Chainlink (LINK): Assessing the True Effect of This Week’s Integrations

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During its recent Adoption Update, the widely utilized oracle platform Chainlink informed investors about multiple integrations. These were visible in various chains between July 11 and 17.

Meanwhile, Chainlink highlighted 16 integrations (from four of its functions) in seven chains. They included Ethereum, Binance Chain, Avalanche, Polygon, Optimism, Fantom, and Ethereum Rinkeby testnet.

Analyzing LINK’s performance on Coinmarketcap showed some actions to $6.44 from $6.11 between July 11 and July 17. Nevertheless, is that enough to say LINK has performed well?

This Week’s Price Action

While green candles dominated over the past few days, reviewing Chainlink’s price movements displayed a brief uptick. The alternative token gained 5% only between July 11 and July 17. Meanwhile, the mentioned timeframe saw the asset’s market cap climbing from $2.88N to $3.01B, suggesting a 4% hike.

While writing these lines, the token had climbed by 2% on its 24-hour charts. Contrarily, LINK’s trading volume dropped by 4%. Moreover, the Relative Strength Index maintained upswings on the 24hr chart, reading at 57.

It’s worth mentioning that Chainlink spent 2022’s first half navigating lows. The alternative token traded around July 2022 mark at this publication. Meanwhile, LINK stays 87% down from the $52.88 all-time high.

On-Chain Analysis

Nevertheless, Chainlink experienced drops in some vital metrics during the phase under review, regardless of the multiple integrations. For example, the past week saw social volume declining by 83%. Also, the social dominance metric lost 65% within that timeframe.

Evaluating the asset’s network activity from July 11 to July 17 revealed a notable outlook. LINK’s daily active address and transaction volume witness a 2% and 28% decline, respectively.

Meanwhile, it recorded a surge in addresses signing up on the platform. Chainlink’s new addresses index increased by 11% between July 11 and 17. Lastly, the sixteen integrations of Chainlink’s four services propelled the development activity.

Meanwhile, the crypto market enjoyed a relief rally following upside movements since Monday. Bitcoin attempts to conquer the $22K mark, changing hands near $22,020 during this publication.

Also, Ethereum pushed beyond the $1.5K level. Such development boosted optimism within the marketplace.

Stay tuned for emerging financial news.

Editorial credit: FellowNeko / shutterstock.com


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