In the publication that we develop below, we elaborate a technical and fundamental analysis of the Chainlink token, in order to know its current state, and to take advantage of the available data to try to forecast its near future.
Without a doubt, this is one of the tokens that has given us the most to talk about The News Spy in recent months. Although it does not even have its own blockchain, it has been consolidating itself as the 5th largest crypt currency in the market.
Since March, LINK has appreciated more than 1.370%, which has provoked an unprecedented positivism in its ecosystem.
In spite of this, as is normal, while small investors were adding to the parabolic increase, its developers began to get rid of several million tokens, for approximately $40 million, according to data from research carried out by TrustNodes.
In August, according to the movements tracked, the development team behind the project was transferring around 500,000 units of LINK per week.
As a result of this continuous increase in the supply left by the largest, after reaching an all-time high of $20, Chainlink began to decline. At the time of this writing its price is $12.17 per unit.
Despite this, the meteoric rise has left a solid upward trend in the medium term. The Return on Investment that it has generated is over 9.000%, which will continue to generate a lot of positivity in its investors thanks to a more than evident historical upward trend.
On-chain metrics indicate that there is a solid base behind its volatile price increase
Three key metrics, such as the number of active addresses, addresses with a non-zero balance, and the number of LINK tokens available in exchanges, can be used as key indicators to rule out possible pumping and dumping as some analysts think happened with Chainlink.
Active addresses in the Chainlink network went from 970 to 14,255 in only 8 months, while wallets with a balance greater than zero doubled in the same period of time.
From June 2019 to date, the number of LINK units available in exchanges has decreased dramatically, by almost 40%. This is a signal that is often taken as positive for the price, as investors tend to bring their currencies to the exchanges when they are looking to get rid of them, and conversely keep their position in cold wallets when they have an upward view of the price.