Why is API3 Price Surging? Analyst Says Chainlink’s Recent Rally Can Be Beneficial For The Token
According to the latest data, API3 saw its native token surge higher in the last 24 hours, gaining over 15% to reach as high as $3.77. The token’s market cap has surged to $319 million at press time.
The latest push came amid the official launch of API3 staking, allowing token holders to participate in the network by validating new blocks. The added functionality coincided with strength across decentralized oracle tokens like Chainlink’s LINK, which has also rallied strongly this week.
Partnership Building as Oracle Space Heats Up
According to crypto analyst Michaël van de Poppe, as Chainlink continues to gain traction, smaller rivals like API3 stand to benefit as well from capital rotating around the sector. API3 aims to enable smart contracts to access real-time data feeds directly through decentralized APIs, competing with leading Oracle projects.
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Show more +To that end, API3 has been busy forming partnerships and integrations to expand platform interoperability in 2024. This includes a recent collaboration with blockchain network Quantum Blockchains to bridge API requests across multiple chains.
With API3 staking rewards now activated and more partners coming on board, van de Poppe believes API3 could be building momentum for a push to retest all-time highs around $5.
With the altcoin rally now spreading to smaller capitalization tokens, API3 has plenty of room left to appreciably build on its surge.
In the short run, API3 will look to turn previous resistance around the $3.40 area into new support. As long as API3 holds above that level, analysts like van de Poppe view reaching the former all-time high just above $5 as an achievable target.
For API3 and other leading oracles like Chainlink, surging development activity and adoption leave room for ample growth even after the robust uptrends thus far in 2024. And with staking rewards now part of holding the API3 token, existing holders have added incentive to remain invested in the Web3 data provision project.
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