- Chainlink’s 7% weekly gains were erased by a price correction.
- LINK has continued to experience a price increase of more than 20% over the past two weeks.
- There are currently 20 successful integrations on Chainlink network.
Within the past 30 days, LINK has already made two trips to the $5 range, trading at $5.96 on November 10 at one point and falling as low as $5.69 on November 21.
Since then, the crypto asset on the Chainlink network has been able to retake the $6 and $7 regions, and it is doing a fantastic job of maintaining the latter.
In fact, tracking data from Coingecko shows that the digital asset is currently trading at $7.29, which is 30% higher than its most recent monthly low.
The altcoin had a 7% weekly gain earlier on Tuesday. However, the increase was reduced to just about 1% as it entered a minor correction phase.
The cryptocurrency lost 2.8% over the past day but is still riding a 24% price increase over the previous two weeks.
Despite the fact that things may be starting to look up for Chainlink, holders and investors should keep an eye on its whales because their market activity has the potential to quickly drive the asset down once more.
An Overview of Chainlink Metrics
Given that the asset’s Relative Strength Index (RSI) is still circling above the 50-neutral region, it seems like LINK holders have nothing to be concerned about at this time.
However, after intense selling pressure was seen in the market, the cryptocurrency’s Money Flow Index (MFI) has now settled in an overbought area.
The cryptocurrency was able to maintain its upward momentum over the past two days because the observed market outflows among exchanges were greater than the inflows.
There were 2,207 addresses receiving Chainlink token versus 893 addresses sending it, showing that demand for the token appeared to have outweighed the ongoing selling pressure.
Despite the fact that these indicate a bullish momentum, holders and investors should be wary of LINK whales because those who own at least a million units are adding to the selling pressure.
There is a good chance that the asset’s price will fall once more if these big investors keep lowering their balances by selling their holdings.
Some Favorable Changes for the Chainlink Ecosystem
The Chainlink Staking v0.1 is anticipated to go live the following week in order to increase security for the oracle infrastructure of the LINK network.
This new function is also thought to be essential for boosting cryptocurrency demand by persuading traders to keep their coins instead of selling them.
After completing 20 blockchain integrations, including some with the biggest players in the sector like Binance Smart Chain (BNB), Polygon (MATIC), Ethereum (ETH), Fantom (FTM), Optimism (OP), and Avalanche, the DeFi project also achieved another milestone in its interoperability drive.