The social buzz about Chainlink is booming, but LINK’s prices tell a different story!

The Key Takeaways

Has the recent Chainlink partnership boosted LINK’s bullish sentiment

The price chart of LINK has not been bullish this week as it dropped below a crucial swing-low and support from August.

What are the metrics for LINK’s on-chain?

The two indicators reflected decreasing exchange reserves as well as a change from a bearish spot taker CVD to a neutral one. However, neither indicator had stopped the LINK downward trend.

Chainlink [LINK] Social media is one of the main drivers for engagement. One of the tokens driving social media engagement is A Santiment Insights Post captured in how Chainlink’s The role of the multi-chain Oracle network, and its many partnerships with financial institutions major were an talking point.

A partnership The 5th of Novembre saw the announcement of a deal between Chainlink, an established provider of U.S. equity tokens, and Dinari.

The aim was to make the S&P Digital Markets 50 Index one of the first to operate verifiably onchain. The index tracks 35 U.S. companies leading blockchain adoption, as well as 15 major digital currencies.

Another collaboration On the 4th November, an agreement was signed between Chainlink, a global operator in the markets for rates, credit, equities and money, and Tradeweb. The two companies will publish Tradeweb FTSE U.S. Treasury Benchmark closing prices on-chain through DataLink.

Despite Chainlink’s affiliation with prominent TradFi Institutions, the demand for LINK, Chainlink’s native token, remained low. Why?

Chainlink’s price and on-chain metrics collide: What can we learn?

Social volume has been verified as being higher than the average for the last two months. This is in line with earlier reports of a rising engagement on social media. The sentiment scores were also bullish.

As a result, despite the fluctuations in price, investors still had a positive outlook.

Source: CryptoQuant

In addition to the bullish confidence, we also saw a steady decline in LINK exchange reservesThe accumulation of money. The spot-taker CVD, that measures what part of the movement is driving and aggressive, has changed from being dominated by bears to neutral.

The price changes are also likely to be influenced by this development.

TradingView Source: Link/USDT

This trend shift has not yet occurred. The bearish pattern was strengthened on the third of November. The closing price of the daily session was below the August swing low at $15.44. That meant that the bears were in full control.

MACD confirmed the bearish movement, and OBV marked a new minimum alongside LINK price to show heavy pressure on sales.

If this trajectory continues, we could see a fall to just $11 if the trend is not changed. To make informed decisions, it is important for investors to keep an eye on the latest news and price movements.

Investors and traders should be prepared for further losses.