Chainlink (LINK), the leading decentralized oracle network, has seen a major resurgence in interest and price action recently. Here’s a look at what’s driving the renewed hype around this top crypto project.
Chainlink finally broke out of its slump in explosive fashion this past week. The LINK token surged over 30% after busting through stubborn multi-month trendline resistance around the $9 level.
According to crypto educators CryptoBusy, Chainlink’s price action was fueled by a confluence of bullish factors. Large whales accumulated nearly $40 million worth of LINK tokens in the span of one week. At the same time, Chainlink announced integrations with seven different blockchain networks including Ethereum, Avalanche, and Binance Smart Chain.
This expanding integration across chains has solidified Chainlink’s status as the go-to decentralized oracle solution in the crypto industry. Decentralized oracles allow blockchains to securely interact with real-world data, which is essential for powering smart contracts and Web3 applications.
Chainlink remains in high demand as the broader decentralized finance (DeFi) and non-fungible token (NFT) sectors regain strength amid the renewed crypto bull market. Top research firm K33 Research dubbed it the “safest bet” for capitalizing on real-world asset (RWA) adoption.
After more than doubling from July lows, LINK faces stiff overhead resistance around the $11 level – its all-time high from 2021. Analysts say a decisive break above this could trigger an even more parabolic move upwards. For now, the oracle leader appears poised to continue outpacing the overall crypto market.
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