Chainlink (LINK) Price Breaks Out of Year-Long Accumulation Range with a 33% Rally: What’s Next?
Chainlink (LINK), the decentralized oracle service provider, has made a significant move in the market, rallying from the bottom to the top of its year-long accumulation range, and even slightly beyond it. This rally marks a 33% breakout after successfully retesting the range low as support.
The accumulation range is a phase in the market where investors are actively acquiring or “accumulating” shares over time. This phase is typically characterized by a relatively stable price range, with the price oscillating between a defined high and low boundary. For LINK, this accumulation range has been observed for about a year now.
Over the past year, every time LINK pressed beyond the range high resistance, it produced upside wicks into the red diagonal resistance before rejecting. This pattern suggests that there has been significant selling pressure each time the price attempted to break out of the range.
However, this time, LINK has managed to reach the range high resistance and even overextend beyond it. This could potentially signal a change in the market dynamics for LINK if it can secure a monthly close above the black range high, followed by a retest of that range high. A successful retest would confirm the breakout and could potentially signal the start of a new uptrend.
This recent price action is particularly noteworthy because it suggests that the accumulation phase may be nearing its end and a new phase of price expansion could be on the horizon. This is a key development to watch for LINK and its investors.
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Show more +The current price of Chainlink (LINK) is $8.20 USD. It has seen a 20.09% increase in the last 24 hours. The 24-hour trading volume is $3,130,210,347 USD.
Chainlink’s Vision and Future Plans
Chainlink is on a mission to build a fairer world by unlocking the vast potential of hybrid smart contracts. The native LINK token is integrated into the Chainlink system through use cases like staking, incentivizing data providers, and fending off malicious actors.
Looking ahead, Chainlink 2.0 is a multi-year effort to enhance the current project’s capabilities. It aims to create a platform of multiple interoperating decentralized oracle networks (DONs) to service hybrid smart contracts. This framework could accommodate persistent services, with programs that can run continuously, creating new use cases for Chainlink’s services.
Furthermore, Chainlink plans to introduce staking, which will increase token demand and scarcity, as well as activate the LINK token’s underlying utility. Staking and delegating tokens could limit the risk of LINK supply dilution and realign fee imbalances that contribute to selling pressure.
With these developments and the recent breakout, Chainlink is certainly a project to keep an eye on in the coming months.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
