Underperforming
Nevertheless, Chainlink underperformed in multiple sectors, regardless of the surged collaborations and development activity. For instance, Chainlink noted a sharp dip in network growth within the past week. That shows that addresses transacting LINK coins declined.
Therefore, suggesting that new address interest for Chainlink reduced over the past seven days. Also, the MVRV ratio plummeted within the last week. That indicated a bearish near-term future for LINK. Besides that, LINK’s volume resorted to declines, plunging to 317 from 510 within the past seven days.
However, that wasn’t enough for the bearish signs. Messari revealed that Chainlink’s active addresses deteriorated. The analytic site discovered that the address count plunged since October, depreciating by 27.44% within the past seven days.
Moreover, Chainlink’s volatility declined by 12.85% over the last week. That confirmed fewer risks to investing in LINK during this publication.
Despite the negative facets of LINK, cryptocurrency whales constantly supported the alternative token. WhaleStats revealed that LINK was among the top ten most traded digital coins as far as trading volume is concerned.
The whale interest might support Chainlink’s growth in the coming times. Nevertheless, LINK traversed bearishness during this publication. The alternative token dropped 6.89% within 24 hours to $6.74. Also, the alt’s market cap lost 7%, whereas its volume gained 5%.
LINK investors can expect the alt to explore uptrends in the upcoming hours. The crypto market presented positive actions within the previous day. However, Bitcoin should reclaim the vital $20K mark for sustained upsides. While publishing this blog, BTC changed hands near $19,621.38.
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