Evaluating Why Chainlink (LINK) Maintains Sideways

Chainlink has been a top oracle, enjoying around 1704 integrations on its several products on various chains.

Nevertheless, with the multiple projects and integrations in its portfolio, the native LINK fails to reflect the success witnessed in the Chainlink atmosphere. LINK’s ecosystem’s data shows the crypto has executed 399 product integrations in 2022 alone.

Chainlink has completed 11 node integrations, 22 keepers’ integrations, 88 VRF integrations, three reserve integrations, and 76 data feed integrations.

Moreover, the blockchain integrates five more APIs. In its recent Adoption Update, Chainlink confirmed executing 19 integrations of its services in seven varying chains between August 8 – 14.

LINK, More than Seven Months Later

While publishing this blog, LINK changed hands at $8.62, losing about 56% since 2022 started. Moreover, Messari data shows the token’s market cap share has plummeted steadily since early 2022.

LINK’s market capitalization share stood at 0.41% as the year began. While publishing this post, LINK’s dominance hovered at 0.357%.

As prices worsened during the 2022 first-half bear mark, LINK saw its trading activity deteriorating. Trading activity on the network has plunged by more than 85% since the January 5 daily high of 4 billion.

Surprisingly, addresses on the Chainlink blockchain increased as the price plummeted. Messari data shows about 689,383 addresses hold varying LINK token amounts.

However, regardless of the addresses count increase, active addresses plunged steadily during that timeframe. The network has seen a 138% drop in active wallets since 2022 started, currently hovering at 2,220.

Furthermore, substantial LINK coins have left crypto exchanges compared to deposits. Thus, continued exchange inflow decline translates to potential plunges for the alternative token. Though the price plunge, whales with 10K to 10 million LINKs have continuously added their holdings.

Despite that, it’s noteworthy that the number of whales with LINK tokens worth more than $10 million fell steadily since early 2022. The metric has lost approximately 30% within the past seven months, hovering at 91 during this publication.

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