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AVAX Soars 9% As Avalanche And Chainlink Announce Partnership For Global Asset Circulation

According to a recent announcement from blockchain platform Avalanche (AVAX), Australia and New Zealand Banking Group (ANZ) has partnered with Chainlink (LINK) Labs to explore the potential of on-chain digital assets for global movement and settlement. 

Using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the collaboration aims to connect the Avalanche and Ethereum (ETH) blockchains to enable uninterrupted delivery versus payment (DvP) settlement of tokenized assets across networks in multiple currencies.

Tokenized Asset Transaction Across Avalanche And Ethereum Using Chainlink

ANZ, a provider of banking products and services to millions of customers in nearly 30 markets, has reportedly taken an unusual approach to exploring the world of on-chain digital assets. 

By leveraging Chainlink’s CCIP, ANZ is validating how customers can access, trade, and settle tokenized assets across multiple networks and currencies using Delivery vs. Payment. This approach aims to improve settlement efficiency and risk management for digital assets that fall under the classification of “securities” and their transactions.

According to Avalanche, Chainlink’s CCIP has been “crucial” in abstracting the complexities of moving tokenized assets across various blockchains, ensuring “atomic” cross-chain Delivery vs. Payment settlement. 

Notably, within the collaboration, ANZ simulated a transaction where a customer used ANZ’s Digital Asset Services (DAS) portal to purchase tokenized ANZ-issued New Zealand dollar stablecoins (NZ$DC) on Avalanche. 

Subsequently, the customer purchased tokenized Australian nature-based assets issued as non-fungible tokens (NFTs), denominated in tokenized ANZ-issued Australian dollar stablecoins (A$DC), on Ethereum. 

Furthermore, ANZ facilitated the FX conversion between the two currencies, while CCIP provided the necessary infrastructure to transfer tokens and data between Ethereum and Avalanche.

ANZ Harnesses Avalanche’s Evergreen Subnet

Monday’s announcement also revealed that ANZ used its Avalanche Evergreen Subnet for the project, leveraging its Ethereum Virtual Machine (EVM) compatibility, permissioning, and custom gas token features. 

The Evergreen Subnet allowed ANZ to explore new use cases and business models using customizable networks like Avalanche.

ANZ’s collaboration with Chainlink and Avalanche showcases how traditional financial institutions embrace blockchain technology to enhance capital markets. 

Ultimately, Avalanche revealed that the initial results of the test transactions were promising, and the initiative could change how the financial services industry approaches tokenized assets. 

The next steps include deploying the solution on blockchain mainnets and extending the workflows to include communication between different blockchain networks for different use cases.

AVAX Nears 22-Month High 

At the time of writing, Avalanche’s token AVAX has been on a steady uptrend, resulting in a remarkable increase of over 60% in the last 30 days. Currently, the token is trading at $58.31, just below its 22-month high of $65 set on Monday the 18th.

Within the last 24 hours, AVAX experienced a 9% increase after the announcement of the collaboration with Chainlink and ANZ Group. This surge allowed the token to break through the $55 resistance level. However, the $60 level is expected to be another obstacle that could lead to a consolidation period between $55 and $60 should the bullish momentum fade.

Avalanche

Further demonstrating the interest in AVAX, the token’s trading volume in the last 24 hours reached $1,135,122,192, indicating a significant increase of 127.20% compared to the previous day. 

Featured image from Shutterstock, chart from TradingView.com

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Chainlink Bulls Brace For Explosive Growth Following $216 Million Whale Accumulation

Chainlink (LINK), the oracle network powering smart contracts across the crypto landscape, is making waves with a recent surge in whale activity. Data reveals $216 million worth of LINK tokens withdrawn from the Binance exchange by a staggering 83 separate wallets, sending the token price on a parabolic trajectory.

Whales On A Feeding Frenzy

On-chain analytics platform Lookonchain paints a fascinating picture of the ongoing accumulation binge. Their findings suggest a coordinated effort, with distinct wallets withdrawing massive amounts of LINK. While the possibility of a single entity pulling the strings remains unconfirmed, the sheer volume of tokens amassed hints at a major shift in institutional participation within the Chainlink ecosystem.

This coordinated accumulation, especially the withdrawal of such a significant sum from a major exchange like Binance, raises intriguing questions, some analysts say. It could reflect growing institutional confidence in Chainlink’s long-term potential, particularly with initiatives like the Cross-Chain Interoperability Protocol (CCIP) expanding its reach.

Adding fuel to the fire, IntoTheBlock data reveals an additional $129 million stacked up by whales over the past 24 hours alone. This relentless buying pressure has translated directly to price action, with LINK experiencing a meteoric rise of 6% in the past week and a staggering 20% in the past month.

Chainlink Fundamentals Shine

While whale activity often grabs headlines, Chainlink’s underlying fundamentals paint an equally compelling picture. As the leading oracle provider in the Web3 space, Chainlink acts as a bridge between smart contracts and real-world data, enabling them to access secure and reliable information off-chain. This critical role fuels countless DeFi projects, positioning Chainlink as a cornerstone of the burgeoning decentralized finance landscape.

Moreover, Chainlink boasts a relentless development team, consistently rolling out new features and upgrades. Notably, the recent introduction of CCIP further enhances the network’s cross-chain compatibility, opening doors to a wider range of smart contract applications. This unwavering commitment to innovation further strengthens the investor case for Chainlink.

Parabolic Dreams: Will LINK Take Flight?

With bullish sentiment surging and whales circling, the question on everyone’s lips is: can LINK sustain its upward trajectory? While predicting the future of any crypto asset remains a perilous endeavor, analysts are cautiously optimistic. The confluence of strong fundamentals, whale accumulation, and a growing user base creates a fertile ground for further price appreciation.

Analysts said the ongoing accumulation by whales, coupled with Chainlink’s solid fundamentals, suggests a potential parabolic run. However, caution is warranted. The crypto market remains volatile, and profit-taking could trigger corrections. Nevertheless, LINK’s long-term prospects appear bright, making it an asset worth watching closely.”

Whether LINK’s price soars to parabolic heights or faces turbulence in the near future, one thing remains clear: the recent whale activity and unwavering developer commitment have thrust Chainlink back into the spotlight, solidifying its position as a key player in the ever-evolving blockchain landscape.

Featured image from Adobe Stock, chart from TradingView

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Chainlink Appetite: Whale Scoops Up $84 Million Worth Of LINK, And Counting – Details

The cryptocurrency market has been abuzz with excitement as a mysterious Chainlink (LINK) whale embarks on a remarkable shopping spree, accumulating an astonishing volume of LINK tokens. Recent data from Lookonchain reveals that this enigmatic whale wallet has acquired more than 4.5 million LINK tokens over the course of just three days. Based on the current LINK price, this accumulation is valued at a staggering $84 million.

Chainlink Whales Surge, Holders Optimistic

This relentless accumulation activity by the Chainlink whale has captured the attention of analysts and investors, generating anticipation for a potential future surge in the LINK price. The market is rife with speculation as traders eagerly await the outcome of this significant accumulation.

But it’s not just the whale that is showing interest in Chainlink. Santiment’s data indicates a noteworthy increase in the total number of Chainlink holders. Over the past few months, the count of LINK holders has grown by approximately 9,000, reaching a substantial total of 717,000 holders. This surge in holders further fuels the growing optimism surrounding Chainlink’s future prospects.

Adding to the intrigue, Chainlink holders are actively withdrawing their LINK holdings from exchanges. A closer look at the supply on exchanges reveals a recent trend where holders are moving their LINK away from these platforms. Currently, the supply on exchanges represents only about 21.5% of the total supply, indicating a strong belief among holders that a potential future price rally is on the horizon.

Despite experiencing some fluctuations in recent days, the overall price trend for Chainlink remains robust. On the daily timeframe, the LINK price has been oscillating within the $18 price range for several days following a surge into this range on February 1st.

Chainlink Price: Bullish Momentum

As of now, the price sits at around $20.40, reflecting a 12% and 16% increase in the last 24 hours and seven days, with a Relative Strength Index (RSI) remaining above 60, indicating a resilient bullish trend.

These developments within the Chainlink ecosystem have created an atmosphere of eager anticipation among investors and enthusiasts. The whale’s accumulation, the growth in LINK holders, and the withdrawal of LINK from exchanges all contribute to the mounting excitement surrounding a potential future surge in price.

Meanwhile, LINK’s positive funding rate signals a prevailing bullish sentiment, indicating a higher demand for long positions among traders. The simultaneous increase in LINK’s Open Interest further suggests that market participants are leveraging their positions to go long.

This confluence of factors reflects a collective confidence in LINK’s upward potential, with traders expressing optimism through both funding decisions and larger leveraged positions, potentially fueling continued bullish momentum in the market.

Featured image from Adobe Stock, chart from TradingView

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Chainlink Breakout: LINK Poised For 38% Rally If It Clears This Key Resistance

Decentralized oracle network Chainlink (LINK) has been making significant strides in the altcoin market, outperforming its peers with an impressive 44.8% price increase over the past 30 days. 

Surging to a 24-month high, the cryptocurrency has inched closer to the $20 mark, attracting the attention of bullish investors. Notably, the uptrend for LINK may be far from over, as it can potentially record a substantial 38% price gain by breaking through a critical resistance level.

Chainlink Trading Volume Skyrockets

Crypto analyst Ali Martinez indicates that Chainlink faces formidable resistance between its current trading price of $19.40 and $20.03, with 5,330 addresses collectively holding over 8.59 million LINK. 

Chainlink

Despite this supply wall, if Chainlink manages to break through, Ali Martinez suggests that the next critical resistance level stands at $26.87, presenting an opportunity for a significant 38% price surge.

Adding to the positive outlook, Chainlink has witnessed a surge in trading volume and an increase in circulating market cap over the past few days. 

Data from Token Terminal reveals that while Chainlink’s trading volume has steadily risen over the past 30 days, the token experienced exceptional trading volume of over $9.5 billion in the past three days alone. This surge in trading activity suggests a growing interest from investors in the Chainlink protocol.

Chainlink

Examining the circulating market cap, Token Terminal data highlights a positive trend. The circulating market cap of Chainlink stands at $10.53 billion, displaying a notable increase of 32.66% over the past 30 days. In terms of fully diluted market cap, Chainlink records $18.16 billion, indicating a substantial rise of 28.89% over the same period.

Institutional Interest In LINK?

Recent blockchain data suggests that institutional investors are actively accumulating LINK. According to Spot On Chain data, the emergence of eight wallets withdrawing a substantial amount of LINK tokens, coupled with a price surge shortly after, indicates institutional interest in the cryptocurrency. 

Over the past twelve hours, eight new wallets, likely representing a single individual or institution, have collectively withdrawn 227,350 LINK tokens, equivalent to approximately $4.12 million at the withdrawal time. 

Notably, a significant portion of these tokens was withdrawn from centralized exchanges (CEX) just before the price experienced a sudden increase of approximately 4.1%. This pattern suggests that institutions may strategically accumulate LINK tokens, anticipating future price appreciation.

Moreover, as indicated by its performance on the algorithmic market scanner Commando, LINK has consistently been a top performer in the cryptocurrency market. 

According to the market intelligence platform Decentrader, with a current score of 1.83 and a green signal on low time frames, Chainlink’s technical analysis suggests a positive outlook for the cryptocurrency. Noteworthy is the recent breakthrough of Chainlink’s price from a range held up by the 200-week moving average (200WMA). 

This breakout indicates a shift in market sentiment and a potential upward trend. The cryptocurrency is now aiming to target the “Sniper resistance” level just above $20 while finding support at the top of the previous range, around $16.8, according to Decentrader. 

Overall, institutions’ accumulation of Chainlink tokens and the cryptocurrency’s technical breakout point to growing confidence in LINK’s investment potential. 

The withdrawals from centralized exchanges suggest a desire to hold LINK tokens outside exchange custody, possibly indicating a longer-term investment strategy. 

Chainlink

Currently, LINK is trading at $19.7, up 8% in the last 24 hours.

Featured image from Shutterstock, chart from TradingView.com

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Institutions Go All In: Chainlink 30% Rally Makes It The Hot Investment Trend

In a notable shift away from Bitcoin, altcoins have garnered the attention of investors, leading to a slight increase in market caps, despite an overall decrease in trading volumes. Among the altcoins, Chainlink (LINK) has emerged as a standout performer, displaying impressive resilience and attracting substantial holders and institutions.

Chainlink Surges, Whales Accumulate Amid Market Shift

Chainlink, known as the leading Oracle network in the blockchain space, has not only outpaced the broader market but has also demonstrated impressive individual performance.

Over the last 24 hours, LINK has experienced a noteworthy surge, with a 6.1% increase in value and a striking 30% rise in the weekly chart. Currently ranked 11th among altcoins, LINK boasts a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion.

According to recent data from Lookonchain, a significant accumulation of LINK by a whale or institution has been observed, as evidenced by the withdrawal of 119,583 LINK (equivalent to $2.15 million) from Binance within the past hour. This strategic move indicates a growing confidence and interest in the long-term potential of the token.

Interestingly, as Bitcoin loses ground, LINK deviates from the prevailing market trend, indicating its unique position in the current market landscape. One major impetus behind the altcoin’s upward movement is the activation of previously dormant wallets that had remained inactive for an extended period.

This sudden resurgence has led to the highest age-consumed spike of 5.38 billion, calculated by multiplying the coins moved by the number of days those coins had been dormant.

The reintegration of LINK tokens into circulation is believed to have played a pivotal role in the recent surge in their price. However, market analysts remain cautious and are closely monitoring two crucial indicators in the upcoming weeks to assess the token’s potential for sustained growth.

Dormant Wallets And FUD Dynamics: LINK’s Monitoring

Keeping tabs on dormant wallets and seeing how they affect the network’s circulation as a whole is the primary goal of the first statistic. The activation of dormant wallets has proven to be a significant driver of LINK’s recent price increase, and its continued impact will be closely watched.

A second indicator that could cause wallet liquidations and have a further effect on the price of LINK is the existence of FUD dynamics, which stand for fear, uncertainty, and doubt.
Analysts emphasize the importance of vigilant observation and analysis to identify any signs of FUD and its potential effects on the altcoin market.

While Chainlink’s recent performance and accumulation by institutions have bolstered its value, experts caution that the sustainability of its price increase remains uncertain. Continued monitoring of the movements of previously inactive wallets and the potential impact of FUD will be crucial in determining the token’s trajectory in the coming weeks.

As the altcoin market continues to evolve, Chainlink stands out as a cryptocurrency that has captured the attention of investors and institutions alike. Its impressive performance, along with the activation of dormant wallets, has contributed to its surge in value.

However, market analysts stress the need for continued scrutiny and analysis to gauge the potential for sustained growth in this dynamic market environment.

Featured image from Adobe Stock, chart from TradingView

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Chainlink Price Surge Powers Altcoin Market, Bulls Aim For $20 Target

Chainlink (LINK), the leading oracle network on the blockchain, has been on a tear, outperforming the broader market with a 30% gain in the past week. This surge has pushed LINK’s price to $17.82, solidifying its dominance among altcoins, as bulls set their sights on the vaunted $20 target.

Chainlink On-Chain Activity Hints At Renewed Investor Interest

Analysts point to several factors driving the rally. Santiment, an on-chain data provider, revealed a surge in activity from previously dormant wallets, suggesting renewed investor interest. This is reflected in the “Age Consumed” metric, which measures the total number of days coins have been dormant before being moved. For Chainlink, this metric hit a 5.38 billion spike – the highest ever recorded.

Whales Accumulating, But Liquidations Pose Minor Threat

Santiment’s data also indicated minor liquidations from some wallets, a phenomenon often associated with fear or uncertainty. While these liquidations could trigger short-term volatility, they might also present buying opportunities for savvy investors. Additionally, reports suggest whales accumulating LINK, further fueling bullish sentiment.

The rationale behind this perspective lies in the understanding that fear-induced sell-offs might create temporary price dips, allowing savvy investors to acquire assets at more favorable prices.

Moreover, recent reports have indicated a pattern of whales accumulating LINK, contributing to the overall bullish sentiment surrounding the cryptocurrency. Whale accumulation, where large holders increase their positions, is often interpreted as a sign of confidence in the asset’s future potential.

Technical Analysis Paints Bullish Picture

Crypto analyst Michael van de Poppe identified a “higher low” on the LINK/BTC trading pair, which he considers a bullish signal. He predicts a potential breakout, with LINK reaching $25-$30 in the near future, fueled by a broader altcoin market rally. Van de Poppe even envisions a 50-80% surge for the altcoin market, pushing its valuation to a staggering $1.25 trillion.

While Van de Poppe’s analysis sparks optimism, it’s crucial to remember that expert predictions are not guarantees. The cryptocurrency market remains inherently volatile, and past performance is not indicative of future results.

CFGI At ‘Neutral’ 

Meanwhile, LINK’s “Fear & Greed Index” is currently positioned at 40, indicating a state of neutrality in the market sentiment. This numerical assessment reflects a balance between fear and greed among investors and traders in the context of Chainlink’s performance.

A “Neutral” reading on the Fear & Greed Index implies that the market is not heavily skewed towards either extreme optimism or pessimism. In such a scenario, investors may exhibit a measured and cautious approach, avoiding impulsive decisions driven solely by emotions.

This equilibrium in sentiment suggests that participants are likely assessing the market conditions with a more rational and balanced perspective, considering various factors before making significant moves.

The “Fear & Greed Index” serves as a valuable tool for market participants to gauge the prevailing sentiment and potential market trends. In the case of Chainlink’s current reading at 40, it signifies a market environment where neither excessive fear nor greed is dominating decision-making.

Featured image from Adobe Stock, chart from TradingView

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Chainlink (LINK) Breakout: Accumulation Zone Points To Upside Potential, $20 In Sight

The decentralized Oracle network Chainlink and its native token LINK have grown impressively in the past month. Despite experiencing a correction since late December, where LINK reached a 20-month high of $17.6, the token has shown signs of renewed bullish momentum. 

Key Resistance Levels For LINK’s Price Rally

Renowned crypto analyst Ali Martinez has identified a robust demand zone for Chainlink between $14.8 and $15.2, slightly below its current trading price of $15.415. 

Within this range, many addresses (17,650) purchased 85.12 million LINK. With limited resistance, LINK appears to be well-positioned to advance towards the $20 mark.

Chainlink

Based on the analyst’s observations, if the current bullish momentum witnessed over the past seven days persists, LINK could swiftly reach the $20 price level. Looking at LINK’s 1-day chart, the next resistance levels to overcome before potentially climbing toward $20 are $15.55, $16.69, and $16.92. Breaching these levels would pave the way for a clear path towards the $20 milestone.

However, it is important to note that in the absence of major resistance walls, the battle for the next direction of LINK’s movements remains equally balanced. In the event of another price correction or selling pressure, the token lacks significant support walls to rely on.

Chainlink

Analyzing LINK’s 1-day chart, the first support level in the event of a drop would be around $14.22. If this level is breached, the next support stands at $13.31. A further decline could test the support at the $11 price level. A breach of this level could signify a breakdown in the four-month bullish structure of LINK.

Chainlink Ecosystem Growth

Despite the battle for supremacy between LINK’s bulls and bears, the protocol’s ecosystem has shown notable growth in key metrics since the last update. For example, Chainlink’s circulating market capitalization is $8.35 billion, reflecting a positive growth rate of 3.58%.

According to Token Terminal data, in terms of revenue over the past 30 days, Chainlink has generated $11.67 thousand. However, this figure shows a decline of 54.16% compared to the previous period, indicating a decrease in earnings during this timeframe.

Considering the fully diluted market capitalization, which considers the maximum number of Chainlink tokens that could exist in the future, the value stands at $14.82 billion. This metric has experienced a slight increase of 3.48% recently.

When it comes to revenue on an annual basis, Chainlink has generated $219.81 thousand. This represents a positive growth rate of 2.64%, indicating an upward trend in the company’s earnings over a year.

Regarding financial ratios, Chainlink’s price-to-fully-diluted ratio is calculated at an astonishing 68,246.47x. This metric compares the company’s market capitalization to its fully diluted market capitalization. It reflects the premium investors will pay for each unit of potential future tokens.

Similarly, based on the fully diluted market capitalization, the price-to-sales ratio is reported to be 68,246.47x. This ratio measures the company’s valuation relative to its annualized revenue and indicates how much investors will pay for each dollar of sales generated.

Featured image from Shutterstock, chart from TradingView.com 

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Chainlink Rises 17% – Is LINK On Course To Hit $20 This Week?

Traders in the crypto realm are watching Chainlink (LINK) with bated breath as the price coils up near the $16 mark, hinting at a possible break out towards $17, or even $20 given the right conditions this week.

Since November, LINK has been consolidating between $13.00 and $17.00, exhibiting classic market cycle behavior that presents prime opportunities for savvy traders.

Technical analysts are buzzing with potential bullish scenarios, with many pointing to the current price action as the telltale sign of an “accumulation phase.” As per the renowned Wyckoff method, this phase sees sellers exiting, prices stabilizing, and indecision ruling the market.

Will Chainlink Hit The Vaunted $20 Mark?

Following accumulation comes the much-anticipated “markup phase,” characterized by surging buying pressure, rapid price increases, and heightened activity.

And that’s precisely what the charts seem to be foreshadowing for LINK. Indicators like the Awesome Oscillator and MACD are flashing green and pushing towards bullish territory, suggesting growing confidence and impending upward momentum.

The Relative Strength Index (RSI) also leans north, potentially primed to cross its signal line and add fuel to the bullish fire.

Further bolstering the optimistic outlook are the Simple Moving Averages (SMAs). Both the 100- and 200-day SMAs are pointing north, with the latter currently nestled comfortably at $9.994. This upward trajectory indicates the path of least resistance lies in ascending territory for LINK.

Should buying pressure build steam above current levels, analysts predict a potential leapfrog over the 50-day SMA at $16.95, paving the way for a psychological $17 price point. In a highly bullish scenario, LINK could even tap into its full $20 potential, marking a 20% surge from its current position.

17% Rally Ignites More Optimism For LINK

But a fresh spark ignites the conversation – Chainlink just surged 17% today, propelling it closer to the long-held $17 barrier. Could this recent rally be the catalyst that sends LINK rocketing past its immediate target and into uncharted territory?

It’s still too early to definitively say. While the technical indicators remain encouraging, external factors and market sentiment can shift rapidly. However, one thing is certain: Chainlink’s latest surge adds another layer of intrigue to its already captivating price action.

Whether it coils upward for a glorious breakout or succumbs to profit-taking, the next few days promise to be a thrilling ride for LINK holders and a fascinating case study for technical analysis enthusiasts alike.

Featured image from iStock

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Chainlink Bullish Chart Pattern Hints At $34 Target – But Can It Break Through?

As the calendar turned to 2024, numerous cryptocurrencies experienced a positive start, and among them, Chainlink (LINK) stood out. The notable highlight was the emergence of a bullish pattern on Chainlink’s price chart, indicating a heightened likelihood of an impending bull rally.

This positive momentum in the early days of the year hinted at favorable market conditions for Chainlink and garnered attention from investors and analysts alike. The formation of this bullish pattern added an optimistic outlook to the prospects of Chainlink, creating anticipation for potential upward price movements in the near future.

Bullish Pennant Signals Potential Breakout For Chainlink

The Chainlink platform, which is compatible with Ethereum and well-known for enabling decentralized oracles, is currently trading above $15, data from Coingecko shows.

Ali Martinez, a popular crypto analyst, pointed out a bullish pennant pattern being formed on Chainlink’s chart.

The chart shows Chainlink’s price over the past few days. There is a bullish pennant pattern forming, which is a technical indicator that suggests a potential breakout to the upside.

The pennant is formed by two converging trend lines, one above and one below the price. The breakout occurs when the price breaks above the upper trend line.

Martinez has identified the resistance level at $17.2. If Chainlink’s price can close above this level, it could be a signal that a breakout is happening and that the price could rise to $34.

However, if the price falls below the support level at $14.2, it could be a signal that the bullish momentum is weakening and that the price could fall further.

Overall, the chart suggests that Chainlink is in a bullish position and that there is a possibility of a breakout to the upside. However, it is important to note that technical analysis is not always accurate, and there are many other factors that could affect Chainlink’s price.

Analysts’ LINK Predictions

Changelly cryptocurrency analysts have provided a price estimate for Chainlink for the next weekend. The analysts predict that this weekend, LINK will trade between a minimum of $16.28 and a maximum of $17.71. They anticipate that LINK will be valued at $17 on average.

Meanwhile, Lark Davis, another popular crypto analyst has a more fearless forecast for Chainlink. He said the coin will soon witness a significant surge and “shock the crypto world.”

Davis indicated that the Chainlink network had a promising future. He revealed that he had a sizeable portion of LINK, despite acknowledging the inherent dangers associated with cryptocurrency investing.

According to the analyst, Chainlink’s alliances and technology continue to undervalue it. The Grayscale Trust Trading at premiums exceeding 200% to the spot LINK price, Davis said, indicates that institutional investors are becoming more interested in LINK. The price projection for Chainlink indicates that it may increase to $126 in 2024.

Featured image from Shutterstock

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Chainlink Staking Program Exceeds Expectations, Drives LINK Price Up By 12%

In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over $632 million worth of its LINK tokens within a remarkably short period. 

The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.

Chainlink Unveils Staking v0.2

Chainlink, recognized as the industry-standard decentralized computing platform, unveiled Chainlink Staking v0.2, the latest upgrade to the protocol’s native staking mechanism. 

The Early Access phase has commenced, inviting eligible participants to stake up to 15,000 LINK tokens. This phase will last four days before transitioning into the General Access phase, enabling investors to stake up to 15,000 LINK tokens as long as the staking pool remains unfilled. 

Per the announcement, the upgrade introduces an expanded pool size of 45,000,000 LINK tokens, equivalent to 8% of the current circulating supply. This enlargement aims to enhance the accessibility of Chainlink Staking, enabling a more diverse audience of LINK token holders to participate. 

Staking forms an integral part of Chainlink Economics 2.0, which brings an additional layer of cryptoeconomic security to the Chainlink Network. Specifically, Chainlink Staking empowers ecosystem participants, including node operators and community members, to support the performance of Oracle services by staking LINK tokens and earning rewards for contributing to network security.

While v0.1 served as the initial phase of the Staking program, v0.2 has been restructured into a fully modular, extensible, and upgradable Staking platform. Building upon the lessons learned from the previous release, the v0.2 beta version focuses on several key objectives. 

Chainlink is introducing several new features to enhance its staking program. These include a new unbinding mechanism that provides more flexibility for Community and Node Operator Stakers.

Additionally, security guarantees for Oracle services are being reinforced by slashing node operator stakes. A modular architecture is being adopted to support future improvements and additions, and a dynamic rewards mechanism is being introduced to seamlessly accommodate new external sources of rewards in the future, such as user fees.

Following the conclusion of the Early Access phase on December 11, 2023, the v0.2 staking pool will transition to General Access. At this stage, anyone will have the opportunity to stake up to 15,000 LINK tokens.

LINK Surges To New Yearly High

Given Chainlink’s successful upgrade, LINK, the native token of the decentralized computing platform, experienced a significant surge of 12%, reaching a price as high as $17.305. 

This price level has not been seen since April 2022, signifying a new yearly high for the cryptocurrency. However, LINK has retraced slightly and is currently trading at $16.774.

Crypto analyst Ali Martinez has highlighted a critical support zone for Chainlink. Martinez noted that over 17,000 addresses purchased 47 million LINK tokens from $14.4 to $14.8. 

This accumulation by many addresses suggests strong buying interest in this price range, potentially acting as a support level for the token.

Chainlink

While the support zone may hold and trigger a rebound in the price of LINK, Martinez cautions that investors should remain vigilant. Any signs of weakness, such as a breach of the support zone or negative market sentiment, could prompt investors to sell their LINK holdings to avoid losses.

It remains to be seen whether LINK can maintain its position above these critical levels and whether the broader cryptocurrency market will enter an accumulation phase or experience a retracement after the significant upward movement witnessed in recent weeks. 

Such a retracement could potentially impact LINK’s price and lead to a test of the support above levels. On the other hand, the token faces immediate resistance at $17.483, $18.069, and $18.910. These represent the final hurdles to overcome before LINK reaches the $20 milestone.

Featured image from Shutterstock, chart from TradingView.com 

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FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy

Blockchain analytics firm Nansen has recently revealed that wallets associated with bankrupt crypto exchange FTX have transferred approximately $156 million worth of digital assets, including Ethereum (ETH) and Solana (SOL), in a series of transactions over the past week. 

The movement of these funds has raised concerns and attracted the attention of industry experts and investors. Nansen’s report sheds light on the ongoing transfers and provides valuable insights into the extent of FTX’s asset movements.

Bankrupt FTX Wallets Unstake $57 Million Worth Of SOL Tokens

According to the Nansen report, funds from FTX wallets have continued to migrate to various exchanges since the previous update. The report specifies the following notable transactions:

  • 695,000 Perpetual Protocol (PERP) tokens worth $423,000
  • 767,000 Biconomy (BICO) tokens worth $182,000
  • 833,000 Kyber Network (KNC) tokens worth $616,000
  • 108 million TrueFI (TRU) tokens worth $420,000
  • 138,000 Band (BAND) tokens worth $221,000
  • 2.5 million Graph (GRT) tokens worth $273,000
  • 845 Maker (MKR) tokens worth $1.17 million
  • 7.16 million Render (RNDR) tokens worth $17.8 million
  • 10.5 million USD Coin (USDC)
  • 23,000 Polygon (MATIC) tokens worth $15,000
  • 9.5 million Ren (REN) tokens worth $500,000
  • 1.1 million ETH tokens worth $2 million

Additionally, the report highlights that an additional 1.6 million SOL tokens worth $57.6 million have initiated the unstaking process. While these funds have not yet left the associated wallet, their potential movement would bring the total SOL tokens moved by FTX to just under $90 million. 

Moreover, considering the unstaking of SOL and the new assets transferred by FTX to Coinbase and Binance, the total value of funds moved by FTX now stands at $156 million.

Major Transfers Of LINK, AAVE, And MKR Unveiled

Nansen’s previous investigation revealed significant transfers from wallets linked to FTX and Alameda Research, FTX’s trading arm.

These funds were initially withdrawn from FTX and Alameda wallets before being sent to intermediary wallets and eventually deposited into Binance and Coinbase. The report discloses the following noteworthy movements:

  • 2.2 million USD worth of Chainlink (LINK) tokens
  • 1 million USD worth of Aave (AAVE) tokens
  • 2 million USD worth of MKR tokens
  • 3.4 million USD worth of ETH tokens

In addition to these transfers, Nansen discovered that 943,000 SOL tokens, equivalent to approximately $32 million, were moved from the FTX Cold Storage wallet.

Overall, the recent findings by Nansen regarding the movement of funds from wallets associated with the bankrupt crypto exchange FTX have sparked concerns within the cryptocurrency community. 

The report highlights substantial transfers of various digital assets, including ETH and SOL, and provides insight into the scale of FTX’s asset movements. 

FTX

As of the current market conditions, FTX’s native token, FTT, is trading at $1.23. Despite a false breakout on October 23, where the token briefly surpassed $1,360, it has since declined consistently. 

However, over the past 30 days, FTT has maintained a profit margin of 3.7%, signifying relative stability within this time frame.

Featured image from Shutterstock, chart from TradingView.com 

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FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy

Blockchain analytics firm Nansen has recently revealed that wallets associated with bankrupt crypto exchange FTX have transferred approximately $156 million worth of digital assets, including Ethereum (ETH) and Solana (SOL), in a series of transactions over the past week. 

The movement of these funds has raised concerns and attracted the attention of industry experts and investors. Nansen’s report sheds light on the ongoing transfers and provides valuable insights into the extent of FTX’s asset movements.

Bankrupt FTX Wallets Unstake $57 Million Worth Of SOL Tokens

According to the Nansen report, funds from FTX wallets have continued to migrate to various exchanges since the previous update. The report specifies the following notable transactions:

  • 695,000 Perpetual Protocol (PERP) tokens worth $423,000
  • 767,000 Biconomy (BICO) tokens worth $182,000
  • 833,000 Kyber Network (KNC) tokens worth $616,000
  • 108 million TrueFI (TRU) tokens worth $420,000
  • 138,000 Band (BAND) tokens worth $221,000
  • 2.5 million Graph (GRT) tokens worth $273,000
  • 845 Maker (MKR) tokens worth $1.17 million
  • 7.16 million Render (RNDR) tokens worth $17.8 million
  • 10.5 million USD Coin (USDC)
  • 23,000 Polygon (MATIC) tokens worth $15,000
  • 9.5 million Ren (REN) tokens worth $500,000
  • 1.1 million ETH tokens worth $2 million

Additionally, the report highlights that an additional 1.6 million SOL tokens worth $57.6 million have initiated the unstaking process. While these funds have not yet left the associated wallet, their potential movement would bring the total SOL tokens moved by FTX to just under $90 million. 

Moreover, considering the unstaking of SOL and the new assets transferred by FTX to Coinbase and Binance, the total value of funds moved by FTX now stands at $156 million.

Major Transfers Of LINK, AAVE, And MKR Unveiled

Nansen’s previous investigation revealed significant transfers from wallets linked to FTX and Alameda Research, FTX’s trading arm.

These funds were initially withdrawn from FTX and Alameda wallets before being sent to intermediary wallets and eventually deposited into Binance and Coinbase. The report discloses the following noteworthy movements:

  • 2.2 million USD worth of Chainlink (LINK) tokens
  • 1 million USD worth of Aave (AAVE) tokens
  • 2 million USD worth of MKR tokens
  • 3.4 million USD worth of ETH tokens

In addition to these transfers, Nansen discovered that 943,000 SOL tokens, equivalent to approximately $32 million, were moved from the FTX Cold Storage wallet.

Overall, the recent findings by Nansen regarding the movement of funds from wallets associated with the bankrupt crypto exchange FTX have sparked concerns within the cryptocurrency community. 

The report highlights substantial transfers of various digital assets, including ETH and SOL, and provides insight into the scale of FTX’s asset movements. 

FTX

As of the current market conditions, FTX’s native token, FTT, is trading at $1.23. Despite a false breakout on October 23, where the token briefly surpassed $1,360, it has since declined consistently. 

However, over the past 30 days, FTT has maintained a profit margin of 3.7%, signifying relative stability within this time frame.

Featured image from Shutterstock, chart from TradingView.com 

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Chainlink Creator Expects Mass Crypto Adoption To Send Market Cap To $10 Trillion

In a recent interview, Chainlink’s co-founder, Sergey Nazarov, said the collapse of the banking industry will drive crypto mass adoption.

Chainlink’s Co-Founder Predicts Crypto And Blockchain Prospects Over The Next Decade

Sergey Nazarov believes that the collapse of the banking industry will favor crypto adoption and growth in the next decade.

Nazarov believes the crypto industry and its technological innovations might maintain the same slow growth pace. However, the industry player cited two possible crypto and blockchain adoption scenarios in the next ten years.

First, the Chainlink co-founder proposed a fast-case scenario where the collapse of the traditional finance system puts individuals in pain. This pain will force individuals to “acknowledge the relevance” of cryptographic financial systems. 

Further, Nazarov noted that the continued collapse of banks like Silicon Valley Bank could fast-track crypto adoption. 

Secondly, based on the first theory, the collapse of traditional finance systems will lead to political tension and international problems. Nazarov believes investors will favor crypto for financial operations if the pain of suffering losses becomes unbearable. 

Therefore, Nazarov insists that even in the slow case, the crypto market is likely on its way to a $10 trillion market cap. 

LINKUSD price chart

Chainlink’s Adoption By ANZ Banking Group Supports Nazarov’s Growth Theory

According to a new industry report, ANZ Bank has adopted Chainlink’s CCIP for cross-chain tokenized asset settlement. CCIP solution helps to transfer data and tokenized assets across blockchains in a decentralized and secure way, according to the crypto founder. 

Notably, ANZ Bank is one of the world’s largest banks, with over $1 trillion in total assets managed. Sergey Nazarov noted that Chainlink’s adoption by ANZ shows how large companies are now adopting Chainlink’s CCIP. 

Also, the co-founder stated that building on a global internet needs secure connectivity between private bank chains and public chains. 

The CCIP is an upgrade on the Chainlink Network that functions as a global Internet of Contracts. This upgrade aims to create the world’s largest liquidity layer across various regions and markets. 

Remarkably, Nazarov stated that CCIP can create a higher level of cross-chain security. It achieves this extra security with multiple layers of decentralization and advanced risk management techniques. 

Moreover, most cryptocurrencies offer users fast and secure cross-border transactions cheaply. However, some critics still insist that cryptocurrencies are unreliable based on their volatility and crisis in the sector. 

With innovations like the CCIP of Chainlink, more banks may integrate crypto and blockchain-based solutions. This drives crypto to mainstream adoption, increasing the market cap to $10 trillion, as Nazarov predicts.

Meanwhile, the collapse of banks such as Silicon Valley Bank (SVB) in 2023 has strained the global finance economy. If another banking crisis occurs, cryptocurrencies might become the preferred option for most investors based on their rising utility.

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Chainlink (LINK) Spikes 6% On The Weekly Chart As Market Sees Correction

The crypto market cap has declined over 1% in the last 24 hours, transmitting losses across the market. Top coins like Bitcoin and Ethereum have taken the hit, losing 3% and 4% of their past week’s gains, respectively. 

However, Chainlink (LINK) resisted the prevailing bearish market forces amid this onslaught, holding 6.51% gains on the weekly chart. Also, the token has recorded a 1.68% price increase in the last 24 hours. 

Amid the upturn, LINK has broken past the $7 price mark; could it ride the prevailing bullish waves to record new highs? Let’s find out.  

ChainLink’s Daily Active Addresses Hits A 2-Month High 

LINK’s price uptick comes amid a significant increase in active unique addresses on the network. Data from leading on-chain analytics firm Santiment shows that Chainlink’s unique addresses exceeded 3,900 for the first time since July 21. 

Furthermore, this uptick indicates increased network activity and engagement, reflecting the rising community interest and involvement. Moreover, increasing unique active addresses is often synonymous with increased usage and adoption of the network’s native token, LINK. And this could be seen in the increase in LINK’s market value over the past seven days. 

In addition, an update on Chainlink adoption shows four of the network’s services integrated across six different chains. These chains include Arbitrum, Avax, BNB Chain, Etherem, Optimism, and Polygon. 

Again, these integrations further reflect a wider usage of the LINK token and increased participation in the Chainlink ecosystem. It shows that more people are adopting Chainlink, exerting a higher buying pressure on LINK, a plausible explanation for the ongoing price uptick.

LINKUSD price chart

Chainlink (LINK) Breaks The $7 Resistance; What’s Next?

The daily LINKUSD chart below suggests that LINK is gearing up to hit $8 as it conquers critical barriers while buy pressure remains high.

After posting notable gains over the past eight days, LINK trades above two key support levels, $5.72 and $6.595. The token’s price oscillated between these key price levels from mid-August to September 18. 

Meanwhile, all this time, LINK traded below two critical points, the 200-day and 50-day moving averages ($6.488 and $6.706), before a sharp spike pushed it above $6.8. It maintained the momentum through the past few days, breaking the $7.00 barrier, and now targets the $7.8 resistance level.

LINK now trades above the 50 and 200-day price levels, indicating a strong bullish momentum in the market. If the ongoing buy frenzy continues, LINK could reclaim the year-high of $8.898, recorded on November 7, 2022. And if the buying strength continues to increase, the token could even set a new record high in the coming days.

However, while LINK has regained over 21% of its past month’s gains in the ongoing rally, the token remains 9% down from its year-high, and he bulls must increase momentum for the token to reclaim this level.

Featured image from Pixabay and chart from TradingView.com

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Chainlink (LINK) Notches 9% In One Day As Market Rebounds, What’s Next?

Oracle service provider Chainlink native token LINK has surged today as the crypto market records a significant uptick. The cryptocurrency is up by 9.02%, trading at $6.80 with a trading volume of $198 million, representing an over 179% increase in the last 24 hours.

One of the factors likely to affect LINK’s price growth in the coming days is the massive movement of tokens from the network’s wallet to exchanges. On September 16, four wallets associated with Chainlink transferred 18.75 million LINK tokens across various platforms, amounting to $119 million. 

These wallets were originally intended for holding tokens that were not yet in circulation. But recently, around 15.7 million LINK tokens (approximately $100 million) left these wallets headed straight to Binance. Furthermore, 3.05 million LINK tokens (roughly $19 million) left the wallets in a multi-signature wallet identified as 0xD50f.

Following these significant on-chain activities and potential implications, investors are eager to see how LINK price will react.

LINK Breaks Above $6.3 Resistance Level

LINK is in an uptrend, forming a bullish engulfing pattern to break above the $6.3 resistance level. Although LINK is still below its 200-day Simple Moving Average (SMA), today’s green candle has broken above the 50-day SMA, showing increased pressure from buyers. 

The buyers at the $6.1 support level have forced the crypto coin to rally after the brief retracement between September 16-17. Also, the Relative Strength Index (RSI) displays a value of 58.00, rising from the neutral zone and approaching the overbought region of 70. 

LINK has overcome the $6.3 resistance level today. Therefore, the buyers will likely sustain the rally in the coming days. Furthermore, the Moving Average Convergence/Divergence displays a strong buy signal confirmed by its green Histogram bars. 

The cryptocurrency will likely record more price gains in the coming days if the buyers continue to accumulate the tokens. However, the unlock and transfer of 21 million LINK tokens on September 16 could lead to a brief retracement in the long term when the buyers relent.

LINKUSD price chart

Whales Increase Holdings After Swift Test

Since August 31, when Chainlink entered into a partnership with Swift and other companies, LINK has exhibited positive market moves. The interbank communication system Swift and Chainlink, successfully transferred tokenized value across various private and public blockchains in an experiment. 

The positive development boosted investors’ confidence in buying more LINK tokens, potentially pushing the token’s value up. On September 7, Santiment noticed that Chainlink’s top-tier holders, those with 10,000-100,000 LINK tokens, were actively increasing their holdings.

The number of wallets holding 10,000 to 100,000 LINK tokens increased to 3,127, the highest since December 3, 2022. These wallets collected $9.6 million worth of LINK in just three days, 0.154% of the total supply. Additionally, Santiment’s report showed that 98 new wallets in this category were created.

On September 9, a crypto expert, Ali, revealed that these whales bought more than 4 million LINK coins, amounting to $24 million in just 10 days.

These accumulations show heightened investor interest in Chainlink and will likely drive demand, thereby increasing the token’s price in the coming days.

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Chainlink (LINK) Records 7% Gains In Last Week, Will It Cross $7?

The global cryptocurrency market cap is currently down by 1.61%, but LINK holds its gains on the weekly chart. With institutional investors and whales engaged in trading activities, the crypto market is experiencing a revival. 

Chainlink has enjoyed a resurgence this week with an increase in its price and trading volume. The network has also recorded a massive increase in trading volume today at 30.64%. The coin is now ranked number 21 on the list of cryptocurrencies.

What Is Behind The Rally?

The Chainlink network has added some notable projects to its catalog. The total value of transactions, its oracle service, exceeded $6.9 trillion. Also, the network provided users with data feeds that extend across new blockchains and layer 2.

Another innovation driving the price is the Chainlink proof of reserve. The collapse of FTX created distrust in the industry. This distrust prompted the increased demand for Proof of Reserves. Chainlink’s Proof of Reserve has become popular among stablecoins and wrapped tokens to provide their customers with transparency. The adoption has also aided the LINK price increase.

Also, the launch of Web3 solution Chainlink Economics 2.0 has created a framework for the network’s core interests; Chainlink BUILD, SCALE, and Staking. Chainlink’s BUILD and SCALE enable users to build Web3 dApps. Sergey Nazarov, Chainlink’s co-founder, stated that the crisis in traditional finance creates opportunities for blockchain technology to fortify crypto as an alternative financial system.

LINKUSD
Chainlink Price Prediction

Chainlink LINK has enjoyed a positive rally in the past week. The asset is currently trading at $6.50 as it approaches the $7 mark. The support levels are $6.27, $6.44, and $6.64, while the resistance levels are $7.01, $7.18, and $7.37. LINK is close to its first resistance level, but the uptrend might pull back as the bearish candles begin to form on the chart.

The asset is currently above its 50-day Simple Moving average and approaching its 200-day SMA. This suggests bullish momentum for LINK in the short term. However, expect a pullback before it continues its surge. 

The Relative Strength Index (RSI) reading of 65.73 is slightly into the buy zone but not in the overbought region. It reflects the current market condition as the bears struggle to push down the asset’s price. The MACD (Moving Average Convergence Divergence) is above its signal line and shows divergence, which is a bullish signal.

Related Reading: Aave Price Surges As V3 Cloud Upgrade Draws Near

Expect LINK to retrace briefly before bouncing back and surpassing the $7.01 resistance in the coming days. Featured image from Pixabay and chart from TradingView.com

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Chainlink (LINK) Performs Poorly Amidst Market Uncertainty

Chainlink (LINK), the leading oracle network, normally performs on the day following the market downturn. LINK has experienced a 1.58% increase in the last 24 hours, trading at $6.22.  Overall, LINK has recorded over 12% loss in the weekly chart. The token had surged higher in the day, reaching a local high of $6.38 before retracting. 

The value of Chainlink (LINK) rose earlier today as the market reacted favorably to a combination of events. Brainard’s doveish statements on Monday, a dropping dollar, Zelensky’s peace negotiations commencing, and Biden-Xi meeting not escalating tensions. Choose whichever explanation or combination of reasons you choose for the abrupt risk-on shift in markets. Either way, it’s excellent news for LINK price action.

Chainlink Offers Its Proof-of-Reserve Product As FTX Crash Rocks The Crypto Market

Chainlink Labs’ proof-of-reserve product was offered on Nov. 10 to help solve future trust problems in the crypto exchange market. Chainlink Labs posed the question in a series of tweets: “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?” In response, it offered its proof-of-reserve (PoR) solution. Chainlink stated it could validate centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and more.

Recently, the crypto market has been in freefall due to a liquidity problem at the second-largest crypto exchange, FTX. In response to these persistent challenges, the crypto community has been discussing solutions. One possibility is for users to need Proof-of-Reserve from every exchange they use.

Using a proof of reserve, customers may conduct an instantaneous audit of cryptocurrency exchanges’ reserves. Several exchanges have begun to adopt proof of reserve, and Binance CEO Changpeng Zhao has suggested that all exchanges should implement it soon. However, several marketplaces have claimed that developing a proof-of-reserves system will take weeks, if not longer. Chainlink Labs rebutted by saying their offering is an “out-of-the-box” answer that exchanges can start using right now.

LINKUSD

Chainlink’s price is currently trading at $6.32. | Source: LINKUSD price chart from TradingView.com

What The Charts Say About Chainlink

Since May, LINK has fluctuated in price between $9.45 and $5.62 (yellow), with a mid-price of $7.54. The range’s midpoint has provided strong support and resistance within this time. Bearish momentum was indicated by a Relative Strength Index (RSI) reading below 50 and a Chaikin Money Flow (CMF) reading below -0.05. Both indicators point to considerable outflows of money from the market.

Related Reading: KuCoin Token (KCS) Loses 12% Amidst Top Coins Bleeding

The fall of LINK from $9 to a swing low of $5.7 in November also severely impacted OBV. Yet, the OBV has shown a trend of higher lows since July. This was evidence that some LINK tokens had been accumulated over time.

The $6.3 support level has held firm over the previous six months. In recent months, the $6.3 and $5.9 price points were clearly visible as support levels in the lower time frames. Chainlink has yet to drop below the range of lows despite the severe market volatility of the previous week. As of writing, Chainlink still trades at the $6.3 level, a 1.36% decrease intraday.

Featured image from Pixabay and chart from TradingView.com

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Chainlink (LINK) Breaks Out Of Range; Will Bulls Push The Price To $12?

  •  LINK rallies with high volume as the price breaks above its range channel of $8 after a while as bulls eyes $12.
  •  LINK’s price continues to trend higher with strong volume as the market looks promising for many altcoins. 
  • LINK’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

of over 180 days old as the price eyes a major rally after having a tough time breaking this region with good volume. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Chainlink (LINK) rallies with strength as the price could reward LINK marines. (Data from Binance)

Chainlink (LINK) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of LINK has shown some great signs, breaking out of its long accumulation zone as it aims to rally higher, holding off sell orders at a region of $7.6.

After dropping from its high of $50 some months back, the price of LINK has had a great struggle to pull off a rally that has left many in euphoria. 

The price of LINK saw its trade at a low of $6 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $8, where it was rejected to a region of $7.3. Still, the price bounced from here after forming a range as the price was locked into its accumulation phase. 

Weekly resistance for the price of LINK – $9.5-$10.8.

Weekly support for the price of LINK – $7.8.

Price Analysis Of LINK On The Daily (1D) Chart

Daily LINK Price Chart | Source: LINKUSDT On Tradingview.com

In the daily timeframe, the price of LINK continues to look strong as the price broke out of its long-range accumulatio price movement to a high of $8.4 as the price aims for a rally to a daily high of $12, where the price could face a major resistance to break higher. 

The price of LINK trades at $8.3 above the 50 EMA, which indicates a good relief sign for LINK’s price on the daily timeframe. The price of $7.3 corresponds to the 50 EMA supporting LINK values.

Daily resistance for the LINK price – $9-$10.5.

Daily support for the LINK price – $7.3.

Featured Image From Coin Culture, Charts From Tradingview

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Chainlink (LINK) Performs Well Amidst Market Uncertainty

November is starting to be an uncertain month for the crypto market. However, Chainlink (LINK) seems to be bullish as it has kept substantial gains from last week. The altcoin also performed well earlier today, establishing a local high of $7.96.

Chainlink’s price started a bullish trend after testing and confirming support at the $6.50 level. The price feed oracle token suffered a devastating October reversal, wiping away all of its September gains. However, it was able to recover around 6% before the month ended.

LINK is trading at a 1.49% gain as of writing. Its daily candle is also green and might just touch its local high before the end of today.

The DeFi Derivatives Market Has A New Oracle Solution from Chainlink

As the DeFi (decentralized finance) sector expands, Chainlink has responded by developing “ultra-low latency pull-based price oracles. The solution focuses on allowing and safeguarding this enormous on-chain market.” It forecasts that the DeFi derivatives market will expand more in the years to come. Therefore this growth will dramatically alter the way dApps create value.

According to a related blog post, “We anticipate that a testable version of this new pull-based Chainlink oracle solution will be ready by the end of the year.”

Over the years, Chainlink has been the de facto standard for receiving oracle-based price feeds. The protocol’s solutions are widely used by the crypto industry, particularly by smart contract infrastructures. Chainlink’s early entry into the DeFi derivatives market will offer it an advantage over its rivals. It might also boost the value of the network’s native token, LINK.

LINKUSD

LINK’s price is currently hovering at $7.85. | Source: LINKUSD price chart from TradingView.com

What LINK’s 4-Hour Chart Says About Its Future Movement

ChainLink price movement shows market volatility after closure. This means that the price of ChainLink is becoming more dynamic, with less tendency to swing wildly to either extreme. The $8 upper bound of the Bollinger band is the most formidable barrier for LINK to break over. Bollinger’s band’s lowest limit is $7.5, where LINK finds the most support.

LINK/USD looks to be making positive price movement over the Moving Average. The upward trend in the market appears to be continuing. But the LINK/USD exchange rate is trending higher, suggesting the market is expanding. There are signs that the market could go up.

The Relative Strength Index (RSI) for ChainLink at its current price of 55 indicates a rather steady market for cryptocurrencies. To put it another way, Chainlink is now trading above its central-neutral value. The Relative Strength Index also seems to trend higher, suggesting a rising market. The RSI value rises when purchasing activity is on the upswing.

Where Does Link Go From Here

It’s worth noting that LINK’s daily chart readings were contradictory, indicating both a rise and a fall. For instance, the Money Flow Index (MFI) rose and approached overbought.

The negative Chaikin Money Flow (CMF) also fell near neutral. On the other hand, the Exponential Moving Average (EMA) Ribbon showed a bullish crossover when the 20-day EMA switched places with the 55-day EMA. However, LINK’s Bollinger Bands indicated substantial volatility. So, the question of where the price of LINK will go in the next few days is one that only time can answer.

Featured image from Pixabay and chart from TradingView.com

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Chainlink (LINK) Continues To Shine With Over 14% Gains

Chainlink, the blockchain oracle service provider, continues to keep impressive weekly gains. The token soared with the entire crypto market, bagging over 14% gains. The last week of October has been favorable for the entire crypto market. Just a few days back, the entire crypto market cap crossed the $1 trillion mark. This bullish move acted as a catalyst for most tokens to register substantial gains, including Chainlink. 

However, the daily chart has been bearish for most coins. Top coins like Bitcoin and Ethereum are facing measurable losses on the day. However, Chainlink has stood out of the crowd, refusing to drop to the red zone.

Chainlink Soars Thanks To Increased Whale Activity

Chainlink (LINK) made a significant rise this past weekend, surging all the way to $8. At the time of writing, LINK was trading at $7.84, giving the blockchain a market cap of $3.8 billion. Strong whale activity served as a backdrop to the LINK price spike over the weekend. On-chain information service Santiment reports that this past weekend saw the highest number of LINK whale transactions in four months. 

Santiment added: “Chainlink whales have gotten quite active this weekend as market prices have teased the $8 level a few times. Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th.”

Over the last month, Chainlink (LINK) has been on the radar of investors and crypto traders. This is evident in the number of whale activities throughout the month of October. The price of $8 is a significant resistance for Chainlink at the moment (LINK). If LINK breaks out above that level, it might be the start of a significant upswing. Chainlink has been strongly consolidating in the $6–$8 level for quite some time now.

LINKUSD

LINK’s price is currently trading at $7.74. | Source: LINKUSD price chart from TradingView.com

Popular Analyst Sees Bullish Future For Chainlink 

The cryptocurrency market was down for much of the day. While Chainlink is currently down 3.86%, it’s still one of the best performers among top tokens with a large market cap. One of the most-followed crypto analysts, Pentoshi (anonymously on Twitter), has expressed his optimistic view toward the asset. According to him, Chainlink’s chart has received the most attention over longer time horizons.

He instead prefers to talk about the upcoming Chainlink’s staking event, which is slated for December. Pentoshi argues that this will be the catalyst needed to drive LINK’s price to $12.45. At press time, the price of Chainlink is $7.83. So to meet the analyst’s objective, it would need to rocket by more than 55% from its current levels.

The expert continues by pointing out that the Total Market Cap of Crypto Index has recently hit a low. This index measures the total value of all altcoins, excluding Bitcoin and Ethereum. According to Pentoshi, the index will make an upward rise that will take it from $387 billion to roughly $456 billion. This signals a bullish outlook for the majority of the altcoins.

Featured image from Pixabay and chart from TradingView.com