Ranking
Categories
Historical Snapshots
Token unlocks
Yield
Trending
Upcoming
Recently Added
Gainers & Losers
Most Visited
Community Sentiment
Chain Ranking
Market Overview
CoinMarketCap 100 Index
Fear and Greed Index
Altcoin Season Index
Bitcoin Dominance
Crypto ETFs
Overall NFT Stats
Upcoming Sales
New Pairs
Trending Pairs
Meme Explorer
Gainers & Losers
Community Votes
Top Traders
Spot
Derivatives
Spot
Derivatives
Feeds
Topics
Lives
Articles
Converter
Newsletter
CMC Labs
Telegram Bot
Advertise
Crypto API
Site Widgets
Airdrops
Diamond Rewards
Learn & Earn
ICO Calendar
Events Calendar
Academy
Research
Videos
Glossary
- Chainlink is in recovery mode after recording a major selloff on Monday.
- The Oracle service provider has expanded its ecosystem with its new iconic partnership.
The price of Chainlink (LINK) is experiencing an uptick in the market today. After a major downturn that saw LINK fall to $8.2 in the past week, the token is showcasing a correlation with Bitcoin (BTC), which is also up 4.64% as of writing. Though there are signs of a bounce-back, Chainlink has not completely pared off the losses it has accrued over the past week.
LINK Activity Fueling Recovery
The recovery of Chainlink is strongly correlated with the sharp uptick in network activity. According to on-chain data tracker IntoTheBlock, the number of active LINK addresses has reached its highest level since May. As of Monday, August 5, these daily active addresses total approximately 5,740.
The number of active $LINK addresses has reached its highest level since May.Interestingly, this surge occurred alongside a general outflow from exchanges, suggesting accumulation during yesterday’s troubled market pic.twitter.com/rpIXkrW00c— IntoTheBlock (@intotheblock) August 6, 2024
The active addresses metric is an indicator that measures user participation in the network. This metric takes account of LINK senders and receivers within a specific period. This surge in active addresses occurred alongside a general outflow from exchanges. Drawing on this trend, IntoTheBlock noted that Chainlink must have recorded accumulation during the downturn witnessed on Monday.
Data from MarketCap currently pegs the price of Chainlink at $10.36, up 4.84% in the past 24 hours. Despite this bullish rebound, the trading volume is down 50.82% to $345,466,389.
Chainlink Integrations Growing
Chainlink is one of the most dominant Oracle service providers in the broader Web 3.0 ecosystem. Its solution remains the top choice for many industry protocols. In a recent announcement, ionic, an OP Superchain-based money market for yield-bearing assets, has integrated Chainlink price feeds.
The Chainlink price feed is one of the protocol’s flagship products. It helps “deliver highly accurate market data, empowering developers to create reliable and robust applications.”
.@ionicmoney has integrated #Chainlink Price Feeds to enable secure lending markets around its LST and LRT tokens on @base and @Optimism.Price Feeds deliver highly accurate market data, empowering developers to create reliable and robust applications. pic.twitter.com/Co4CAbldIe— Chainlink (@chainlink) August 6, 2024
Chainlink has allied with Concero, PancakeSwap, and WiseLending to diversify its adoption and drive tech growth on Ethereum and Solana. These recent ecosystem trends show promise and might help LINK’s short to mid-term recovery efforts.