As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve learned to appreciate the resilience and potential of altcoins like Chainlink (LINK). The recent price action of LINK, which has been attempting to rebound from a crucial macro support level, is particularly intriguing.
Despite the minimal cryptocurrency market volatility recently, Chainlink (LINK) has been making an effort to recover from a significant macro support level. This mid-tier altcoin, valued at approximately $11.8 billion when fully diluted and traded around $403 million in daily volume on average, saw a nearly 5% increase over the past 24 hours, trading at around $11.8 during the early New York session on Friday, October 25.
In simpler terms, over the past week, the Chainlink price has been shaping a possible turnaround pattern following a strong base of support above $10. Additionally, the Chainlink price managed to confirm a breakout from a long-term descending logarithmic trend line that started in March.
To put it simply, for the LINK price to confirm a move towards its record high, it’s important that it repeatedly finishes trading sessions above the $12.5 resistance point, signaling a potential upward trend.
The price breakout of LINK on a weekly basis is significantly influenced by the overall crypto market perspective, particularly that of Bitcoin and Ethereum. It’s worth noting that the performance of these two leading cryptocurrencies, especially Bitcoin, seems to have a potential impact on the altcoin market as well.
In light of this, it’s wise for altcoin investors to closely monitor Bitcoin’s price movements as they may follow Gold’s trend in the coming days.
Chainlink Price Well Bolstered by Mainstream Adoption
In recent years, the Chainlink network has expanded significantly and become an essential Oracle database for the Web3 sector. Under the leadership of co-founder Sergey Nazarov, the Chainlink team has created numerous infrastructure solutions aimed at facilitating widespread adoption of multi-chain smart contracts.
As a researcher delving into the intricacies of the Chainlink project, I’ve come to appreciate some of their significant contributions, such as creating a Cross-chain Communication Platform, establishing Data Streams, providing Proof-of-Reserve solutions for businesses embracing wrapped assets, and facilitating Tokenization.
Due to its appeal, Chainlink has drawn in developers from the web3 sector for various projects such as asset tokenization, decentralized finance (DeFi), GamiFi, NFTs, and more. At this year’s Sibos conference, the Chainlink team unveiled two new privacy-focused features of their network, allowing financial institutions to safeguard sensitive data.
Referred to as the “Blockchain Data Protector,” the Chainlink team offers their users an advanced encryption and decryption method that is compatible with the private framework of CCIP (Customer Choice Integrated Payment).
At the Sibos 2024 conference, the Chainlink team unveiled a significant collaboration with several key players in finance and market infrastructures, such as Euroclear, SWIFT, UBS, Franklin Templeton, Wellington Management, Sygnum Bank, and more.
The organization spearheaded by Chainlink plans to establish an AI-driven project aimed at addressing financial data without a defined structure. Simultaneously, the Chainlink team has extended a warm welcome to a fresh client from Singapore named DigiFT, who has joined their CCIP protocol.
Eventually, it’s anticipated that the Chainlink network will become a fundamental data supplier for most blockchain platforms, benefiting smart contract developers immensely. This expectation strengthens the belief that the LINK token’s price will maintain an optimistic trajectory in the long term.
Read More
Sorry. No data so far.
2024-10-25 16:09