Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
No Result
View All Result

What Does Chainlink’s (LINK) On-Chain Data Suggest About Altcoin’s Price?

Altszn.com by Altszn.com
January 21, 2023
in Solana
0
What Does Chainlink’s (LINK) On-Chain Data Suggest About Altcoin’s Price?
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter



article image

Sabrina Martins Vieira

Despite positive data, LINK may not be one of best performers on crypto market in short term

Contents

  • Whales eyeing LINK
  • But that is not all

Chainlink (LINK) is a decentralized oracle that is garnering significant attention from large investors in the blockchain finance space. Its value proposition is a contributing factor to this interest. However, it remains to be seen whether or not the actions of these “whales” alone will drive the price of LINK.

The growth in market capitalization of the altcoin can be attributed to the vital role that oracles play on the cryptocurrency market. Oracles, such as Chainlink, facilitate the integration of external data into smart contracts, enabling access to real-world information including asset prices, exchange rates and other relevant data.

Chainlink utilizes a decentralized network of oracle providers to ensure that the data is accurate and reliable. The platform also incorporates security measures to protect against fraud and manipulation. Although initially launched on the Ethereum network, Chainlink is designed to be compatible with any blockchain. As a result, it has been implemented on other high-performing networks such as BNB Chain, Solana (SOL) and Polygon (MATIC).

Whales eyeing LINK

Among the benefits of LINK, it is possible to highlight the following:

  • Only token accepted for payment of Chainlink’s decentralized oracles; 
  • It is used for remuneration of node operators; 
  • LINK is used as a guarantee by data providers so that the information passed is secure; 
  • It has passive income with staking.

Given the various advantages offered by Chainlink, it is not surprising that demand for the altcoin is on the rise. According to recent analysis by Santiment, there has been a notable increase in accumulation of the altcoin by whales.

On Jan. 18, an analytics firm published a report indicating that over 460 addresses hold a minimum of 100,000 LINK. This data suggests that despite a decline in value in 2022, a considerable number of major investors remain interested in the token and have confidence in Chainlink’s potential.

But that is not all

Unfortunately for LINK holders, the buildup is not being accompanied by Chainlink usage. That is because daily active addresses have experienced a 56% drop in the past few days. While this may signal that investors want to accumulate LINK in the medium to long term, it may also be a negative sign.

Since LINK is used for payment of Chainlink’s decentralized oracles, if it does not have an on-chain activity, it may be an example of low demand for the services of the decentralized finance network.

It is important to note that fluctuations in demand and prices of assets are a normal occurrence in the market. Additionally, Chainlink continues to make strategic partnerships, actively engage on social media and work toward improving its platform.

It is likely that, in the short term, the movement of Chainlink (LINK) will align with general market trends for cryptocurrencies. However, it is important to note that despite the recent increase in value and accumulation by large investors, the token may still be undervalued. As such, individuals holding the token should exercise caution and conduct thorough research before making any investment decisions.



Read More: u.today

Tags: AltcoinsChainlinksdataLINKOnChainPriceSolanasuggest
ADVERTISEMENT

Recent

Brave adds Cardano support

Brave adds Cardano support

May 13, 2025
Gate.io Redefines Investment Paradigm With Four Core Token Launch Engines

Gate.io Redefines Investment Paradigm With Four Core Token Launch Engines

May 13, 2025
Solana co-founder proposes meta chain to fix blockchain fragmentation

Solana co-founder proposes meta chain to fix blockchain fragmentation

May 13, 2025

Categories

  • Bitcoin (4,890)
  • Blockchain (11,484)
  • Crypto (9,425)
  • Dark Web (552)
  • DeFi (8,430)
  • Ethereum (4,943)
  • Metaverse (7,621)
  • Monero (291)
  • NFT (1,527)
  • Solana (5,061)
  • Web3 (20,819)
  • Zcash (508)

Category

Select Category

    Advertise

    Advertise your site, company or product to millions of web3, NFT and cryptocurrency enthusiasts. Learn more

    Useful Links

    Advertise
    DMCA
    Contact Us
    Privacy Policy
    Shipping & Returns
    Terms of Use

    Resources

    Exchanges
    Changelly
    Web3 Jobs

    Recent News

    Brave adds Cardano support

    Brave adds Cardano support

    May 13, 2025
    Gate.io Redefines Investment Paradigm With Four Core Token Launch Engines

    Gate.io Redefines Investment Paradigm With Four Core Token Launch Engines

    May 13, 2025

    © 2022 Altszn.com. All Rights Reserved.

    No Result
    View All Result
    • Home
      • Home – Layout 1
      • Home – Layout 2
      • Home – Layout 3

    © Altszn.com. All Rights Reserved.

    • bitcoinBitcoin (BTC) $ 103,749.00
    • ethereumEthereum (ETH) $ 2,507.92
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.54
    • bnbBNB (BNB) $ 653.20
    • solanaSolana (SOL) $ 174.60
    • usd-coinUSDC (USDC) $ 0.999973
    • dogecoinDogecoin (DOGE) $ 0.229330
    • cardanoCardano (ADA) $ 0.801363
    • tronTRON (TRX) $ 0.265732
    • staked-etherLido Staked Ether (STETH) $ 2,506.08
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 103,410.00
    • suiSui (SUI) $ 3.98
    • chainlinkChainlink (LINK) $ 16.72
    • wrapped-stethWrapped stETH (WSTETH) $ 3,006.81
    • avalanche-2Avalanche (AVAX) $ 24.63
    • stellarStellar (XLM) $ 0.310145
    • shiba-inuShiba Inu (SHIB) $ 0.000016
    • hedera-hashgraphHedera (HBAR) $ 0.210385
    • hyperliquidHyperliquid (HYPE) $ 25.15
    • the-open-networkToncoin (TON) $ 3.29
    • bitcoin-cashBitcoin Cash (BCH) $ 402.15
    • leo-tokenLEO Token (LEO) $ 8.58
    • pi-networkPi Network (PI) $ 1.11
    • litecoinLitecoin (LTC) $ 102.92
    • polkadotPolkadot (DOT) $ 5.03
    • usdsUSDS (USDS) $ 0.999807
    • wethWETH (WETH) $ 2,503.36
    • moneroMonero (XMR) $ 341.10
    • pepePepe (PEPE) $ 0.000014
    • wrapped-eethWrapped eETH (WEETH) $ 2,668.22
    • bitget-tokenBitget Token (BGB) $ 4.75
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 103,797.00
    • whitebitWhiteBIT Coin (WBT) $ 30.24
    • uniswapUniswap (UNI) $ 6.77
    • bittensorBittensor (TAO) $ 458.44
    • nearNEAR Protocol (NEAR) $ 3.10
    • aptosAptos (APT) $ 5.79
    • daiDai (DAI) $ 0.999976
    • aaveAave (AAVE) $ 218.61
    • okbOKB (OKB) $ 54.14
    • ondo-financeOndo (ONDO) $ 1.02
    • kaspaKaspa (KAS) $ 0.121247
    • internet-computerInternet Computer (ICP) $ 5.65
    • ethereum-classicEthereum Classic (ETC) $ 19.59
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • crypto-com-chainCronos (CRO) $ 0.099680
    • gatechain-tokenGate (GT) $ 21.96
    • bitcoinBitcoin (BTC) $ 103,749.00
    • ethereumEthereum (ETH) $ 2,507.92
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.54
    • bnbBNB (BNB) $ 653.20
    • solanaSolana (SOL) $ 174.60
    • usd-coinUSDC (USDC) $ 0.999973
    • dogecoinDogecoin (DOGE) $ 0.229330
    • cardanoCardano (ADA) $ 0.801363
    • tronTRON (TRX) $ 0.265732
    • staked-etherLido Staked Ether (STETH) $ 2,506.08
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 103,410.00
    • suiSui (SUI) $ 3.98
    • chainlinkChainlink (LINK) $ 16.72
    • wrapped-stethWrapped stETH (WSTETH) $ 3,006.81
    • avalanche-2Avalanche (AVAX) $ 24.63
    • stellarStellar (XLM) $ 0.310145
    • shiba-inuShiba Inu (SHIB) $ 0.000016
    • hedera-hashgraphHedera (HBAR) $ 0.210385
    • hyperliquidHyperliquid (HYPE) $ 25.15
    • the-open-networkToncoin (TON) $ 3.29
    • bitcoin-cashBitcoin Cash (BCH) $ 402.15
    • leo-tokenLEO Token (LEO) $ 8.58
    • pi-networkPi Network (PI) $ 1.11
    • litecoinLitecoin (LTC) $ 102.92
    • polkadotPolkadot (DOT) $ 5.03
    • usdsUSDS (USDS) $ 0.999807
    • wethWETH (WETH) $ 2,503.36
    • moneroMonero (XMR) $ 341.10
    • pepePepe (PEPE) $ 0.000014
    • wrapped-eethWrapped eETH (WEETH) $ 2,668.22
    • bitget-tokenBitget Token (BGB) $ 4.75
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 103,797.00
    • whitebitWhiteBIT Coin (WBT) $ 30.24
    • uniswapUniswap (UNI) $ 6.77
    • bittensorBittensor (TAO) $ 458.44
    • nearNEAR Protocol (NEAR) $ 3.10
    • aptosAptos (APT) $ 5.79
    • daiDai (DAI) $ 0.999976
    • aaveAave (AAVE) $ 218.61
    • okbOKB (OKB) $ 54.14
    • ondo-financeOndo (ONDO) $ 1.02
    • kaspaKaspa (KAS) $ 0.121247
    • internet-computerInternet Computer (ICP) $ 5.65
    • ethereum-classicEthereum Classic (ETC) $ 19.59
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • crypto-com-chainCronos (CRO) $ 0.099680
    • gatechain-tokenGate (GT) $ 21.96