Learn how Chainlink is making significant progress in development, even though the number of active addresses is decreasing.
Chainlink (LINK) has shown continuous positive price movements in recent days, maintaining a bullish trend despite occasional retracements. It has recently emerged as the top network in the Real World Asset sector in terms of developmental momentum, even though active user participation has waned.
Chainlink Leads Real World Asset Development Despite Drop in Active Users
Latest insights reveal that Chainlink leads in developmental contributions within the Real World Asset domain, according to current data from Santiment.
The dataset includes analysis of 24 other networks, with Chainlink achieving a significant 452 development activity score over the past month. The competition remains distant, with the nearest rival scoring a mere 35.
An observational study of Chainlink’s growth metrics highlights January as a pivotal month for increasing developmental activities. While April saw a temporary decline, the recovery was swift, bringing the metric to around 74.5 at the moment.
Despite robust developmental progress, other on-chain metrics suggest that user engagement hasn’t kept pace. Notably, there has been a slight reduction in the number of active addresses observed on Chainlink’s network.
Santiment’s 30-day active addresses chart illustrates a minor decline from 31st May to the present. Initially, active addresses numbered 63,300, which has since decreased to approximately 62,100. At earlier points, this number had surpassed 70,000 and occasionally exceeded 80,000.
Chainlink: Strong Development, Declining Engagement
Currently, Chainlink is trading near $17.8, reflecting a marginal increase of less than 1%. This follows a similar ascent to the $17.7 range on June 4th. However, these incremental gains have not been enough to counteract prior significant price drops.
Technical analysis shows that Chainlink’s short-term moving average (yellow) remains below the long-term moving average (blue), signaling a less favorable price trajectory.
To sum up, while Chainlink excels in development activities, the concurrent decline in active addresses poses a challenge. Although the uptrend in its price offers a bullish outlook, the overall market sentiment and active engagement remain critical factors for future performance.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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