The LINK rally can be driven by these key factors
Some blockchains take a “slow but steady” approach, while others believe in exponential growth in a single “battle”. It would not be wrong to say that Chainlink (LINK) belongs to the first category.
Price table LINK | Source: Tradingview
Chainlink, the 15th altcoin on the market, is one of the most technologically advanced projects. The platform is a leader in industrial partnerships and integrations. Both play an important role in the growth of the project.
The price of LINK is currently fighting again. What has the potential to change the game?
Games skyrocketing, explosive prices?
Many tokens did quite well amid the speculation about the “gaming summer” a few months ago. In fact, top coins in the gaming sector such as Axie Infinity (AXS), Enjin Coin (ENJ), Decentraland (MANA) and The Sandbox (SAND) have also grown significantly in the past.
Trending projects have reaped many of the same benefits. Fortunately, Chainlink’s price feed and Verifiable Random Function (VRF) solutions were in the right place at the right time during the blockchain play-to-boom.
In addition, Chainlink solutions have recently been integrated into CryptoZoon and Legends of Bezogia. CryptoZoon is an advanced network of professional nodes that find data at market prices. Legends of Bezogia is a leading random number generator on the blockchain that powers smart contracts.
In addition to being a household name in the industry, LINK is also an important altcoin. Hence, these integrations and technological advances have the potential to accelerate development even further.
Character indicators the end a bullish picture?
So far, LINK has struggled to gain more than other high capitalization altcoins and some Layer 1 DeFi coins. However, the situation is more positive as the price recently broke north in volume. good trade to retrace the $ 30 mark after the 3rd retest of the $ 29 resistance.
Although the high volume of trade helped this move, the price failed to hold the $ 30 level and fell nearly 6.5% in the last 24 hours at press time.
However, LINK’s network growth metric has been moving on a healthy path since mid-July, hitting a higher top-low. The upward trend will continue as long as there is no big difference between the network growth rate and the price.
Network development (pink) and price LINK (green) | The source: Sanbase
Finally, the daily number of active LINK addresses bounced off a 3-month low in mid-July and has risen steadily since then.
This is a sign of healthy network activity as the DAA (price divergence and active address) stabilizes and market participants return. However, the 7 day MVRV emphasizes that all short term owners are now profitable. This can encourage them to take profit.
relationship MVRV (pink) and price LINK (green) | The source: Sanbase
So while the indicators are giving some bullish signals, the deciding factor will depend on Chainlink’s technology and ecosystem-driven developments. This will be the key to the future LINK rally.
We invite you to join our Telegram for faster news: https://t.me/coincunews
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The LINK rally can be driven by these key factors
Some blockchains take a “slow but steady” approach, while others believe in exponential growth in a single “battle”. It would not be wrong to say that Chainlink (LINK) belongs to the first category.
Price table LINK | Source: Tradingview
Chainlink, the 15th altcoin on the market, is one of the most technologically advanced projects. The platform is a leader in industrial partnerships and integrations. Both play an important role in the growth of the project.
The price of LINK is currently fighting again. What has the potential to change the game?
Games skyrocketing, explosive prices?
Many tokens did quite well amid the speculation about the “gaming summer” a few months ago. In fact, top coins in the gaming sector such as Axie Infinity (AXS), Enjin Coin (ENJ), Decentraland (MANA) and The Sandbox (SAND) have also grown significantly in the past.
Trending projects have reaped many of the same benefits. Fortunately, Chainlink’s price feed and Verifiable Random Function (VRF) solutions were in the right place at the right time during the blockchain play-to-boom.
In addition, Chainlink solutions have recently been integrated into CryptoZoon and Legends of Bezogia. CryptoZoon is an advanced network of professional nodes that find data at market prices. Legends of Bezogia is a leading random number generator on the blockchain that powers smart contracts.
In addition to being a household name in the industry, LINK is also an important altcoin. Hence, these integrations and technological advances have the potential to accelerate development even further.
Character indicators the end a bullish picture?
So far, LINK has struggled to gain more than other high capitalization altcoins and some Layer 1 DeFi coins. However, the situation is more positive as the price recently broke north in volume. good trade to retrace the $ 30 mark after the 3rd retest of the $ 29 resistance.
Although the high volume of trade helped this move, the price failed to hold the $ 30 level and fell nearly 6.5% in the last 24 hours at press time.
However, LINK’s network growth metric has been moving on a healthy path since mid-July, hitting a higher top-low. The upward trend will continue as long as there is no big difference between the network growth rate and the price.
Network development (pink) and price LINK (green) | The source: Sanbase
Finally, the daily number of active LINK addresses bounced off a 3-month low in mid-July and has risen steadily since then.
This is a sign of healthy network activity as the DAA (price divergence and active address) stabilizes and market participants return. However, the 7 day MVRV emphasizes that all short term owners are now profitable. This can encourage them to take profit.
relationship MVRV (pink) and price LINK (green) | The source: Sanbase
So while the indicators are giving some bullish signals, the deciding factor will depend on Chainlink’s technology and ecosystem-driven developments. This will be the key to the future LINK rally.
We invite you to join our Telegram for faster news: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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