Chainlink’s developer community has experienced an unprecedented surge, offering a glimmer of hope amidst the prevailing bearish sentiment.
Santiment, a renowned crypto analytics firm, has revealed that the number of contributors involved in Chainlink’s development has reached an all-time high, suggesting a growing interest in the project’s potential.
Despite Chainlink’s downward trajectory since March, recent indicators indicate a potential stabilization near the projected bottom. Daily active addresses have remained relatively stable, reflecting a potential halt in the decline. Moreover, trading patterns have shown signs of opportunity, with a timid accumulation replacing the previous drop in addresses.
While the sentiment may not be overwhelmingly positive at present, the persistence of the token’s price serves as a promising sign. Notably, there has been a lack of substantial transactions over 1 million units for an extended period, while larger investors, colloquially known as “sharks,” exhibit increased activity.
Observers are advised to monitor the continuous activity of Chainlink’s dedicated developers closely. The long-term outlook showcases exceptional work, suggesting that the project’s value and potential adoption could position it as the leading oracle for years to come.
Additionally, the Santiment report contends that an increase in the holdings of major investors would signify a positive turn amidst the prevailing uncertainty. Conversely, if such accumulation fails to materialize, it may indicate that the coin has reached its bottom within the current market conditions.
Chainlink (LINK) Price Prediction
In recent days, the value of the LINK token has witnessed a consistent downward trend. The month began with the token priced at $7.0509, but it currently trades at $6.63. Notably, on May 11, the token reached a daily low of $6.2549. Data from CoinGecko reveals that over the past 14 days, LINK has suffered a decline of 3.7%.
The current sentiment surrounding Chainlink price predictions appears bearish. The Fear & Greed Index is reading 17.28, reflecting extreme fear among investors. Over the past 30 days, the token has experienced a decline of 18.62%. While a slight recovery may occur in the coming month, by the end of May, the link’s value is expected to increase by 112.79% and reach approximately $14.10.
Moreover, currently, Chainlink is below the 200-day simple moving average and the 50-day simple moving average, indicating a sell signal. The 200-day SMA is expected to decline, reaching $6.92 by December. The RSI indicates a neutral position for the LINK market.
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