Chainlink (LINK) has seen a lackluster downward trend in its performance since reaching a peak of $30.86 in December. Despite targeted attempts from bulls to change course, recovery for the Oracle network token remains elusive, with LINK sliding by 0.74% on the day to trade at $12.15 at the time of writing on Wednesday. These rampant downside risks can be attributed to weak fundamentals observed from several metrics, including network and whale activity.
According to CryptoQuant data, the Active Addresses on-chain metric continues to sustain an overall downward trend from its peak of approximately 9,400 addresses in February to roughly 3,200 addresses as of Tuesday. This marks a 66% decline in two and a half months and a 72% drop from the metric’s December peak of approximately 11,400 addresses.
Bitcoin (BTC) is stabilizing around $83,500 at the time of writing on Wednesday after facing multiple rejections…
