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Can Chainlink’s latest integration help ride the Price Pump

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  • Chain Link collaborated with Polarys. 
  • This collaboration will greatly help their NFT marketplace. 
  • LINK managed to be among the top choices of Ethereum Whales.

Chainlink (LINK), to increase its adoption, took a step forward with its new integration. Polygon’s collaboration with Polarys, will allow the conversion of digital asset prices to USD when users mint community NFTs and do transactions on Polarys NFT marketplace. 

The co-founder and CEO of Polarys mentioned the reason for choosing Chain Link due to its credibility and expertise. 

Chain Link also saw a noticeable growth in their NFT ecosystem over the last few weeks. According to Santiment, LINK’s total NFT trade count and volume remained consistently higher. 

LINK’s performance on the price front was better, and the NFT ecosystem was positive. 

LINK also managed to be among the top choices of whales, coming in the list of most used smart contracts for the top hundred Ethereum whales. 

Could this be a Game changer for LINK?

All this could revive LINK as some on-chain metrics suggest probable reasons for the price pump. There was a rise registered in LINK’s Market Value to Realized Value (MVRV) ratio. Its social volume has been considerably high to reflect its popularity in the crypto space. To indicate a lesser selling pressure, net deposits on the exchange were low compared to the seven-day average. 

But certain indicators carried the bad news suggesting that this bull run would end soon.

LINK’s active addresses are decreasing, which indicates a lesser number of users; the network’s growth has also decreased considerably in the last few days, which is also a negative signal for a blockchain. 

LINK Price Analysis

LINK is currently trading at $6.10, up by 0.01%; its price against Bitcoin is at 0.0003502 BTC, down by 1.05%. Its market cap is down by 0.07% and is at $3 billion, while its volume is at $198 million, registering a drop of 19.86%. At the same time, the high/low range has been $6.27 – $6.08 in the last 24 hours. Its market dominance is at 0.36%, while it is ranked at 22. 

The currency value is down by 88.45% of its all-time high achieved on May 10, 2021, and at the same time is up by 4735.76%, up from its all-time low of $0.1263 touched on September 23, 2017. 

Source: TradingView

The chart also does not show any foreseeable drastic movement visible on the horizon. And is expected to find support at 3.464 while resistance at 9.705. Although there is a slight hint of it going up, it can only be confirmed after some news hits the market. 

The price is expected to consolidate for some time here before breaking northbound towards  16.488, but breaking this point will take a lot of time, mainly due to the overall bearish condition of the market. 

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