Chainlink Network Activity Plummets to 8-Month Lows Amid Bear Market

25 June 2021 | Updated: 25 June 2021

Oracle service provider Chainlink (LINK) has suffered a heavy bearish blow with the broader market correction over the last month. LINK is currently down by over 65% from its all-time high of $52.91 recorded on May 10.

Consequently, LINK has dropped in rankings from the top ten largest cryptocurrency by market cap and currently holds the number 15 spot. This drop comes amid the plummeting address activity and declining network growth.

A recent report by Santiment, a prominent on-chain data provider, revealed that LINK suffered a significant drop in the number of new address creation, which translates as a drop in user adoption as Chainlink loses upward traction.

The report by Santiment also showed that the Chainlink network has fallen to low levels seen in October 2020. The report noted that:

“Less and less addresses were interacting with LINK for the first time. This doesn’t look like a great sign.”

Meanwhile, with the October 2020 bottom, we saw a bullish divergence as the LINK price surged while network growth remained stagnant.

Furthermore, along with new address creation, the number of active addresses has recorded a significant decline. Reports show that active LINK addresses have dropped by over 50% since April 2021. Presently, there are only 5,000 active daily LINK addresses compared to 13,000 active addresses in April.

Key Chainlink Levels to Watch — June 25

LINK has had significant difficulty recovering from the recent market crash despite a goodish rebound from the $15.00 support. Following the rebound, the fifteenth-largest cryptocurrency has remained rangebound between $20.00 and $15.00 amid a healthy recovery across the broader market.

LINKUSD – 4-Hour Chart

That said, the $20.00 mark is the immediate focus of bulls currently. A break above this resistance level should inspire more bullish activities and detach Chainlink from the bearish tripwire. On the other hand, any descent from the current price level should get repelled by the critical $15.00 support.

Meanwhile, our resistance levels are at $33,000, $33,750, and $35,000, and our key support levels are at $32,000, $31,000, and $30,000.

Total Market Capitalization: $1.37 trillion

Chainlink Market Capitalization: $7.95 billion

Chainlink Dominance: 0.58%

Market Rank: #15

 

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Filecoin Announces Partnership with Chainlink to Give Users Access to Web 3.0

29 March 2021 | Updated: 29 March 2021

Filecoin has recently announced that it will be partnering with the popular DeFi oracle platform, Chainlink (LINK). The integration will allow Filecoin Network to gain connectivity with smart contract-enabled blockchains, like Ethereum.

Smart contract developers on Filecoin will have access to a complete Web 3.0 infrastructure stack, including blockchains for on-chain logic and state changes, Chainlink oracles for off-chain communication and computation, and Filecoin for decentralized storage and data solutions.

Meanwhile, some of the functionalities that come with the integration include Filecoin Miner Insurance, where Chainlink oracles can supervise the activities of Filecoin miners. This functionality creates an alert system linked to insurance smart contracts on another blockchain, which automatically facilitates payouts to policyholders in the event of accessibility issues.

Additionally, their DataDAOs will contain extensive datasets like historical price databases or research data. The ability of Chainlink oracle to distribute portions of the data on the network to smart contracts on other blockchains, which opens up a new source of revenue for DataDAOs.

The Head of Chainlink Business Development, Daniel Kochis, has expressed his optimism over the integration, asserting that the Chainlink network is more than capable of providing reliable oracle services.

Key LINK Levels to Watch — March 29
Chainlink is currently trading up a bullish trendline in tandem with the broader cryptocurrency market mood. The eleventh-largest cryptocurrency has posted a strong rebound from its recent 15% fall to the $24.00 support level.

LINKUSD – 4-Hour Chart

At press time, LINK has broken above the crucial $28.00 resistance and has to break above the $29.00 round figure to consolidate its bullish momentum in the coming days. That said, the cryptocurrency is currently trading within a wedge pattern that coincides with the $29.00 resistance.

Failure to break above the $29.00 resistance could trigger a sharp decline to the $25.00 support, in line with the dictates of a wedge pattern.

Meanwhile, our resistance levels are at $29.00, $30.00, and $32.00, and our support levels are at $26.70, $25.00, and $24.00.

Total Market Capitalization: $1.74 trillion

Chainlink Market Capitalization: $10.9 billion

Chainlink Dominance: 0.62%

 

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