Santiment’s tweet revealed that the Chainlink coin dropped beneath the $10 level, exploring levels never seen over the past 18 months. While writing these lines, LINK ranked 28, hovering at $9.68.
Nevertheless, yesterday saw the token dropping below $10 to change hands around $9.89. Coinmarketcap data shows the token lost 4.12% over the previous 24 hours. The crypto has dropped over the past week.
Though hovering in green at this publication, the Awesome Oscillator remained beneath the zero-line. The Relative Strength Index stood at 30.31 without signals of moving to or past the 50 levels. Nevertheless, let us check what other metrics suggests as far as LINK performance is concerned.
Glassnode data shows net exchange volume at around 135K on May 7. Meanwhile, the figure stood near 176K on May 6. The change in netflow volume reflects investors’ move to liquidate holding, especially with the latest LIINK price trajectory.
The NVT (Network Value to Transaction) Ration also explores the 155.75 high in this publication. The high ratio adds credence to the bearish sentiment prevailing in the marketplace. Remember, the high score indicated a weak figure as far as the ongoing volume is concerned.
Contrary to the current market trends, active addresses remained low during this publication. This metric hovered near 1,492, indicating investors’ confidence in the token’s stability. Meanwhile, Santiment data showed vital stakeholder addresses in the accumulation phase on LINK. On May 7, 2022, the asset supply by leading wallets was at 614.92 million.
Though the token has seen declines over the past four months, accumulation by large addresses remained relatively the same, suggesting the expectance of an up-and-coming bullish cycle.
Meanwhile, Chainlink will rely on broad market trends for its coming moves. For now, bears dominate the spectrum as most assets lose crucial support, triggering further declines.
While writing this content, the market cap of all digital tokens reflects the deteriorated marketplace, hovering around $1.53 trillion, following a 3.35% drop within the past day. Also, Bitcoin dropped 3.29% within the past 24 hours to stand at $33,492. Chainlink will hardly flourish (in the near term) amid such conditions.
Stay tuned for upcoming market developments.
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