Connect with us
Active Currencies 11379
Market Cap $1,699,226,390,111.80
Bitcoin Share 50.29%
24h Market Cap Change $0.92

Chainlink’s short sellers need to know this update to keep losses at bay

2min Read

Share this article

Chainlink’s price was seen to be declining over the past seven days, however, with Chainlink‘s new collaboration, things may take a turn for the better.

It announced a collaboration with zksync’s layer 2 environments to integrate their new price feeds.

Here’s AMBCrypto’s Price Prediction for Chainlink  for 2022-2023

These new integrations seem to have impacted Chainlink’s development activity. As can be observed from the image below, the development activity witnessed a massive surge over the past few weeks.

Source: Santiment

Investors who use the increase in development activity to decide whether to invest in a coin or a token could perceive this as a bullish sign.

However, despite Chainlink’s increasing collaborations and subsequent spikes in development activity, there were a lot of areas where Chainlink was underperforming.

In terms of network growth, Chainlink observed a sharp decline over the last week. This implies that the number of addresses transferring the LINK token decreased. Thus, indicating that the interest from new addresses reduced for Chainlink over the past week.

The MVRV ratio was also observed to be declining over the last seven days. Thereby, indicating a bearish short-term future for Chainlink.

Adding to that, Chainlink’s volume also saw a south journey, going from 510 million to 317 million in the past week. 

Source: Santiment

The bearish signals, however, don’t end here, according to Messari, the number of active addresses on the Chainlink network was observed to be plummeting.

As can be seen from the image below, the number of active addresses decreased since October and depreciated by 27.44% over the last seven days.

Furthermore, LINK’s volatility dipped and fell by 12.85% in the past week. Thereby, indicating that it was less risky to invest in Chainlink, at the time of press.

Source: Messari

Despite all the negative factors lined up against Chainlink, crypto whales were constantly showing their support for the altcoin.

According to WhaleStats, an organization dedicated to tracking crypto whales, Chainlink was amongst the top 10 most traded cryptocurrencies in terms of the trading volume.

This interest from whales could help improve Chainlink’s chances of showing growth in the future.

However, at press time, Chainlink was trading at $6.74 and had depreciated by 6.89% over the last 24 hours. Its market cap declined by 7% as well, however, its volume registered an uptick of 5%.


Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.