Chainlink Sees Surge in On-Chain Activity
- Surge in On-Chain Activity: On May 9, Chainlink recorded 282,170 active LINK addresses, marking the highest daily activity in eight months, indicating strong interest from institutions and DeFi protocols in its Cross-Chain Interoperability Protocol (CCIP), which is expected to drive future asset migrations and usage.
- Asset Migration Plans: Kelp DAO and Solv Protocol are set to migrate nearly $1 billion in assets to Chainlink's CCIP system, a move that not only bolsters confidence in CCIP but also has the potential to attract more institutional participation, thereby enhancing Chainlink's market position.
- Whale Accumulation: Addresses holding between 100,000 and 10 million LINK accumulated 32.93 million LINK over the past month, pushing their total holdings to approximately 461 million LINK, or nearly 46% of circulating supply, which will reduce market sell pressure and could elevate prices.
- ETF Inflows: Grayscale's spot Chainlink ETF now manages about $92.54 million, with a daily inflow of approximately $878,000 recorded on May 7, providing significant institutional investment support for Chainlink, despite being smaller compared to Bitcoin and Ethereum ETFs.
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Technical Analysis for SOLV
Technical Sentiment Analysis for Solv Protocol (SOLV). As of , Solv Protocol (SOLV) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 3 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOLV stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SOLV is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solv Protocol (SOLV) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00152 | 0.00286 | 0.00375 | 0.00509 | 0.00598 | 0.00732 | 0.00821 |
| Fibonacci | 0.00286 | 0.00372 | 0.00424 | 0.00509 | 0.00595 | 0.00647 | 0.00732 |
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