Chainlink

Did Chainlink’s [LINK] integrations fail to affect its price moves

In its latest ‘Adoption Update,’ the well-known oracle network, Chainlink, informed its users of a series of integrations of some of its products. These integrations were seen across various chains between 18 and 24 July.

According to the update provided, Chainlink recorded 11 integrations of three of its services – Chainlink Keepers, Chainlink VRF, and Chainlink Price Feeds – across eight different chains. These included Avalanche, BNBChain, Ethereum, Fantom, Harmony, Optimism, Polygon, and Solana.

A quick review of the LINK on Santiment revealed some price movement from $7.06 to $7.11 between 18 and 24 July. So what else did we see in the last seven days?

Performance between 18-24 July

In the last week, the price of the altcoin was found consolidating in a tight range on a daily chart. Within the same period, the alt exhibited an upward price movement from $7.06 to $7.11, a 1% growth. 

With the meager growth in price, LINK registered a significant drop in its trading volume in the period under review. With 352.6 million recorded in trading volume on 24 July, a 71% decline was logged in the 6-day period. 

Furthermore, the alt’s market capitalization dropped by 4% between 18 and 24 July after dropping from $3.29 billion to $3.16 billion.

Source: Santiment

According to data from CoinMarketCap, in the last 24 hours of press time, LINK’s price declined by 3%.

With waning investors’ interest, the Relative Strength Index (RSI) was spotted in a downtrend at the 50 neutral region, at the time of writing. 

Source: TradingView

On-chain performance

With very low price action between 18 and 24 July, the number of unique addresses that traded LINK within that period dropped steadily.

At 2193 active addresses recorded on 24 July, a 31% decline was registered from the 2886 active addresses that traded the altcoin on 18 July.

In addition, the period under review was marked by a steady decline in the number of new addresses created on the LINK network daily. Furthermore, between 18 and 24 July, the alt’s network growth declined by 32%. 

Source: Santiment

Moreover, despite the sizeable number of integrations of the oracle’s services across the aforementioned chains, LINK saw no traction on a social front.

Within the period under review, its social dominance declined by 19%. Its social volume also dropped by 33%. However, the developmental activity on the network saw a 1% growth.

Source: Santiment

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