Despite efforts, the price of LINK struggles to surpass $16.041, consistently showing lower lows and highs, signaling a bearish trend. However, despite these challenges, the transaction velocity for LINK remains high, indicating ongoing frequent trading activity.
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Lately, Chainlink has experienced a surge in development activities on its network. This increase is particularly noticeable in the Real World Assets (RWA) sector, where Chainlink now leads in GitHub activity.
Chainlink Faces Challenges Amid Development Progress
In recent times, Chainlink has witnessed a surge in development activities, particularly in the Real World Assets (RWA) sector, showcasing its leading position in GitHub activity. This heightened activity demonstrates a strong dedication to improving blockchain solutions for tangible assets.
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Source: @chainlink
However, amidst this progress, Chainlink has encountered setbacks in other areas. Data from Token Terminal reveals a significant 66% decrease in daily active users on the network over the past month. Moreover, the revenue generated by Chainlink has plummeted by 90%.
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Source: Token Terminal
These declines are reflected in the price of LINK, which has experienced a notable downturn since March 26, when it began falling from $20.737. The consistent pattern of lower lows and lower highs in LINK’s price signals a bearish trend in the market.
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Source: Tradingview
Despite efforts, LINK has struggled to surpass the $16.041 level throughout April and May, facing consistent resistance at this point.
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Mixed Signals for Chainlink Amidst Declining Metrics
The Chaikin Money Flow (CMF) index has dipped to -0.13, indicating a notable reduction in the influx of money into LINK. Alongside this, the Relative Strength Index (RSI) for LINK has fallen to 42.06, further signaling a decline in bullish momentum for the token.
ChainLink-on-Ethereum-LINK: Source – Santiment
Moreover, Chainlink’s network growth has decreased, suggesting a slowdown in the creation of new addresses and potentially increasing selling pressure on the token.
Despite these negative indicators, the velocity of LINK transactions remains notably high, indicating continued frequent trading activity.
While ongoing development activities hint at potential future enhancements for Chainlink, current network and financial metrics depict a challenging period. This presents a mixed outlook for LINK, where developmental strides may eventually help reverse negative trends if they translate into broader network usage and improved market sentiment.
Looking ahead, Chainlink may need to focus on further enhancing its platform and offerings to regain and expand user engagement, as well as ensure financial stability.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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