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Chainlink is a widely used oracle platform. It has registered impressive growth during the 2022 first half. Reports about the network’s performance within the previous quarter show Chainlink told its followers that the platform could support more than 1000 decentralized oracle platforms and power around 1350 projects across over twelve blockchains.
The oracle platform confirmed delivering more than 3 billion on-chain data points and served more than 7 million randomness requests. Meanwhile, the July 3 tweet from Chainlink suggested that four LINK services saw 15 integrations across six varying chains.
Though Chainlink claims success in ecosystem integrations and updates over the past quarter, the platform native crypto reveals a different tale. So, let us analyze LINK’s performance within the period.
LINK Price Outlook
Chainlink’s governance token hit new lows between sessions in April and June. The alternative token traded near $16.9 before the April crypto market crisis.
Meanwhile, LINK dropped further as the market crash escalated in the past quarter. That had the alt ending June down at $6.02, losing 64% of the value within 90 days. Meanwhile, the timeframe saw the crypto’s market cap plummeting to $2.82 billion from $7.90 billion.
Coinmarketcap data shows LINK trading on impressive gains within the past day as broad market sentiments improved. The altcoin gained about 7% within the past day to $6.50. Also, the alt flashes surged coin distribution, as the Money Flow Index and Relative Strength Index stood at 30.18 and 41.80, respectively.
What Occurred Between May 10 and May 21?
Assessing LINK’s on-chain performance revealed some fascinating moves between May 10 and 21. The asset saw sharp surges in some crucial metrics during the period before sharp declines emerged.
For instance, new addresses began rallying by May 10, peaking at 2342 new wallets on May 12. However, continued declines had it hitting the 691 address lows by May 21.
Meanwhile, the metric climbed to the 1739 new address high by June 13. June concluded with 1131 addresses joining the platform on the month’s final day.
Also, unique addresses transacting LINK climbed from 3010 on May 10 to 5882 by May 12. A slump followed, pushing the index to 1716 lows by May 21. Meanwhile, daily active addresses noted a 66% surge in April and June.
Surprisingly, active LINK token withdrawal from exchanges soared and plummeted between May 10 and 21. The metric saw a 24% hike in three months as the second quarter’s end. Meanwhile, observing the quarter on a seven-day MA saw Q2 ending with more Chainlink tokens leaving crypto exchanges than entered.
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Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. (Ad)
