• Chainlink recently made its way into the list of most used smart contracts among the top 1000 ETH whales in the last 24 hours.
• The token pulled back by as much as 10% from its current monthly high, putting it within the 50-day moving average and the 50% RSI level where it is likely to bounce off.
• The MVRV ratio dropped significantly since 11 January, which confirms a sizable drop in profitability, and LINK’s daily active addresses surged to a new monthly high.
The blockchain technology has been rapidly growing in recent years, and Chainlink is one of the most popular projects in the decentralized landscape. Its native token, LINK, has experienced a strong rally since its launch in 2017, and its long-term prospects remain strong. However, LINK bears have threatened to cut short the token’s recent dominance, recently pushing it back 10% from its current monthly high.
The good news is that LINK may have found some support in the form of the 50-day moving average, as well as the 50% RSI level. This could potentially prevent the token from further losses. Furthermore, WhaleStats‘ recent alert puts ChainLink in the crosshairs of addresses with large balances, confirming that the token is still experiencing healthy levels of utility.
On top of this, the recent drop in the MVRV ratio since 11 January confirms a sizable drop in profitability. At the same time, LINK’s daily active addresses surged to a new monthly high. These developments could be a sign of LINK’s short-term recovery, and it remains to be seen if the token’s price can continue to go up in the coming months.
With its growing popularity and utility, Chainlink could potentially become one of the most profitable investment opportunities in the near future. Therefore, investors may want to keep an eye on LINK’s performance in the short and long term.