The past week has been a rough week for Chainlink as the altcoin hit a high of almost 22%. As of press time, LINK has rebounded slightly to $ 15.94, up 4.97% in 24 hours. In the midst of the market downturn, a glimmer of hope shimmered for LINK when billionaire Mark Cuban supported the Ethereum-based dClimate, a platform that also relies heavily on Chainlink’s Oracle network.

Meanwhile, Chainlink’s daily chart shows that whenever the asset approaches the oversold area (at press time), buying pressure builds and altcoin price drives north.

LINK / USDT daily chart | Source: TradingView

In addition, the LINK balance on exchanges is a positive indicator, as it continues to decrease. This may indicate that investors are accumulating rather than selling on exchanges. This low has been held since May and shows no signs of recovery.

Meanwhile, the number of whales holding more than $ 5 million worth of LINK is rising, a result suggesting that whales are actively accumulating lows.

Source: Sanbase

However, Chainlink’s active addresses have dropped dramatically. The index fell to 3897 on July 13, its lowest level since October 2020. It has now risen to 4663, but remains at the lows for the year. This does not bode well for the long-term outlook.

Source: Glass knot

Overall, the overall mood at LINK has improved. This could lead to a price pump in the short term.

SN_Nour

According to Ambcrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page trang