Chainlink’s (LINK) Dormant Addresses Might Play This Role Now – A Resurrection?
The top oracle network Chainlink saw its native coin, LINK, witnessing massive growth since early July. Santiment data shows the token’s price gained more than 41% since July 1. LINK’s circulating supply in renowned exchanges has plunged since June end. Such a drop usually precedes price growth in a digital asset.
Furthermore, LINK’s dormant wallets have shown activity signals since early July, supporting the significant price action since. How else did the altcoin perform over the previous month?
LINK Remains Afloat
LINK traded near $6.07 at the start of July’s bull rally. While publishing this blog, the asset remained elevated, changing hands around the $8.45 mark. Meanwhile, the surging price welcomed intensified trading activity for the altcoin. LINK had its trading volume 5% up within the past 38 days. Moreover, the altcoin logged 1.07 in trading volume on July 29.
Also, the improved market sentiment saw LINK surging 11% within the past 24 hours. Also, trading activity surged around 73% during that timeframe. The daily chart confirmed an ongoing substantial LINK accumulation.
Consequently, the RSI (Relative Strength Index), reading 67, headed into the overbought territory. Also, the MFI (Money Flow Index) maintained uptrends at 72. As the 50 Exponential Moving Average remained below the price candlesticks, LINK will retain the bullish trend for some time.
LINK’s Returns
Santiment data shows most Chainlink holders remained in profit within the last 30 days. The asset’s 30-dayMVRV surged to +21.59%. Also, some LTHs (long-term holders) had a reason to rejoice with the +3.7% 365-dayMVRV.
Daily active wallets that traded Chainlink noted a steady decline despite the latest activity by dormant coins last month. The network’s addresses have lost 86% since July 1 to press time at 859. Also, new wallets joining the network plummeted by 65% during that timeframe.
Lastly, the recent Adoption Update by Chainlink (from August 1 to 7) showed the crypto’s four services – Chainlink Keepers, Chainlink Reserve Proof, Chainlink Price Feeds, and Chainlink VRF- enjoyed 14 integrations across six chains. They included Solana, Polygon, Metis, BNBChain, Avalanche, and Ethereum.
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