Chainlink (LINK) Price Dips Below $5.80 Amidst Bearish Trend
After the recent crypto market crash on August 17, Chainlink (LINK) price has been on a downward trend, falling below the $5.90 support level. The decline was caused by whale investors failing to sustain the initial buying trend, despite successful tokenization tests with Swift Network. However, there is a glimmer of hope as Chainlink has seen a significant increase in new user acquisition this week. This uptick in network growth is evident from the 817 new LINK wallet addresses created on September 11, marking a 75% increase compared to September 9. This surge in user acquisition could potentially help the LINK token change its current bearish trend.
Chainlink Witnesses Increase in Network Traction
The increase in new user acquisition is not the only positive sign for Chainlink. Existing participants on the network have also intensified their activity. On September 11, the number of LINK Daily Active Addresses surpassed 2,700 for the first time since August 18. Additionally, 27,700 addresses have bought 25.6 million LINK tokens at a maximum price of $5.74, which could provide significant support for the price. However, if this support level fails to hold, the LINK price could potentially drop below $5.
Hot Take: Chainlink’s New User Acquisition and Network Traction Raise Hope Amidst Price Downtrend
The recent increase in new user acquisition and network traction for Chainlink brings some optimism to the project amidst its price downtrend. The surge in new LINK wallet addresses and the rise in Daily Active Addresses indicate growing interest and activity in the Chainlink network. This could potentially help the LINK token reverse its bearish trend. However, it remains to be seen whether these positive indicators can outweigh the bearish pressure in the altcoin market. If the support level of $5.90 holds, Chainlink may have a chance to recover and experience upward price movement. Conversely, if the bears prevail, the LINK price could face further decline below $5.
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