- Chainlink (LINK) has exhibited continuous positive price movements in recent days.
- Its bullish trend persists despite occasional retracements.
- Recently, Chainlink emerged as the top network in the Real World Asset sector concerning developmental momentum, although active user participation has waned.
Discover how Chainlink’s innovative strides dominate development activities while grappling with dwindling active addresses.
Chainlink Boosts Development Activity
Latest insights reveal that Chainlink leads in the developmental contributions within the Real World Asset domain, as per current data from Santiment.
The dataset includes analysis of 24 other networks, with Chainlink achieving a significant 452 development activity score over the past month. The competition remains distant, with the nearest rival scoring a mere 35.
An observational study of Chainlink’s growth metrics highlights January as a pivotal month for increasing developmental activities. While April saw a temporary decline, the recovery was swift, bringing the metric to around 74.5 at the moment.
Decline in Active User Participation
Despite robust developmental progress, other on-chain metrics suggest that user engagement hasn’t kept pace. Notably, there has been a slight reduction in the number of active addresses observed on Chainlink’s network.
Santiment’s 30-day active addresses chart illustrates a minor decline from 31st May to the present. Initially, active addresses numbered at 63,300, which has since decreased to approximately 62,100. At earlier points, this number had surpassed 70,000 and occasionally exceeded 80,000.
Chainlink’s Uptrend: Insufficient Momentum
Currently, Chainlink is trading near $17.8, reflecting a marginal increase of less than 1%. This comes after another similar ascent to the $17.7 range on 4th June. However, these incremental gains have not been enough to counteract prior significant price drops.
Technical analysis shows that Chainlink’s short-term moving average (yellow) remains below the long-term moving average (blue), signaling a less favorable price trajectory.
Conclusion
To sum up, while Chainlink excels in development activities, the concurrent decline in active addresses poses a challenge. Although the uptrend in its price offers a bullish outlook, the overall market sentiment and active engagement remain critical factors for future performance.
