Chainlink price slowed down the downtrend after a gruesome weekend sell-off and a bearish Monday that mirrored 2020’s black swan event, commonly referred to as Black Monday.
Has Chainlink Price Bottomed?
The latest blockchain data, presented by IntoTheBlock, points to an increasing number of newly created and active addresses on the Chainlink network.
Based on the metric, more than 1,100 new addresses joined the network daily by Friday from only 622 on Thursday. Subsequently, active addresses increased to approximately 3,800 from roughly 2,500 during the same period.
Increasing new addresses suggests growing user interest, potentially driving demand and price appreciation. Similarly, active addresses refer to network usage. A surge in active addresses without a corresponding increase in new addresses might signal short-term speculation, potentially leading to price volatility.
Nevertheless, a sustained rise in both metrics, like in Chainlink’s case, signifies robust network growt
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