Chainlink has received positive reviews from crypto enthusiasts. The ecosystem’s transaction volume has surpassed $6 trillion, according to the project’s official Twitter account. The ecosystem’s native integrations have increased from 12 to 15.
At this point, it appears that Chainlink may be en route to the proverbial moon. Shouldn’t a price increase coincide with improved metrics? No, not quite. The on-chain stats for LINK don’t look good, according to the statistics provided by Santiment.
Chainlink Market Caps Down
There has been a significant decrease in progress on the LINK Chain as of today than there was in past months. The value of Chainlink’s stock on the market is likewise much lower.
The market cap for LINK on October 2 was $284,961,375, a decline of 78.06% from its all-time high of $1,299,905,978 on September 29, data from CoinGecko show.
An upward trend is likely to be developing. However, at this time, Chainlink’s price is quite volatile on the intraday and 4-hour time frames.
LINK’s historical volatility is rather high, ranging between 64.75 and 50.27, indicating that its price frequently fluctuates between ranges.
The Stoch RSI numbers are falling as well, but the relative strength of the coin remains fairly constant.
Although the coin’s performance indicates a downward trend, LINK HODLers may still have reason for optimism.
LINK Investor Confidence up
CryptoQuant statistics show that LINK’s exchange reserves currently fall below the average. The coin may not be under significant selling pressure.
These graphs depict a price rise. LINK was up 2.26 per cent on a four-hour scale at the time of this writing.
The coin’s price fluctuates between $7.026 and $6.574. As any breach by bears may cause a price drop below $6, these two levels are important.
A head-and shoulders shape can also be seen in the chart, which could act as an impediment to development. The token is currently on an intraday, 4-hour, and above-average upswing as of the writing.
This could be a sign of investor confidence, judging by the report from the third quarter 2022.
As the ecosystem flourishes, LINK holders can expect to receive more great news in the days ahead.
LINK market capital at $3.5 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from Pixabay. Chart by TradingView.com