Chainlink [LINK] recently shared an update that outlined its accomplishments throughout the year 2022, demonstrating the significant progress and evolution of the network over the past year.
Chainlink Oracle Services saw an increase in developers and projects supported, and the update enabled a significant volume of transactions totaling over $6.9 trillion in 2022.
Chainlink Data Feeds also broadened its reach to additional blockchains and layer-2s, including the addition of support for a non-EVM chain like Solana.
In 2022, #Chainlink reached several major milestones from value enabled to #LINK staked, helping the #Web3 economy scale securely.
Here's a look at key network highlights & how Chainlink is growing to meet global demand for #ProofNotPromises 🧵👇 pic.twitter.com/fO6pCmvlEo
— Chainlink (@chainlink) December 31, 2022
Maximizing The Potential Of Chainlink In 2023
As of the start of the new year, Chainlink has experienced a decline of over 6% in the past week and is currently trading at a value of $5.57, with a market cap of approximately $2.8 billion. While there have been some signs of recovery in LINK’s stock price, there are still concerns about its performance metrics.
According to Santiment’s data, the Market Value to Realized Value (MVRV) Ratio for LINK saw a significant decrease in the previous week, which could be potentially problematic for the asset’s future prospects.
Additionally, the growth of the LINK network also saw a similar decline, as shown by CryptoQuant’s data. The data indicated that there had been an increase in the exchange reserve for LINK, which suggests a high level of selling pressure.
On a positive note, there was an increase in development activity for LINK, demonstrating the efforts of the developers to enhance the blockchain.
Chainlink partnered with multiple companies over the past year, potentially expanding its offerings to users. Partners included Blueberry Protocol, Magpie XYZ, and Galilio Protocol.
Market Indicators Predict Difficulties For LINK
An analysis of LINK’s market indicators paints a bearish picture, as most indicators do not indicate a potential increase in price. For example, the Chaikin Money Flow (CMF) for LINK has shown a decrease.
In addition, the Relative Strength Index (RSI) was also relatively low, which is not a positive sign for the network. The Exponential Moving Average (EMA) Ribbon for LINK also appears bearish, potentially causing further difficulties.