Chainlink: This is where LINK could be headed despite its 2022 achievements

• Chainlink revealed its achievements of 2022
• However, the metrics and indicators were bearish

Chainlink [LINK] posted a caller update that highlighted its achievements done 2022, which reflected however acold the web has evolved successful a year.

One of which was Chainlink Oracle Services that supported much developers and projects than ever before. Furthermore, the update enabled much than $6.9 trillion successful transaction worth successful 2022.

Additionally, Chainlink Data Feeds expanded crossed caller blockchains and layer-2s, including enactment for a non-EVM concatenation specified arsenic Solana.

In 2022, #Chainlink reached respective large milestones from worth enabled to #LINK staked, helping the #Web3 system standard securely.

Here's a look astatine cardinal web highlights & however Chainlink is increasing to conscionable planetary request for #ProofNotPromises 🧵👇 pic.twitter.com/fO6pCmvlEo

— Chainlink (@chainlink) December 31, 2022

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Read Chainlink’s [LINK] Price Prediction 2023-24

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How tin this payment LINK successful 2023?

As of January 1, 2023, Chainlink was down by much than 6% successful the past 7 days and was trading astatine $5.57 with a marketplace capitalization of implicit $2.8 billion. Though LINK’s banal terms showed signs of betterment during the archetypal days, concerns inactive stay connected its metrics front.

As per Santiment’s data, LINK’s Market Value to Realized Value (MVRV) Ratio witnessed a important debased implicit the past week. This could beryllium troublesome for the aboriginal of LINK.

Furthermore, LINK’s web maturation besides followed a akin way and registered a crisp decline. CryptoQuant’s data revealed that LINK’s speech reserve was increasing, signifying precocious selling pressure.

The bully quality was besides that LINK’s improvement enactment increased, which reflected the developers’ efforts to amended the blockchain. 

Interestingly, Chainlink besides partnered with respective different companies implicit the past year. This could assistance the web summation its offerings for its users. A fewer of them see the concern with the Blueberry Protocol, Magpie XYZ, and Galilio Protocol.

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Patience is recommended, but why?

A look astatine LINK’s marketplace indicators portrayed a bearish picture. Most indicators didn’t favour a terms hike. For instance, LINK’s Chaikin Money Flow (CMF) registered a downtick.

Not lone that, but the Relative Strength Index (RSI) was besides rather low. This looked antagonistic for the network. LINK’s Exponential Moving Average (EMA) Ribbon besides looked beauteous bearish, which mightiness bring successful much trouble.