chain link [LINK] After hitting a 30-day high of $8.80 and falling sharply on the second day of November, NFT trading volume bounced back to new highs.Interestingly, these developments came after Chainlink announced Integration of new digital collections.
⬡ Daily Recap ⬡
— Chainlink (@chainlink) November 4, 2022
According to Chainlink, it has integrated three NFT collections. polygon [MATIC] When ethereum [ETH] sub chain. A decentralized oracle network revealed through the “Daily Wrap-up” noted that ItsDigits, Sigma on Katlyn, and Gustaves NFT formed part of the latest alliance.
Here it is Chainlink’s AMBCrypto Price Prediction 2022-2023
A Tale of the Substitutable and the Impossible
According to Santiment, NFT had a trading volume of $1.33 million at the time of writing.Also an on-chain analytics platform clearly The spike in volume on November 1st has decreased significantly over the past four days. Nonetheless, the trader was able to regain interest, especially as press volume was able to outperform his Nov. 3 volume.
When it comes to price increases, there’s no denying that volume played a role too.Santiment showed LINK volume surged 19% to $865.85 million. This rise means that he has chosen LINK as one of the cryptocurrencies that investors use for translation regardless of profit or loss. In addition to the volume growth, the supply on the exchange shows that the LINK pump has led investors to profit.
At the time of writing this article, the exchange supply was 174.74 million. With increased flow, LINK investors may be in the following mode: sell off What I got recently. As such, LINK is on the brink of sales pressure, which could facilitate an uptick. By press time, the signs were already starting to appear.
Additionally, CoinMarketCap data revealed that the price of LINK dropped to $8.67. sequelae of an increase in exchange supply.
In other words…
Elsewhere in the Chainlink ecosystem, Glassnode has had some updates. According to the on-chain platform, the Herfindahl index was as low as 0.005. At that point, Chainlink’s supply concentration was reasonably distributed across addresses.
Furthermore, this indicates that the underlying LINK asset was balancing weighted addresses on the network. Chainlink therefore chose to adapt to the demands of decentralization goals.
In addition, the glass node clearly Chainlik’s recent transfer speed improvements. The metric climbed to 9,290, indicating that the investor had made more successful non-zero LINK trades than in his first few days of November.
At the time of writing, LINK has fallen 85.1% from its all-time high (ATH). Still, we need to raise these indicators even further to get any closer to the highest point.