LUCKNOW (CoinChapter.com) — Following a notable surge that propelled its price to $8.4, Chainlink’s fortunes took a turn for the worse as it gradually slid downwards. The past week has seen the cryptocurrency plummet to $7.2, leaving investors questioning whether a rebound is on the horizon.
Chainlink Struggles to Shake Off Downtrend After July High
Chainlink has experienced a 6% loss over the past week, a relatively moderate decline compared to other major coins. Nevertheless, the prolonged downtrend has raised concerns among investors, wondering if it will continue unabated.
Chainlink’s 6% losses over the past week, while not as severe as some other top cryptocurrencies. Several assets, such as XRP and Litecoin, have endured more substantial declines, plummeting 13% and 11% in the same timeframe, respectively.
Promising Developments Amidst Market Turmoil
Despite the unfavorable market conditions, Chainlink’s investors have found some promising signs to hold on to. On-chain analytics firm Santiment revealed positive metrics for the asset.
The chart displayed by Santiment reveals the total work undertaken by LINK’s developers on its public GitHub repositories in the past month. Notably, the indicator’s value has been steadily increasing over the last few months, indicating significant recent efforts by the cryptocurrency’s development team.
The surge in development activity suggests that the project remains active and vibrant. In fact, LINK’s development activity is currently ranked fifth-highest in the entire cryptocurrency market, making it one of the most actively developed projects.
Accumulation by Large Investors
Another encouraging sign is the combined supply held by wallets containing balances between 100,000 and 10 million LINK. Often referred to as “sharks and whales,” these large investors possess significant influence due to their substantial holdings.
The chart demonstrates that these big players have been accumulating more LINK, acquiring an additional $192.2 million worth of cryptocurrency over the past four weeks. This accumulation is viewed as a positive signal for the asset’s future.
Moreover, amidst the declining market, these influential investors have refrained from engaging in any significant selling spree, further bolstering optimism among the Chainlink community.
A Glimpse of Hope Amid Market Turmoil
The recent downturn in Chainlink’s price may cause concern. However, the developments highlighted by Santiment provide a glimmer of hope for the cryptocurrency’s future. The surge in development activity showcases the project’s ongoing progress and vitality, positioning it as one of the most developed coins in the market.
Additionally, the accumulation of LINK by influential investors demonstrates their confidence in the asset, even in times of market turbulence. These positive indicators offer no guarantees of an immediate turnaround.
However, they do provide a positive direction for Chainlink, inspiring optimism among its investors and enthusiasts.
