Categories: Featured

Chainlink ($LINK) Surges Amidst Strategic Partnerships and Bullish Sentiment

Chainlink ($LINK) has become an essential and influential player in the crypto ecosystem. This is evidenced by recent developments and several impactful partnerships that have attracted a huge amount of market interest behind LINK. It’s trading at $26.11, with a 24-hour price change that amounts to a reasonable 1.26%. This puts LINK’s market cap at about $16.67 billion and pushes its trading volume to around $1.46 billion.

LINK itself has shown some decent performance lately. In fact, I’d say overall it has a steady upward trend with some minor pullbacks. Last week, I think it was, it traded around $24, with some really nice support there. The first key resistance point to watch for is around $28. If the market can break that level, then I think the next stop could be around $30. And from what I hear, if it gets above that, then more liquidity could start coming in [Source:  insidebitcoins.com].

The price action of $LINK has recently been affected quite a lot—perhaps quite a bit more than was normal—by current news and events. Chainlink’s partnership with World Chain to provide cross-chain secure interoperability has been successfully launched [Source: crypto-news-flash.com]. This platform will allow for communication between different blockchains. Cross-chain communication has been a challenge in the past. Indeed, it’s an area where Chainlink’s technology gets to shine.

Technical Analysis

A technical analysis of $LINK shows a bullish pattern. The most recent price action is in the process of forming an ascending triangle. This is defined as a series of higher lows above a horizontal resistance level. If this price pattern completes its construction, it should break upward and continue the current bullish trend, which is relatively healthy right now. The RSI measures approximately 55—anything above 50 basically means bullish for this indicator. And speaking of the upward swing, the volume of trading has been increasing nicely this whole time. So, very quietly, Chainlink has been commanding a nice, smart-money rally.

Related Post

Bullish Sentiment

The bullish sentiment for Chainlink also has support from on-chain and social analysis. There has also been a growing amount of developer activity on the platform, which suggests an optimistic future of $LINK

Market Context

In the larger market context, the performance of $LINK is in sync with the overall trends of the crypto market. Upcoming catalysts, including the potential approval of a Bitcoin ETF, could also serve to further enhance $LINK’s performance. Yet, big question marks hang over potential future price increases for $LINK. Upcoming market volatility could serve to mute any bullish price projections for $LINK.

The danger exists that LINK’s actual price performance could diverge from what technical analysis proponents and social media influencers seem to indicate is a foregone conclusion—that LINK’s price is set to break out. Indeed, the price projections that get the most attention seem to have been pulled straight out of a hat.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Paul Brabus

Paul Brabus is a crypto journalist and enthusiast. He loves reading and writing about all things crypto.

Share
Published by
Paul Brabus

Recent Posts

$ARB Holders Face Full Losses, but Market Conditions Could Indicate a Reversal

Current statistics from @intotheblock have illustrated a dire situation for $ARB holders, showing that virtually…

16 hours ago

DeFi Revenue Skyrockets 2600% in Four Years, Solana Surges with Record GDP Growth

The sector of decentralized finance (DeFi) has had an impressive boost, with cumulative DeFi revenue…

16 hours ago

FLUID Breaks DeFi Records, Reaching $10B in Volume in Just 100 Days

FLUID has achieved something never before seen in the world of decentralized finance (DeFi). In…

16 hours ago

Whale Exits $WIF Position at a Loss: A Cautionary Tale of Short-Term Trading Volatility

Once again, the cryptocurrency trading world has displayed its volatility and unpredictability. This was shown…

16 hours ago

Berachain Makes a Strong Debut, Surpassing $1.8 Billion TVL and Garnering Strong Interest from DeFi Protocols

In a stunning introduction to the blockchain world, Berachain has attracted the attention of DeFi…

16 hours ago

$TST Token Soars 4700% in 30 Minutes After Binance’s CZ Tweet Sparks Massive Trading Frenzy

The recent surge of the $TST token, a project of the BNB Chain team, has…

16 hours ago