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Fear & Greed:
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Bitcoin:
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BTC Dominance:
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Market Cap:
$2.34 T

Chainlink Surges 7% Amid Crypto Market Decline

Chainlink

On May 24, Chainlink pricing increased 7% in spite of the general declining value of cryptocurrencies.

Currently valued at $17.04, LINK has had a remarkable 30% rise thus far in May, which begs investors to question whether the forces behind a surge beyond $20 still remain.

Chainlink
Link/Usd Daily Chart

With the price noticeably outperforming other cryptocurrencies, reaching a six-week high of $17.50 on May 24, on-chain measures are painting a positive image for LINK, according to a May 24 X post by market intelligence firm Santiment.

With LINK’s ratio of profitable to loss-making events at 11 to 1, the data shows that this ratio is most advantageous starting on December 8, 2022.

Chainlink strikes a 6-week high with a profit level at the highest level in 17 months, decoupling from markets.”

Further information from Santiment shows that Chainlink network traffic has been rising since the middle of May. From 3,159 on May 14 to $11,304 on May 22, the daily active addresses interacting with the Chainlink blockchain have grown, as shown in the figure below. Development activity, meanwhile, has surged from 421 distinct GitHub repositories in mid-April to the present amount of 430.

Chainlink
Chainlink On-Chain Activity.

 

In a May 22 post on X, Santiment listed Chainlink as the network with the most “notable daily development activity rates over the past 30 days” among “top #ERC-20 related coins.”

“Chainlink, Status and Ethereum are the top developed ERC-20s in crypto are traders anticipate new ETF.”

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Top 10 Developed Crypto Projects Sorted By Erc-20S

Increasing network activity illustrates that more people are using the Chainlink blockchain, which implies a higher demand and value for LINK.

READ:  Taiwan Releases Guidelines for Crypto Exchanges

Fellow trader Mister Crypto said he had faith in Chainlink’s future price performance, saying LINK can easily top the $50 level once more during this bull run.

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Link/Usd 2-Week Chart

Given its basic value offer, another X user, Chainlink Red Pill, feels LINK is “vastly underpriced.”

Chainlink is going to make tokenization incredibly profitable for the biggest financial entities in the world,” they stated, imploring its over 17,000 flowers to see the opportunity that lies ahead with LINK as it might multiply as much as 100X from the current values.

 

Note: This article does not contain investment advice.

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