Chainlink Price Movement Points to Potential Recovery

Chainlink's price has been trending downwards, with a nearly 5% decline in the past week. However, despite this pullback, on-chain metrics are suggesting that the cryptocurrency may be poised for a recovery.

The Social Dominance metric from Santiment shows Chainlink reaching a new yearly high, indicating growing market interest and sentiment among investors. This is further supported by rising trading volume, which has been steadily increasing since April.

Institutional demand is also on the rise, with spot $LINK ETFs recording significant inflows in recent days. Fidelity International's launch of its first tokenized fund powered by Chainlink is a notable example of this trend.