• Chainlink reported nine new adoptions across six chains.
• Metrics supported the massive weekly uptick, and indicators remained in support of the bulls.
• LINK’s price increased by over 25% in the last seven days, with its market capitalization reaching over $4.1 billion.
Chainlink Reports Nine New Adoptions
Chainlink recently reported nine new adoptions across six different chains: BNB Chain, Arbitrum, Avalanche [AVAX], Ethereum [ETH], Polygon [MATIC], and Solana [SOL]. This adoption is part of a larger trend of increasing integrations for Chainlink services that have been happening each week. These new integrations are helping to power up the multi-chain ecosystem.
LINK Price Surges By Over 25%
The news of these integrations was accompanied by a surge in LINK’s price; its value increased by over 25% in the past seven days alone. At press time, it was trading at $8.22 with a market capitalization of over $4.1 billion. What’s more, LINK ranked third on WhaleStats‘ list of cryptos held by top 500 Ethereum whales on 20 February 2021 — suggesting that whales were also buying up LINK tokens during this period.
Metrics Back Up Price Surge
The rise in LINK’s price was not unsubstantiated; metrics from CoinMarketCap suggested several factors were at play here that could have pushed its value upwards so quickly and significantly. For example, LINK’s Binance and DyDx funding rates remained consistently high — indicating demand from the futures market — while its network growth stayed up throughout the week as well as its social dominance spiking suddenly too. CryptoQuant also revealed that LINK’s net deposits on exchanges are low compared to their seven-day average — which is usually seen as bullish behaviour due to less selling pressure being applied to it currently than usual. Additionally, active addresses on Chainlink were increasing daily too — further confirming an increase in interest surrounding this token right now!
Future Predictions For LINK
These positive developments suggest that there might be more good news coming soon for those who hold or are thinking about investing in LINK tokens! The bullish sentiment is expected to remain strong into 2021–2022 according to experts like WalletInvestor’s team who predict that its price will reach around $25 by then due to continued adoption and integration across various networks worldwide. Similarly LongForecast predicts a steady climb for Link over the next two years with an estimated peak of around US$50/token at some point during 2022–2023 which could potentially be even higher depending on how things turn out!
Overall, this week has been incredibly promising for those invested or interested in investing in Link! Not only did it see a huge price surge but also numerous adoptions across various networks along with supportive metrics all pointing towards further growth ahead for this token going forward into 2022/2023 and beyond!
• DYDX has made large gains in January and is currently in a period of consolidation and pullback.
• The $2.4 zone has seen consolidation in the past, as well as a bounce in recent days.
• Indicators suggest that buyers may be interested in buying this move back above the $2.6 level of support, with potential take-profit levels at $3.25 and $4.
The birth of 2021 brought a rally that has lasted close to six weeks for altcoins like DYDX. During this time, there have been periods of consolidation and pullback witnessed by the token.
The $2.4 region is an important level on the 4-hour price chart since it is both an H4 bullish order block and a zone beneath which the asset consolidated in late January before making a violent move upward on 31st January. This could indicate that many buyers are likely to be interested in this area due to its history of holding up prices during times of pullbacks or consolidations.
The 4-hour RSI has not yet recovered to push above the neutral 50 mark, despite the near 10% bounce within the past three days, while On Balance Volume (OBV) made lower highs even though DYDX burst above the $2.8 resistance with vehemence . The 30-day MVRV ratio fell toward zero to indicate short-term holders had taken profits; however, sentiment remains negative overall as indicated by mean coin age dropping since late December which signals increased selling pressure over time..
Buyers should exercise caution when trading DYDX as Bitcoin sits at critical support zone around $21k at present time; risk can be managed by buying back into momentum once prices break beyond $2.6 level of support with potential take-profit levels identified at around $3-$4 mark if Bitcoin can regain its bullishness which could result in strong returns for DYDX token holders..
A drop beneath either daily timeframe’s support ($1-$1) ,or lower timeframe’s supports ($ 2 -$ 2 ) would invalidate any aforementioned buy scenario for DYdex tokens .
• The total value locked (TVL) on Blur Bidding Pools recently hit an all-time high of $39.2 million, driven by marketing strategies and incentives such as zero trading fees and airdrops of BLUR tokens.
• Data from DefiLlama pointed out that the TVL has expanded by almost 50% in the last month, cementing Blur’s position as a dominant player in the NFT marketplace ecosystem.
• According to data provided by Dune Analytics, Blur accounted for over 37% of the NFT trading volumes across all marketplaces and was also the largest NFT marketplace aggregator with 70% market dominance.
Sharp Increase in Total Value Locked (TVL)
The official BLUR token will launch on 14 February 2023, but prior to its launch, the total value locked (TVL) on Blur bidding pools had already reached an all-time high of almost $40 million. According to a tweet by the platform on 4 February, this marks a sharp increase compared to when it launched three months ago. Additionally, data from DefiLlama pointed out that the TVL has expanded by almost 50% in the last month, which further cements Blur’s position as a dominant player in the NFT marketplace ecosystem.
Why Blur is Getting Clearer
Blur’s increased activity can be attributed to their strategic marketing tactics and enticing marketplace rules. Firstly, unlike other players in the ecosystem, it charges no trading fees for users who list their NFTs on its platform. Furthermore, ever since its launch it has been providing „Care Packages“ containing BLUR tokens as incentives for users to engage more with its platform; these tokens can be redeemed once they are launched later this month. These measures seem to have been effective so far in driving up trading activity on the platform.
Increase In Volume & Market Share
According to data provided by Dune Analytics, Blur accounted for over 37% of overall NFT trading volumes across all marketplaces – second only behind OpenSea at 45%. While active users were lower than that of OpenSea’s user base; however these users tend to trade more frequently on average per user than those using other platforms – indicating an increasing level engagement among existing users of Blur’s network. Additionally, statistics showed that Blur was also act as an NFT marketplace aggregator with nearly 70% market dominance – making them one of most widely used protocols on Ethereum currently..
Overall it seems like Blur’s innovative approach towards incentivizing activity within their network is paying off dividends – resulting in increased volume & market share and subsequently higher total value locked (TVL). With their official token launch scheduled later this month – there’s still plenty more room for growth and development within this burgeoning space going forward!