Plasma Partners With Chainlink, Transactions Surge Despite Price Drop
Plasma, a leading blockchain network, has announced a significant partnership with Chainlink, naming it the official oracle provider. Meanwhile, the Plasma network has witnessed remarkable growth, with transactions and active addresses surging in the stock market today. However, the Plasma price has experienced a downturn despite these positive developments.
The Plasma network's activity has skyrocketed in the stock market today. Transactions have increased by a staggering 5,200%, reaching over 28.7 million. Simultaneously, the number of active addresses has soared to over 878,600. This surge in network activity coincides with Plasma becoming the fifth-biggest chain in terms of total value locked, with its DeFi TVL jumping to over $10 billion.
Despite these bullish on-chain fundamentals, the Plasma price has moved into a bear market in the stock market today. It recently slipped below a crucial support level at $1, bottoming at $0.8720. This price decline highlights a disconnect between the network's growth and market sentiment. The price drop is likely due to airdrop recipients selling their tokens, leading to a crash. The Plasma token has fallen by almost 50% from its highest point this month, despite network activity and DeFi deposits surging.
While the Plasma network continues to grow, with Chainlink now serving as its official oracle provider, the Plasma price has faced headwinds in the stock market today. The token has formed a double-bottom pattern and a falling wedge pattern, suggesting a potential bullish reversal. However, investors should monitor market sentiment and on-chain fundamentals to gauge the token's future trajectory in the stock market today.
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