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Chainlink Is the Top Participant in the Polygon Ecosystem: Report

Chris Barrett, a developer at Chainlink (LINK), shared data from the blockchain intelligence platform Nansen, which shows that LINK was a leading participant on Polygon (MATIC) in Q3 2023. According to the post, Chainlink registered 47.08 million transactions on the Layer-2 network.

Leading Ecosystem Participants On @0xPolygon in Q3 2023@chainlink led the way on Polygon, registering 47.08m transactions. https://t.co/DCxKrUo70l

— Chris Barrett (@ChrisBarrett) November 13, 2023

On-chain data also shows that Chainlink was by far the biggest participant in the Polygon ecosystem in the previous quarter. The next highest number of transactions recorded on Polygon during this period was 8.288 million, achieved by Galxe. Notably, Chainlink also had the second-highest number of all-time transactions performed on the Polygon network.

Meanwhile, Nansen’s data showed that LINK’s all-time transactions on Polygon stood at more than 462 million. Ranking above Chainlink in this metric was MEV, with over 565 million transactions recorded on the Polygon network overall.

In related news, the price of LINK dropped 3.34% over the past 24 hours, according to data from the cryptocurrency market tracking website CoinMarketCap. Subsequently, the altcoin was changing hands at $14.75 at press time. Despite the recent loss throughout the past day of trading, LINK’s weekly performance was still comfortably in the green at +13%.

The altcoin’s drop in price was accompanied by an increase in its 24-hour trading volume. CoinMarketCap data indicated that LINK’s trading volume rose nearly 8%. As a result, the total was estimated to be $857.680 million at press time.

Daily chart for LINK/USDT (Source: TradingView)

From a technical perspective, LINK dropped below the key $14.825 support level over the past 24 hours. Subsequently, the altcoin was at risk of continuing to drop to the next support level at $11.785 in the following few days.

Traders and investors will also want to take note of the fact that the daily Moving Average Convergence Divergence (MACD) line was closing in on the MACD Signal line at press time. Should these two technical indicators cross, it could signal a continuation of LINK’s negative trend.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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