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- Chainlink is in recovery mode after recording a major selloff on Monday.
- The Oracle service provider has expanded its ecosystem with its new iconic partnership.
The price of Chainlink (LINK) is experiencing an uptick in the market today. After a major downturn that saw LINK fall to $8.2 in the past week, the token is showcasing a correlation with Bitcoin (BTC), which is also up 4.64% as of writing. Though there are signs of a bounce-back, Chainlink has not completely pared off the losses it has accrued over the past week.
LINK Activity Fueling Recovery
The recovery of Chainlink is strongly correlated with the sharp uptick in network activity. According to on-chain data tracker IntoTheBlock, the number of active LINK addresses has reached its highest level since May. As of Monday, August 5, these daily active addresses total approximately 5,740.
The number of active $LINK addresses has reached its highest level since May.
Interestingly, this surge occurred alongside a general outflow from exchanges, suggesting accumulation during yesterday’s troubled market pic.twitter.com/rpIXkrW00c
— IntoTheBlock (@intotheblock) August 6, 2024
The active addresses metric is an indicator that measures user participation in the network. This metric takes account of LINK senders and receivers within a specific period. This surge in active addresses occurred alongside a general outflow from exchanges. Drawing on this trend, IntoTheBlock noted that Chainlink must have recorded accumulation during the downturn witnessed on Monday.
Data from MarketCap currently pegs the price of Chainlink at $10.36, up 4.84% in the past 24 hours. Despite this bullish rebound, the trading volume is down 50.82% to $345,466,389.
According to our recent analysis, Chainlink’s short-term dips typically signal a trend change. While it appears too soon to predict a related trend change for LINK, outpacing BTC in daily growth rate marks a crucial development to watch.
Chainlink Integrations Growing
Chainlink is one of the most dominant Oracle service providers in the broader Web 3.0 ecosystem. Its solution remains the top choice for many industry protocols. In a recent announcement, ionic, an OP Superchain-based money market for yield-bearing assets, has integrated Chainlink price feeds.
The Chainlink price feed is one of the protocol’s flagship products. It helps “deliver highly accurate market data, empowering developers to create reliable and robust applications.”
.@ionicmoney has integrated #Chainlink Price Feeds to enable secure lending markets around its LST and LRT tokens on @base and @Optimism.
Price Feeds deliver highly accurate market data, empowering developers to create reliable and robust applications. pic.twitter.com/Co4CAbldIe
— Chainlink (@chainlink) August 6, 2024
ionic integrated the Chainlink price feeds to enable secure lending markets around its LST and LRT tokens on the Base and Optimism Layer 2 platforms. As we discussed earlier, Chainlink data streams now power Ostium’s low-latency crypto feeds on Arbitrum.
Chainlink has allied with Concero, PancakeSwap, and WiseLending to diversify its adoption and drive tech growth on Ethereum and Solana. These recent ecosystem trends show promise and might help LINK’s short to mid-term recovery efforts.
