• Chainlink (LINK) has seen its popularity and adoption rate rise, despite its indicators painting a concerning picture.
• New inflows of LINK have been higher than outflows, suggesting that investors are preparing to sell their holdings.
• LINK’s social dominance and development activity have both seen dips and surges respectively over the last few months.
Chainlink Adoption on the Rise
Chainlink [LINK] was climbing up the popularity chart as per a recent update, with its New Adoption Rate witnessing a rise. This indicated that new users were flocking to the chain. Despite this, LINK’s performance on the price front was seen taking an unfavorable route as uncertainty surrounded the FOMC meeting on 25/26 July.
Conflicting Indicators for Chainlink
At press time, LINK exchanged hands 6.56% higher over the last seven days while priced at $7.47 after a 1.33% drop in the last 24 hours. However, analysis of LINK’s exchange netflow volume revealed that inflows dominated outflows at 110,830 – suggesting investors could be preparing to sell their holdings soon. Santiment’s chart also showed that LINK’s social dominance had gone down to 0.757%, after some of its highest peaks in July.
Development Activity Rising for Chainlink
On a brighter note, Chainlink saw some recovery in Development Activity which had taken a massive hit at the beginning of July – currently standing at 43.43 at press time. This suggested that even though investors may be looking to sell LINK soon, more users were still joining or staying active on Link’s network – potentially indicating increasing adoption rates overall for the altcoin in future months.
Will Chainlink Flock To The Shore?
Considering all indicators present – it is difficult to predict whether or not Chainlink will flock to safety amidst market uncertainty leading up to FOMC meeting results and beyond – however it is clear that new users are still joining Link’s network despite investor concerns regarding holding onto their assets long-term for now..
It remains unclear what exactly will happen with Chainlink (LINK) in response to market conditions surrounding FOMC meetings and other crypto news events over coming weeks and months, but one thing is certain: new users are increasingly adopting the cryptocurrency – signifying potential bullish action ahead no matter how deep waters get!