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Chainlink $12.28 (LINK) continues to be heavily impacted by the prevailing uncertainties in the cryptocurrency markets. As of December 23, the price of LINK was recorded at $12.49, with a market capitalization of approximately $8.84 billion. However, this current price is about 16% lower compared to its monthly peak and around 55% down from its level at the beginning of the year. This sharp pullback reflects investors’ increased caution towards both macroeconomic developments and weakening on-chain data. Contents DeFi Data and Whale Movements: Insights Technical Outlook and Potential Scenarios DeFi Data and Whale Movements: Insights According to DefiLlama, the total value locked (TVL) in Chainlink-based DeFi applications has dropped remarkably, from $1.13 billion at the end of August to about $545 million. During the same period, there has also been a consistent decline in weekly transaction fees. These declines in TVL and fees suggest a waning demand for Chainlink services and a slowdown in ecosystem usage. The on-chain stagnation appears to have led to a decline in interest from major investors, known as whales. Nansen data reveals that the amount of LINK held by whales decreased by 2% in the last seven days, falling to 1.84 million units. Meanwhile, the total LINK balance on exchanges has increased by 2.7% to 226.73 million units, indicating a potential strengthening of selling pressure. This scenario escalates the downward risks on the price in the short term. Technical Outlook and Potential Scenarios The weekly chart for Chainlink calls for investor caution. It highlights a multi-year “double top” formation, with the peaks forming around $28.06 and the neckline situated at $11.08. In technical analysis, such formations are often precursors to significant downturns. Momentum indicators also emit negative signals. The MACD indicator has moved below the signal line, with both lines trending downward, suggesting that sellers maintain their dominance in the market. The RSI stands at approximately 37.7, indicating that it has not yet entered the oversold territory. This suggests that there is still room for downward movement before a potential recovery. A critical level to watch is $11.08. A potential break below this level could result in the price falling to $8 or even the robust support level of $5 that was established during the 2022-2023 period. While Chainlink’s weakness continues, competition in the oracle space is intensifying. Recently, projects like Pyth Network and Band Protocol have increased their integrations with different blockchains, intensifying competition in the data oracle market. Collaborations with Solana and new generation Layer-2 solutions provide developers with alternative oracle options, making it increasingly important for Chainlink to offer new use cases and updates to maintain its market share.

Cryptocurrency analytics company Santiment has revealed the projects that developers in the Solana ecosystem have focused on most intensely in the last 30 days. According to Santiment’s study based on data, both infrastructure and DeFi-focused projects stood out in terms of developer activity, with Chainlink leading the list by a wide margin. The data reveals that the Solana ecosystem is experiencing significant developer interest not only in mainnet projects but also in oracle, liquidity, and cross-chain solutions. Chainlink, in particular, has the highest developer activity among projects associated with the Solana ecosystem, while critical infrastructure and DeFi projects like Solana, Wormhole, and Jito also rank highly. It was noted that some projects showed increased developer interest, while others experienced a limited decline. Related News Rumors Started About Binance Regarding BlackRock, the World's Largest Asset Manager Here are the Solana ecosystem altcoins that have attracted the most attention from cryptocurrency developers in the last 30 days, along with developer activity: Chainlink (LINK) – 263.9 Solana (SOL) – 97.47 Wormhole (W) – 25.83 Jito (JTO) – 16.93 Python Network (PYTH) – 16.03 Meteora (MET) – 13.83 Drift (DRIFT) – 11.5 Swarms (SWARMS) – 11.27 DoubleZero (2Z) – 10.67 Helium (IOT) – 10.23 *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!