Chainlink is in recovery mode after recording a major selloff on Monday.
The Oracle service provider has expanded its ecosystem with its new iconic partnership.
The price of Chainlink (LINK) is experiencing an uptick in the market today. After a major downturn that saw LINK fall to $8.2 in the past week, the token is showcasing a correlation with Bitcoin (BTC), which is also up 4.64% as of writing. Though there are signs of a bounce-back, Chainlink has not completely pared off the losses it has accrued over the past week.
LINK Activity Fueling Recovery
The recovery of Chainlink is strongly correlated with the sharp uptick in network activity. According to on-chain data tracker IntoTheBlock, the number of active LINK addresses has reached its highest level since May. As of Monday, August 5, these daily active addresses total approximately 5,740.
The number of active $LINK addresses has reached its highest level since May.
Interestingly, this surge occurred alongside a general outflow
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