/As Chainlink Adoption Grows, Will It Strengthen LINK Price?

As Chainlink Adoption Grows, Will It Strengthen LINK Price?

Chainlink (LINK) is making all the right noises, boasting its nine new integrations on varied platforms including Solana, Polygon, and Ethereum. Apart from the serial adoptions across chains, LINK price is also seen to soar in the past week, but would the uptrend continue or dwindle down in the coming days?

Let’s take a quick glance at how LINK is performing lately:

  • LINK price down 5.3% in last 24 hours
  • LINK gets Greed sentiment
  • Crypto leading in social metrics

According to CoinMarketCap, LINK price dipped by 5.4% or currently trading at $7.53 as of this writing. Although the price was down due to the token wading through an overbought zone, LINK price has been rallying by more than 11% in the past few days.

In order for the LINK price to put a halt on the consolidation phase, it’s a must for buyers to regroup as well. As of press time, technical indicators show a sideways trend for Chainlink.

More Whales Scooping LINK

It was observed that LINK has been consolidating since May 2022. And during this long-term consolidation phase, LINK must rise to the top.

On the other hand, there seems to be a rise in trading volume which shows the increasing accumulation of buyers which could restrict LINK’s capacity to rally in long term.

On the brighter side, more whales remained loyal and held on to LINK. In fact, LINK was among the top choice in WhaleStats’ list of 500 Ethereum cryptocurrencies held by whales.

More so, LINK has seen a surge in network growth and it also has showcased continuous demand and increasingly favorable funding rates in the futures market.

LINK total market cap at $3.8 billion on the daily chart | Chart: TradingView.com

Chainlink Network Users Increase

Interestingly enough, LINK is also leading in terms of social dominance and the number of network users has also increased as hinted by the surge in the number of active wallet addresses.

According to crypto expert and analyst, Inmortal, the LINK bulls may experience a smooth rally in the event that it peaks at $9 but because LINK’s Money Flow Index (MFI) looks like it pushed through an overbought territory, and so the uptrend may be suppressed for a bit.

Greed For LINK

As Chainlink adoption increases, it is expected that the positive move will also benefit its token.

According to CoinCodex current Chainlink price forecast, LINK is expected to increase by 10.06% by February 28, 2023, reaching $8.29.

Based on its technical indicators, the present sentiment is bearish, and the Fear & Greed Index has a reading of 59, which represents Greed.

A Greed reading implies that traders in the market are in the mood to acquire more.

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