Chainlink : Prediction of an eventual bull run could pay off amid key LINK milestone
Chainlink [LINK] has been building its network in anticipation of a steep price increase for some time. Recently, the network announced testing of DECO, which is a protocol intended to enable secured loans.
This privacy-preserving Oracle protocol will allow data to be transmitted over the Internet seamlessly. It will also try to be a sane addition to Chainlink. Furthermore, Chainlink has been able to reap the benefits of other similar developments in its social activism in the cryptocurrency market.
For more than two years, LINK has been on a downtrend against BTC and as a result, it also dominates the social network. However, this story recently changed as LunarCrush reported in a recent tweet.
Link the right buttons
According to an update from LunarCrush, Chainlink's social dominance has finally "stable" after declining for over two years. News of a massive increase in social activity made LINK the "Coin of the Day" in LunarCrush .
This could prove to be a huge boost for the Chainlink community, which has been a major component of this social push. But there's also great credit to developers, who have kept themselves busy despite harsh macroeconomic conditions in the background.
When looking at the activity of Chainlink developers, an overall uptrend can be seen in August. However, this trend has been going south since early September. However, the index is expected to receive more upward pressure after the announcement of DECO.
At the end of Q3 2022, Chainlink Market presented another weekly recap of the network. According to this update, Chainlink has recently seen a spike in activity.
Over the past week, there have been more than 73 million feed updates, an increase of nearly 6%. The network also recorded 102,850 VRF Requests (+21.18%) and 95,290 Direct Requests (+13%). Node traders on Chainlink were also able to accumulate 122,100 LINKs, up 15.1% from last week.
Where is the LINK now?
LINK has shown bullish signs for the week as witnessed by the market. This is a recurring topic on the net due to growing NFT activity and growing market capitalization.
Furthermore, according to CoinMarketCap, LINK has been trading at $7.95 after a 4.6% gain on Sept. 16. This increase has effectively erased this week's losses and LINK is up 3% on weekly chart.
Sep 17, 2022