Chainlink Price Predictions: Buying Momentum Wanes, Prices Expected to Decline
Chainlink Integrates Price Feeds with Coinbase’s Base Testnet
- Chainlink announced the integration of its price feeds with Coinbase’s Base testnet Ethereum Layer 2 blockchain.
- Buying momentum waned, leading to a decline in LINK’s price.
- The Chainlink SCALE program will enable developers to access Chainlink services at lower costs.
Chainlink [LINK], the leading oracle network, has integrated its price feeds with the newly launched Base testnet, the Ethereum [ETH] Layer 2 blockchain owned by crypto exchange Coinbase. The Chainlink SCALE program will enable developers to access Chainlink services at lower costs.
Transaction Volume Climbs
Data from Santiment revealed that LINK’s transaction volume climbed to a three-month high by the end of trading hours on 3 March due to three large whale transactions. These transactions involved the transfer of approximately $79.7 million worth of LINK tokens and occurred within 11 minutes of each other.
Price/Volume Divergence Signals Bearish Outlook
Despite this surge in transaction volume, LINK’s price was unable to maintain its upwards trajectory and stood at $6.92 at press time – having grown by only 1% in 24 hours according to data from CoinMarketCap. Trading volume dropped by 35% during that period, indicating buyers‘ exhaustion and resulting in a bearish signal as per an assessment of LINK’s performance over 12 hours.
Coinbase Covering Operational Costs for Developers
As part of the ChainLink SCALE program, Coinbase will cover the operational costs associated with ChainLink services on their network while minimizing gas costs incurred by nodes when submitting oracle reports. This collaboration should benefit developers working on Base’s platform as they now have access to affordable and easily accessible ChainLink services.