Chainlink’s Downtrend Continues, But Signs of Hope for Investors
Chainlink has experienced a 6% decline in the past week, adding to its ongoing downtrend. However, there are some positive developments that may give hope to Chainlink investors. Here are the key points:
1. Chainlink has been on a decline since reaching its peak in July, with the price slowly sliding down. In the past week, it has dropped to $7.2.
2. Despite the decline, Chainlink’s losses of 6% are relatively minor compared to other top coins in the sector, such as XRP and Litecoin, which have seen losses of 13% and 11% respectively.
3. Santiment, an on-chain analytics firm, has highlighted some promising indicators related to Chainlink. The development activity of the LINK project has been high, suggesting that developers have been actively working on the cryptocurrency.
4. The supply held by large investors, known as sharks and whales, has increased significantly, with an additional $192.2 million worth of LINK bought in the past four weeks. Importantly, these investors have not engaged in net selling during the decline.
5. While these factors alone may not guarantee a rebound for Chainlink, they are positive developments that indicate progress in the right direction for the coin.
In conclusion, Chainlink’s downtrend continues, but the high development activity and accumulation by large investors provide some hope for a potential turnaround in the future.
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