CryptocurrencyDecentralized Finance (DeFi)NFT

Chainlink (LINK): Evaluating Reasons Behind Recovery from Latest Crash

Chainlink is among the tokens that have recently recovered within the cryptocurrency market. New network developments are already reflecting positive reinforcements on LINK’s price. Nevertheless, the question remains, what are the network changes and what to expect from LINK’s upcoming performance?

Chainlink’s Upside

Chainlink (LINK) recorded an impressive 40% increase since June 24 following the latest crash in the cryptocurrency market. While publishing this content, the alternative tokens traded at $7.26, following a decline from the recent spike. The upswings emerged following multiple announcements by the platform through its social media sites.

Like other blockchains, Chainlink appears to have halted its developments due to the prevailing bear market. That saw developers resurging on the chain, leading to increased activity than levels seen over the past couple of weeks.

The past 24 hours saw a sci-fi MMO Outer Ring releasing its partnership with Chainlink. Outer Ring has collaborated with Chainlink VRF to allocate over 350,000 non-fungible tokens (NFTs) from the Lootboxes sale. The sale’s due date is June 29. Moreover, Outer Ring will deploy LINK Price Feed to secure the ecosystem from possible hacks.

DeFiEdge is a decentralized asset management platform for Uniswap liquidity providers. Meanwhile, the protocol announced its integration with LINK Price Feeds. The integration will offer another security layer for liquidity providers within Uniswap.

Moreover, the DeFiEdge team revealed prioritizing security in the protocol design. They added that Chainlink boasts simplicity for integration, expansive scope, and secure infrastructure.

What About LINK Price Action?

LINK price saw a revival following the recent announcements, exploding within the past 24 hours. Though the alt retraced most of the gains, it stays 2.5% up at this publication. Moreover, metrics confirm an upside price move for Chainlink. The MVRV hovers at the highest mark of the week. It sways around 0.2% after dodging the -16.2% weekly bottom, recorded at crash peak.

Also, LINK saw a massive surge in social dominance within the past few days. The metric explored its weekly peak at 7.4. analysts attribute network developments to the surged LINK social dominance.

Moreover, improved sentiment on the broad markets contributed to Chainlink’s surges. While publishing this content, the overall cryptocurrency market capitalization stood at $962.5 billion, gaining 0.57% within the past day.

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