Keynote
Santiment ranked ChainLink (Link) as the Defi protocol with the best development activity in the past month. The cryptocurrency is trading at $18.80 and is focusing on the 20-day EMA at a price of $21.03. RSI reads below 40.
The crypto market lacks excitement in terms of price, but there is a major development behind the curtains of the Decentralized Finance (DEFI) sector. ChainLink (Link), the blockchain Oracle protocol, controls the list of TOP Defi protocols by development activities. Meanwhile, the Deepbook protocol and Defichain also show significant growth in the rankings.
Synthetix according to data posted by X (formerly Twitter) blockchain analytics platform Santiment
SNX
$0.83
24-hour volatility:
10.0%
Market Cap:
$281.90 m
Vol. 24H:
$25.56 m
Although they fell to fourth in the rankings in the last 30 days, Deepbook Protocol and Defichain have risen to ranks, securing second and third positions respectively.
Photo: Santimento
Coinbase’s CBBTC took fifth place, but liquid and its ridiculous liquid USD are making progress in space, claiming the sixth and seventh spots, respectively. Lido Dao continues to dominate the Ethereum staking sector, ranking eighth, but injections fell to ninth. Also, one of the major distributed exchanges is Uniswap
Uni
$6.11
24-hour volatility:
10.1%
Market Cap:
$3.68 b
Vol. 24H:
$161.46 m
I concluded the list and claimed the 10th rank.
Investors remain bullish on chain links, with some market participants calling cryptocurrencies the backbone of the defi sector. Crypto Investors also highlights the key partnerships that ChainLink can gain, such as DLT integration at the basic infrastructure level of Swift networks.
ChainLink Price Analysis
link
$14.15
24-hour volatility:
9.2%
Market Cap:
$9.04 b
Vol. 24H:
$486.57 m
It is trading at a price of $18.80, an increase of 0.36% over the past day. Altcoin has fallen 7.78% over the past week, trading at a record high of $52.88, spotted in May 2021 and a 64.74% discount. Meanwhile, the daily chart provided by TradingView below shows that ChainLink’s closest support zone is around $16 to $17.
Photo: TradingView
The 20-day exponential moving average of $21.03 is immediate resistance, followed by $24.00. Link is still in a short-term bearish stage, but investors were able to see the relief rally after it exceeded $21.03. Meanwhile, the relative strength index (RSI) reads a value of 37.96, indicating that the link is in the low momentum range but has not yet been oversold. A sold level of testing can lead to potential bounces.
Finally, the MACD indicator ensures that the bear is controlled and the MACD line (blue) is located below the signal line (red). This suggests that bear pressure is still present, despite the histogram showing signs of flattening.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.
A crypto journalist with over five years of experience in the industry, Perth has worked with leading media outlets in the Crypto and Finance world, gathering experience and expertise in this field after surviving the bear and bull market for many years. Perth is also the author of four self-published books.
Parth Dubey on LinkedIn
Marco T. Lanz of X
