Chainlink: Is the price of LINK correlated with the evolution of its technology?

Chainlink: Is the price of LINK correlated with the evolution of its technology?

In a recent Chainlink announcement on September 15, Chainlink stated that this is the industry standard for on-chain weather data. With the price up 2.64% in the last 24 hours, the question is: can the price of LINK increase in the future?

Well, Chainlink has been proactive in allowing Web3 companies to reduce their negative impact on climate change by providing on-chain greenhouse gas emissions data through its decentralized oracle network. Chainlink.

The company has also been helping other companies with carbon credit programs and reforestation information through direct air capture.

look at the numbers

That said, Chainlink's circulating market cap has grown by 5.19% in a week. Meanwhile, it is also growing on the NFT market.


It can be seen in the image below. Over the past month, Chainlink's NFT volume has shown growth, with its NFT trading volume hitting $1.2 million on September 15. 

Source: Emotions

However, investors should exercise caution before entering into any transactions as Chainlink has several areas of concern.

Chainlink volume has dropped -46.25% over the past seven days, which can be taken as a bearish sign.

Another development that may alarm investors could be the decline in LINK development activity since early September. This clearly shows that the developers have not been working on any updates. any new update or improvement.

Source: Emotions

Chainlink's social media presence fell similarly, with social mentions down 30.21% and social engagement down 7.35%.

However, LINK's STRET's reputation drop has not slowed down the Chainlink team's growth. They continue to cooperate with many different companies. Consider this: Chainlink announced on September 15 that it will partner with independent website Lanceria labs to confirm on-chain transactions in order to lock and release user funds based on progress of work.

With that said, the Chainlink price has fluctuated a lot in recent weeks.

The price reached $9.36 on August 13 and then dropped to a low of $6,186 on August 29.

Price at press time on September 15 is trading at $7.31. It doesn't look like the LINK price will make a big move anytime soon.

The RSI is at 44.98, showing that momentum is on the sell side. However, OBV was flat.

Source: TradingView


Sep 16, 2022

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