{"id":21285,"date":"2024-05-26T15:30:09","date_gmt":"2024-05-26T12:30:09","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21285"},"modified":"2024-05-26T11:29:45","modified_gmt":"2024-05-26T08:29:45","slug":"chainlink-surges-7-amid-crypto-market-decline","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/chainlink-surges-7-amid-crypto-market-decline\/","title":{"rendered":"Chainlink Surges 7% Amid Crypto Market Decline"},"content":{"rendered":"

On May 24, Chainlink<\/strong> pricing increased 7% in spite of the general declining value of cryptocurrencies<\/a>.<\/p>\n

Currently valued at $17.04, LINK has had a remarkable 30% rise thus far in May, which begs investors to question whether the forces behind a surge beyond $20 still remain.<\/p>\n

\"Chainlink\"
LINK\/USD daily chart<\/figcaption><\/figure>\n

With the price noticeably outperforming other cryptocurrencies, reaching a six-week high of $17.50 on May 24, on-chain measures are painting a positive image for LINK, according to a May 24 X post<\/a> by market intelligence firm Santiment.<\/p>\n

With LINK’s ratio of profitable to loss-making events at 11 to 1, the data shows that this ratio is most advantageous starting on December 8, 2022.<\/p>\n

“Chainlink<\/strong> strikes a 6-week high with a profit level at the highest level in 17 months, decoupling from markets.”<\/em><\/p>\n

Further information from Santiment shows that Chainlink<\/strong> network traffic has been rising since the middle of May. From 3,159 on May 14 to $11,304 on May 22, the daily active addresses interacting with the Chainlink<\/strong> blockchain have grown, as shown in the figure below. Development activity, meanwhile, has surged from 421 distinct GitHub repositories in mid-April to the present amount of 430.<\/p>\n

\"Chainlink\"
Chainlink on-chain activity.<\/figcaption><\/figure>\n

 <\/p>\n

In a May 22 post on X, Santiment listed Chainlink<\/strong> as the network with the most \u201cnotable daily development activity rates over the past 30 days<\/em>\u201d among \u201ctop #ERC-20 related coins.\u201d<\/p>\n

\u201cChainlink, Status and Ethereum are the top developed ERC-20s in crypto are traders anticipate new ETF.\u201d<\/em><\/p>\n

\"\"
Top 10 developed crypto projects sorted by ERC-20s<\/figcaption><\/figure>\n

Increasing network activity illustrates that more people are using the Chainlink<\/strong> blockchain, which implies a higher demand and value for LINK.<\/p>\n

Fellow trader Mister Crypto said he had faith in Chainlink’s<\/strong> future price performance, saying LINK can easily top the $50 level once more during this bull run.<\/p>\n

\"\"
LINK\/USD 2-week chart<\/figcaption><\/figure>\n

Given its basic value offer, another X user, Chainlink<\/strong> Red Pill, feels LINK is “vastly underpriced.”<\/p>\n

“Chainlink<\/strong> is going to make tokenization incredibly profitable for the biggest financial entities in the world,<\/em>” they stated, imploring its over 17,000 flowers to see the opportunity that lies ahead with LINK as it might multiply as much as 100X from the current values.<\/p>\n

 <\/p>\n

Note: This article does not contain investment advice.<\/p>\n","protected":false},"excerpt":{"rendered":"

On May 24, Chainlink pricing increased 7% in spite of the general declining value of cryptocurrencies. Currently valued at $17.04, LINK has had a remarkable 30% rise thus far in May, which begs investors to question whether the forces behind a surge beyond $20 still remain. With the price noticeably outperforming other cryptocurrencies, reaching a<\/p>\n","protected":false},"author":6,"featured_media":21290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[724,6330],"class_list":["post-21285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-news","tag-chainlink","tag-chainlink-anaylsis"],"yoast_head":"\nChainlink Surges 7% Amid Crypto Market Decline - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Chainlink (LINK) surges 7% to $17.04 despite market decline, driven by increased network activity and strong development rates, up 30% in May\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/chainlink-surges-7-amid-crypto-market-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainlink Surges 7% Amid Crypto Market Decline - 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