Author
Steve Muchoki
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Key Notes
- Chainlink (LINK) is rebounding from a crucial support level above $10, aiming for a consistent close above $12.5 to validate a potential rally.
- Chainlink’s price movement correlates with Bitcoin’s price action, which itself could mirror gold's performance in the short term.
Amid the low crypto volatility in the past few days, Chainlink LINK $13.45 24h volatility: 4.3% Market cap: $8.58 B Vol. 24h: $339.67 M price has been attempting to rebound from a crucial macro support level. The mid-cap altcoin, with a fully diluted valuation of about $11.8 billion and a daily average traded volume of around $403 million, pumped nearly 5 percent in the last 24 hours to trade about $11.8 on Friday, October 25, during the early New York session.
Chainlink price in the weekly time frame has been forming a potential reversal pattern after establishing a solid support level above $10. Moreover, LINK price has successfully retested breakout from a macro falling logarithmic trend, which began in March.
From a technical analysis point of view, LINK price must consistently close above the resistance level above $12.5 in a bid to validate a rally towards its all-time high.
However, LINK price breakout in the weekly time frame is highly dependent on the general crypto market outlook, particularly Bitcoin BTC $86 924 24h volatility: 3.4% Market cap: $1.73 T Vol. 24h: $25.17 B and ETH $1 625 24h volatility: 3.5% Market cap: $196.09 B Vol. 24h: $10.34 B . Furthermore, Bitcoin price has shown a potential correlation with the altcoin market.
As a result, it is prudent for the altcoin traders to keep a close watch on Bitcoin price action, which is likely to mirror Gold’s performance in the near term.
Chainlink Price Well Bolstered by Mainstream Adoption
Chainlink network has grown into a vital Oracle database for the Web3 space in the past few years. The Chainlink team led by co-founder Sergey Nazarov has in the past few years developed several infrastructures to enable the mainstream adoption of cross-chain smart contracts.
Some of the notable products developed by the Chainlink team include the Cross-chain communication platform, data streams, proof-of-reserve for enterprises adopting wrapped assets, and tokenization.
As a result, Chainlink has attracted web3 developers in asset tokenization, decentralized financial (DeFi) projects, GamiFi, and NFTs, among others. Earlier this week during the Sibos 2024, the Chainlink team introduced two new privacy-preserving capabilities of the network, which enables financial institutions to maintain data confidentiality.
Dubbed the Blockchain Privacy Manager, the Chainlink team provided its customers with a high encryption and decryption protocol that also works with the CCIP private infrastructure.
During the Sibos 2024 event, the Chainlink team announced a strategic partnership with leading financial and market infrastructure led by Euroclear, Swift, UBS, Franklin Templeton, Wellington Management, and Sygnum Bank, among others.
The group of companies led by Chainlink intends to build an AI-powered initiative tackling unstructured financial data. Meanwhile, the Chainlink team also welcomed a new customer from Singapore called DigiFT to its CCIP protocol.
Ultimately, the Chainlink network will be used in almost all blockchains as a crucial provider of reliable data to smart contract developers. As a result, LINK price is well bolstered to continue in a bullish outlook in the long haul.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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