Chainlink social buzz surges – But LINK’s price tells another story!
The post Chainlink social buzz surges – But LINK’s price tells another story! appeared on BitcoinEthereumNews.com.
Key Takeaways Did the latest Chainlink partnerships boost LINK bullish sentiment? No, this week has been bearish for LINK on the price charts as it lost a key swing low and support level from August. What do the on-chain metrics show for LINK? They reflected falling exchange reserves and a shift from bearish to neutral spot taker CVD- but neither had yet halted the LINK downtrend. Chainlink [LINK] was one of the tokens driving social media engagement. A Santiment Insights post captured how Chainlink’s role as a multi-chain oracle network and its multiple partnerships with major financial institutions were a talking point. A partnership between Chainlink and Dinari, a leading provider of tokenized U.S. equities, was announced on the 5th of November. The aim was to make the S&P Digital Markets 50 Index one of the first to operate verifiably onchain. The index will track 35 U.S.-listed companies driving blockchain adoption and 15 major digital assets. Another collaboration between Chainlink and Tradeweb, a global operator of marketplaces for rates, credits, equities, and money markets, to publish the Tradeweb FTSE U.S. Treasury Benchmark Closing Prices on-chain via DataLink, was announced on the 4th of November. Despite the stream of affiliations with notable TradFi institutions, demand for Chainlink’s native token LINK remained weak. Why was this? Clues from the on-chain metrics clash with Chainlink price action Source: Santiment In keeping with the rising social media engagement covered earlier, the social volume was verified to be higher than average compared to the past two months. Moreover, the weighted sentiment was bullish. Therefore, regardless of the price action, the bigger picture was still encouraging for the investors. Source: CryptoQuant The bullish conviction was also witnessed in the steady drop in LINK exchange reserves, a sign of accumulation. The spot taker CVD, which measures which…
