Chainlink has integrated its price feeds with Base. LINK’s price is expected to decline further as buying momentum waned. On 3 March, leading oracle network Chainlink [LINK] announced the integration of its price feeds with the newly launched Base testnet, the Ethereum [ETH] Layer 2 blockchain owned by crypto exchange Coinbase. 🔵 @BuildOnBase by @Coinbase has […]
, the L2 platform will also participate in the Chainlink SCALE program. This program offers Chainlink data and services at a lower cost to developers.
As part of the Chainlink SCALE program, Base will support the operational costs of Chainlink services on its network and minimize the gas costs incurred by Chainlink nodes when submitting oracle reports. This collaboration will benefit developers working on Base’s platform by providing them with affordable and easily accessible Chainlink services., LINK’s transaction volume climbed to a three-month high by the end of the trading hours on 3 March.
Data from the on-chain analytics platform revealed that the sudden surge in transaction volume was due to three large whale transactions, which occurred within 11 minutes of each other, and involved the transfer of approximately $79.7 million worth of LINK tokens.However, this has failed to positively impact the token’s price. At press time, LINK’s price was $6.
An assessment of LINK’s performance on a 12-hour window confirmed this. At press time, buying momentum had declined significantly. LINK’s Relative Strength Index and Money Flow Index indicators trended downwards toward oversold regions. The RSI rested at 38.62, while the MFI was 34.23. Also, LINK’s price was affected by severe volatility, making investors increasingly uncertain of the direction the alt’s price would swing next. This contributed to the spike in token sell-offs, as many holders scampered to hedge against losses.The asset’s Bollinger Bands revealed a significant gap between the indicator’s upper and lower bands. Generally, widening bands may indicate that an asset’s volatility is increasing.
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