Chainlink (LINK): Why Network Activity, Price Fluctuated in Opposite Direction

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Chainlink informed users about multiple integrations of its products between July 25 and July 31 in its recent Adoption Update.

The report suggested that Chainlink ended the month with four services – Chainlink Price Feeds, Chainlink VRF, Chainlink Keepers, and Chainlink Data Provider – enjoying 14 additional integrations across five chains. They included Polygon, Optimism, Ethereum, Avalanche, and BNB Chain.

How did the oracle’s native coin, LINK, fare as July witnessed substantial price growth for most cryptocurrency assets?

Eventual Growth?

LINK price hovered at $6.07 early in July. Nevertheless, amplified bullish retracement saw the alternative token surging 25% over the 31 days. LINK changed hands near $7.64 as the month ended.

The timeframe under review saw LINK’s trading volume at 965.05 million daily peaks on July 19 and July 29’s 1.07 billion. The token’s trading volume noted a 26% growth during the one month.

While publishing this post, LINK had its market cap at $3.34 billion, ranking 24th in the crypto list by value. Its market capitalization gained 27% over the previous month.

The daily chart shows LINK lost approximately 8% within the last 24 hours. Also, buying momentum seemed to fade during this publication.

The asset’s MFI (Money Flow Index) and the RSI (Relative Strength Index) chased lows at 52.35 and 52.28, respectively. For now, LINK changes hands in July 2020 value areas, hovering at $7.12. Moreover, the altcoin has dropped more than 60% in 2022 alone.

What About On-Chain?

Santiment’s data confirmed a drop in the network’s developmental activity in July despite Chainlink products seeing multiple integrations. The crypto recorded a 9% developmental activity drop within the 31-day timeframe, ending the month at 211.

Moreover, Chainlink didn’t see substantial traction in social metrics during the past month. Its social volume and dominance declined sharply after surging to 2878 and 3.83% on July 25. The altcoin closed the month with social volume at 268 and social superiority at 0.422%.

Furthermore, LINK noted a gradual network activity fall regardless of last month’s price growth. For instance, new addresses joining the network (daily) plummeted by 58% over the previous month.

Moreover, unique wallets that interacted with LINK daily dropped by 55% during the 31-day timeframe.


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