Chainlink (LINK) holders are reportedly facing tough circumstances, with some holding positions at a loss. As shared by multi-chain token holder Katherine_XBT, over 80% of LINK holders were in a cohort, a situation last seen in December 2022.
What’s the Highest Chainlink Has Seen?
At the time of writing, LINK is trading at a price that is 87.34% lower than its All-Time High (ATH) of $52.88. Since the start of the year, the token’s value performance hasn’t been impressive compared to other cryptocurrencies in the top 20 by market value.
Despite this, the price performance doesn’t appear to have influenced the growth in LINK addresses and overall adoption. While Chainlink continues to improve with the introduction of new features, the same cannot be said about the action of whales.
According to Santiment, the number of addresses holding between 100,000 and 1,000,000 tokens is declining. This could indicate a lack of encouraging new entries by large holders.
Consequently, this could suggest uncertainty among whales about the token’s forward-looking performance. However, a different scenario is unfolding for addresses holding between 100 and 10,000 tokens. Therefore, individual coin holders’ perception contrasted with that of the whales, as faith in the token appears to be increasing in the long term.
The Future of Chainlink
Despite the price drop, Chainlink‘s development activity trended upwards from December 2022. As of this writing, the metric stood at 52.57.
Development activity revolves around contributions to the project on GitHub. An increase in development activity signifies active work by developers to polish the network. This could serve as a bullish signal for LINK’s long-term value.
In the short term, LINK might continue facing selling pressure due to volatility in exchanges. According to on-chain data, the exchange outflow stood at 289. This metric takes into account the number of tokens exiting exchanges.
On the other hand, the exchange inflow was recorded at 7528. In a situation where the inflow is significantly higher than the outflow, this could mean several investors are selling. Therefore, it might take a while longer for LINK to experience a pause in selling pressure.
As for social volume, Santiment showed an increase from the initial value in May. Social volume measures the number of text documents in terms of token-related searches. Therefore, the increase could have indicated a rise in interest in LINK.
