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Chainlink (LINK) Rallies Amidst Market Whirlwind: Eyes On Potential Rebound

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In a whirlwind of market activity, Oracle service provider Chainlink (LINK) has been a focal point of attention, experiencing a robust rally over the past month. Despite a recent dip from its October 1 high of $8.13, LINK remains above its macro trendline, signaling the potential for a rebound.

As of the latest update, Chainlink is trading at $7.60, marking a 3.52% surge and boasting a market cap of $4.2 billion. Renowned crypto trader and analyst Rekt Capital shared his insights on  X post, anticipating a potential retest of the macro trendline, possibly leading to a bullish resurgence.

On October 13, on-chain data unveiled a spike in institutional interest with over 20 million LINK transactions, amounting to a staggering $50 million, reported by the on-chain analyst and trader Ali Martinez. While such substantial transactions often signal heightened speculation, it’s imperative to note that this surge in activity doesn’t guarantee an immediate surge in the asset’s value.

Chainlink Emerges As Safest Bet In RWA

In the burgeoning realm of real-world asset (RWA) tokenization, the crypto space is witnessing an escalating momentum. Research firm K33 Research has highlighted Chainlink’s native token (LINK) as the “safest choice” for investors seeking to capitalize on this burgeoning trend. K33 analyst David Zimmerman emphasized,

“If we wish to have exposure to the RWA narrative and avoid being sidelined when it takes off, LINK is the safest bet.”

Analysts have noted that global banks and cryptocurrency platforms are actively adopting tokenization. Chainlink has established itself as a crucial infrastructure that enables the seamless connection of blockchains with the physical world through its extensive network of oracles and partnerships. Zimmerman also commented that although there may be other significant beneficiaries, only some projects are better positioned to take advantage of this trend.

With institutional interest surging and a resilient position above the macro trendline, Chainlink (LINK) is poised on the precipice of potentially transformative developments in both the crypto and real-world asset sectors. Investors and enthusiasts alike are keeping a keen eye on this dynamic market mover.

Related Reading: | Chainlink: A Deep Dive Into The $7.31 Surge & Its Quest For New Highs

Chainlink: A Deep Dive Into The $7.31 Surge & Its Quest For New Highs

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Chainlink’s market performance has been a subject of keen interest recently. On October 11th, a tweet from Santiment revealed that Chainlink’s market value stood at $7.31, showcasing its strength against many other cryptocurrencies during the past 12 hours. 

Santiment suggests that it’s imperative to keep an eye on the movements of smart money, particularly wallets containing between 100,000 to 10 million LINK tokens, as there has been a 6% increase in the number of addresses in this range compared to September 18th.

As of the latest data, Chainlink’s price today is $7.35, with a 24-hour trading volume of $195,388,381, signifying a 6% increase. Over the last 24 hours and seven days, Chainlink has experienced a 1.99% uptick in price. 

LINK 7D graph coinmarketcap 3
CoinMarketcap

According to CoinMarketCap, LINK currently holds the 18th position, with a live market capitalization of $4 billion. It boasts a circulating supply of 556,849,970 coins out of a maximum supply of 1,000,000,000.

The remarkable performance of the coin becomes even more evident when compared to Bitcoin, Ethereum, and most other altcoins, with a price increase of over 25% since September. Despite this, October has witnessed a 10% correction, stirring concerns among investors. 

Breaking the $7.20 support level could erase the gains from the previous month. While the closing price of $8.21 on September 30th was the highest in over 10 weeks, LINK’s price still lags 86% below its all-time high in May 2021, exhibiting limited growth over the past year.

LINK 1M graph coinmarketcap 1
CoinMarketcap

Exploring Chainlink Potential In Tokenization Of Real-World Assets

In the midst of these developments, The Wolf Den Newsletter’s author raised the question: “Will $LINK Be the Greatest Beneficiary from the Tokenization of Real World Assets (RWA)?” 

This question is gaining traction as K33 Research suggests that Chainlink’s native token, LINK, is a secure choice for investors looking to capitalize on the growing trend of tokenizing real-world assets (RWA). 

By enabling the connection of blockchains with real-world data through its oracles and extensive partnerships, Chainlink is well-positioned to play a pivotal role in the RWA narrative.

Despite potential obstacles in the RWA sector, K33 analyst David Zimmerman believes this narrative could ignite an “isolated RWA crypto bubble.” Zimmerman advises investors to purchase LINK at lower prices, highlighting a long-term support level of around $5.70.

Nevertheless, Chainlink’s continued performance and potential role in RWA tokenization make it a cryptocurrency worth watching in the ever-evolving world of digital assets.

Related Reading |  Bitcoin’s Bullish Roar: Dominates 2023, Outpaces Traditional Assets with 63% YTD Surge 

Shiba Inu’s Fierce Rivalry: Chainlink Dominates, Can SHIB Fight Back?

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In the ever-evolving world of cryptocurrencies, Shiba Inu (SHIB) is facing tough competition and undergoing a metamorphosis of its own. Once a prominent meme coin, SHIB has lost its rank in the cryptocurrency market hierarchy, slipping behind LINK due to its lower market capitalization. At present, SHIB is trading at a price of $0.000007228, with a market capitalization of $4,259,394,582 according to CoinMarketCap’s data. But the story doesn’t end here.

SHIB enthusiasts and HODLers are steadfast in their resolve not to let it fade into obscurity. Their focus is not just on maintaining a position in the top 20 cryptocurrencies but also on thriving amidst fierce competition. While it’s true that SHIB is facing stiff competition from tokens like Chainlink, it possesses the tools needed to stay in the game.

Shibarium’s DApp Boom: Shiba Inu’s Growth Catalyst

One of SHIB’s strengths lies in its robust growth fundamentals. The introduction of Shibarium, an Ethereum Layer-2 scaling solution, sets the stage for a surge in decentralized applications (dApps) that could drive demand for SHIB. As these dApps gain traction, SHIB’s value could see a significant uptick.

Another intriguing aspect of SHIB is its deflationary nature, with periodic token burning. This burn rate has positioned Shiba Inu as one of the fastest-declining altcoins, and it’s a trend that could boost its growth potential in the near future. As the token supply decreases, scarcity can drive up demand, potentially leading to higher prices.

However, the competition is fierce, and Chainlink is not to be underestimated. With its innovative Cross Chain Interoperability Protocol (CCIP), Chainlink has shown resilience in the face of a bearish market, maintaining a promising outlook.

In conclusion, the battle for supremacy in the world of altcoins is heating up, and Shiba Inu is navigating through challenging waters. While it may have temporarily lost its place in the rankings, SHIB’s strong fundamentals, including Shibarium and its deflationary nature, could help it regain its footing. The key is to stay resilient and adapt to the evolving crypto landscape, as SHIB enthusiasts and HODLers strive to ensure that the Shiba Inu coin remains a formidable player in the cryptocurrency arena.

Chainlink’s Quest For A Higher Low: Will $7 Prove To Be The Breakout Point?

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Chainlink (LINK) has garnered significant attention for its impressive performance in recent weeks. LINK managed to surge past the $8 mark, but as of the latest market data, it appears that the bullish run might be losing steam, with a 4.39% drop recorded over the past 24 hours. As the cryptocurrency community watches closely, experts are speculating about Chainlink’s next moves.

Michaël van de Poppe, CEO, and Founder of MN Trading, took to Twitter to share his insights on Chainlink’s current situation. He believes that it needs to establish a “higher low” in its price chart before Chainlink can break out of its current range. Van de Poppe suggested that the optimal level for this higher low would be $7, but he expressed uncertainty about whether the cryptocurrency would reach that point.

This cautious optimism stems from analyzing on-chain data, particularly Santiment’s Market Value to Realized Value (MVRV) ratio. This metric plays a crucial role in gauging potential market tops and bottoms. A high MVRV indicates an asset may have reached its peak price, while lower values suggest accumulation phases.

One analyst, Ali, shared data from Santiment that raised concerns about LINK’s recent MVRV levels. According to Ali’s findings, LINK’s MVRV 30D recently surpassed 20%, signaling a potential need for a correction in the cryptocurrency’s price. Historically, whenever its MVRV 30D exceeded 19%, it experienced substantial price corrections. 

The significance of the MVRV ratio in predicting Chainlink’s future price movements cannot be understated. While the crypto community keeps a close eye on Chainlink’s performance, it remains to be seen whether $7 will prove to be the crucial breakout point that many are anticipating.

Chainlink’s Current Price 

However, as of now, LINK is trading at $7.68 with a 24-hour trading volume of $371,341,355. Chainlink is down 4.21% in the last 24 hours, while a 2.75% rise in the weekly chart. The current CoinMarketCap ranking is #19, with a market cap of $4 billion. 

LINK 1D graph coinmarketcap 11
Source: CoinMarketcap

According to technical analysis, a bullish trend is evident in the long term. Therefore, PricePrediction sites anticipate a $0.10308 price increase for Chainlink over the upcoming 7 days, projecting a value of $7.74 by October 10, 2023. In contrast, in the short term, machine learning algorithms have identified a bearish trend for LINK. Consequently, investors should prepare for a minor decline in the coming hours.

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Chainlink Roars With 16% Weekly Gain: Analysts Predict Further Momentum

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In a week marked by positive momentum for the crypto market, Chainlink emerged as a standout performer with a staggering 16% gain in its LINK token. Santiment’s recent tweet highlighted notable double-digit market cap rises for Chainlink, BitcoinCash, Maker, and THORChain, suggesting a broader positive trend in the crypto space.

The LINK token’s price journey is particularly impressive when compared to other top 20 cryptocurrencies, which experienced lackluster performances. Starting the week at $6.09, LINK reached a peak of $8.12, outshining its counterparts.

LINK 7D graph coinmarketcap 2 1
Source: CoinMarketcap

The driving force behind Chainlink’s robust performance lies in the heightened activity within its ecosystem. On September 21, the network address activity hit a two-month high, witnessing interaction from nearly 4,000 unique addresses. 

This surge is attributed to the growing adoption of the Cross-Chain Interoperability Protocol (CCIP) by both decentralized finance (DeFi) developers and traditional financial institutions.

Future Prospects for Chainlink

Crypto strategist Kevin Svenson sees this as a promising sign for Chainlink’s future. With a substantial following on YouTube, Svenson suggests that LINK is on the cusp of reversing its multi-year downtrend. He points to the recent breakthrough above the 500-day simple moving average (SMA), a key indicator of a potential macro shift.

YouTube video

Svenson comments on the technical aspects, “Chainlink is breaking the 500-day SMA. Getting above these longer-term SMAs is usually a sign of a macro shift taking place.”

While Svenson envisions a short-term bullish momentum for LINK, he cautions that it might take more time before entering a full-fledged bull market. The analyst identifies a macro downward resistance line at around $10.90, emphasizing an area of interest between $10.13 and $11.

In the event of a breakout, Svenson anticipates a possible retest of lower levels before a sustained upward trend. The crypto community is now closely watching Chainlink’s movements as it navigates these critical levels, with October potentially holding more positive surprises for this leading decentralized oracle network.

Related Reading | Crypto Coins on the Radar for October 2023

Chainlink Whales Purchase Over 7.5 Million LINK Tokens In Two Weeks

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Recently, market analyst Ali reported a substantial acquisition of Chainlink (LINK) by Whales, totaling over 7.5 million LINK tokens in the past fortnight. This buying spree, estimated to be around $53 million, has propelled Chainlink to new heights, making it the new market cap leader, surpassing Shiba Inu (SHIB).

Chainlink’s native token, LINK, has been on a bullish streak throughout September, marking an impressive 40% surge from its lowest point to its peak this month. However, industry experts caution that LINK might experience a cooldown as it inches toward overbought territory. 

As of the latest data from CoinMarketCap, the price of Chainlink today is trading at $7.78, with a 24-hour trading volume of $317 million. Currently ranked #19, LINK boasts a market cap of $4 billion, with a circulating supply of 556,849,970 LINK coins and a maximum supply capped at 1,000,000,000 LINK coins.

LINK 1M graph coinmarketcap
Source: CoinMarketcap

Moreover, LINK has witnessed a surge in daily active addresses, highlighting growing confidence among LINK holders. The peak in daily active addresses occurred on September 27, reaching a monthly high.

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Source: Santiment

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Success

Chainlink recently unveiled the successful results of a case study on the Cross-Chain Interoperability Protocol (CCIP). The experiment, involving Australia and ANZ Bank, demonstrated the protocol’s effectiveness in facilitating cross-chain settlements using tokenized assets. The implications are far-reaching, suggesting a potential shift away from traditional settlement solutions like SWIFT in favor of blockchain-based alternatives.

The network’s official statement emphasized the experiment’s success in showcasing how financial institutions can leverage blockchain technology to provide faster and more efficient cross-border settlements. 

The study also hinted at the possibility of financial institutions exploring new asset classes through blockchain technology, opening the door for a substantial influx of liquidity into the blockchain space. With its pivotal role in this potential revolution, Chainlink stands to benefit immensely from the broader adoption of blockchain solutions by financial institutions.

However, LINK’s recent whale purchases, market capitalization surpassing Shiba Inu, and successful CCIP case study results have positioned the cryptocurrency for a promising future. With its continued growth and innovations, the network remains a noteworthy player in the ever-evolving world of cryptocurrencies.

Chainlink’s Impressive Resurgence Sparks Optimism for Q4 2023

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Chainlink has demonstrated remarkable resilience in the face of challenging circumstances. When considering the monthly performance, Bitcoin has seen a modest increase of 1.7%, while Ethereum has experienced a slight decline of 1.6%. Meanwhile, other alternative cryptocurrencies like Solana, Cardano, MATIC, and XRP have all witnessed decreases in their values ranging from 3% to 8%. In striking contrast, Chainlink has surged by an impressive 33% during the same period. Notably, this surge has completely offset the 22% loss recorded in the previous month. Looking back at the third quarter, Chainlink has recorded a substantial 24% increase in value.

Chainlink
Chainlink's Impressive Resurgence Sparks Optimism for Q4 2023 8

Furthermore, this upward trajectory has propelled Chainlink to climb higher in the rankings chart. In fact, it has recently surpassed Shiba Inu in terms of its market position. At the time of this report, SHIB was ranked 19th among assets, while LINK held the 17th position. The transition in market capitalization rankings has only just occurred in the past few hours, as depicted below.

Chainlink’s Prospects in Q4

In the weekly timeframe, Chainlink (LINK) has shown a bullish reversal, breaking free from the downtrend that had been established in 2021. Consequently, analysts like ‘Rekt Capital’ have started to question whether the broader downtrend may be coming to an end once and for all. Additionally, experts like Michaël van de Poppe have noted that LINK seems to be gradually moving towards its higher price range. So, does this suggest that Chainlink is poised to conclude 2023 on a positive note? It’s crucial to emphasize that Chainlink is currently at a pivotal juncture across all macro timeframes.

In 2021, the cryptocurrency gathered liquidity within the price range of $6.8 to $11.2 for several months before embarking on an impressive 370% rally. Over recent months, Chainlink has arguably been following a similar pattern, although there has been a lack of strong conviction among buyers. However, with the shift in narrative witnessed in Q3, there is potential for improvement in the coming period. Presently, LINK is only 12.3% away from reaching its 2023 high of $8.7. If the same positive momentum continues, it seems to be just a matter of time before the asset reaches a new annual peak.

Taking a long-term perspective, it is essential for Chainlink to transform its quarterly resistance levels into support within the next few weeks. This transformation would enable the market’s momentum to propel the asset above the $10 range, a level that has proven elusive in 2023.

LINK Soars As Chainlink CCIP Goes Live On Base, Trading Volume Surges by 110%

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Chainlink (LINK) is experiencing a surge in both price and trading volume as its Cross-Chain Interoperability Protocol (CCIP) goes live on Base. The last 24 hours have seen a remarkable 135% increase in trading volume, signaling a growing investor interest in LINK.

The latest boost follows the recent announcement that the CCIP, a protocol facilitating cross-chain applications and services, is now operational on Base. LINK’s price has responded positively to the news, witnessing a notable 15% rise on the weekly chart and a 6% increase on the daily chart. As of the latest update, LINK is trading at $7.82, expecting further gains.

LINK 1D graph coinmarketcap 10
CoinMarketcap

Chainlink’s Proven Oracle Network

Developers on Base now have access to a secure and user-friendly interoperability protocol, allowing them to build cross-chain applications seamlessly. The CCIP, powered by Chainlink’s decentralized oracle networks, offers a proven track record of securing substantial sums and facilitating over $8 trillion in on-chain transaction value.

Johann Eid, Chief Business Officer at Chainlink Labs, emphasized the significance of this development:

Base’s scalability and technological creativity as a layer 2 solution, combined with an ever-increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services.

Base, functioning as an Ethereum Layer 2 (L2), ensures the necessary security, stability, and scalability to power decentralized applications (dapps). The platform allows projects to confidently deploy any Ethereum Virtual Machine (EVM) codebase and integrate users and assets from Ethereum L1, Coinbase, and other interoperable chains.

Several projects, including Raft, Nuon, Folks Finance, Polychain Monsters, and others, are already integrating Chainlink CCIP on Base. Jesse Pollak, Creator of Base, expressed excitement about the launch: 

We’re excited about the launch of CCIP on Base to let developers securely build cross-chain applications, empowering them to experiment further and unlock new use cases.

It follows a series of strategic moves by the network, including the collaboration with DeFi leaders Synthetix and Aave in July and the integration of Chainlink Price Feeds on Base in August. The cryptocurrency community is eagerly watching as LINK’s rally and the CCIP’s adoption continue to unfold.

Related Reading | Kraken Expands Horizons: Plans U.S. Stock & ETF Trading Services For 2024

Chainlink’s September Surge and On-Chain Optimism

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In a month marked by crypto market fluctuations, Chainlink (LINK) has emerged as one of the top performers in September. What sets this decentralized oracle network apart from other digital assets is its unique price behavior, particularly when LINK tokens move to exchanges. Over the past two weeks, Chainlink has seen a remarkable 23% increase in its price, fueled by a shift in exchange supply back to cold wallets. However, recent on-chain data and analysis suggest that the rally may be far from over.

One significant aspect of LINK’s recent surge is its sensitivity to on-chain activity. Santiment, a leading analysis firm, has reported an uptick in unique address activity within the Chainlink network. This increase in activity, which reached its highest level in two months, signifies renewed interest and engagement with the platform. As LINK plays a critical role in bridging real-world data with smart contracts, growing address activity implies a rising demand for its services.

Santiment’s analysis further underscores the potential for Chainlink’s continued growth. The firm notes that LINK may witness further price rallies, especially if market participants remain relatively indifferent to its performance. The recent rise in LINK’s price to $7.08 is indicative of this potential. Lower social volume in cryptocurrencies, as highlighted by Santiment, often means that promising projects like LINK can operate quietly under the radar, accumulating value without attracting excessive speculative attention.

Chainlink’s On-Chain Sensitivity

Chainlink’s ability to maintain a balance between utility and speculative interest has long been its hallmark. As a project deeply integrated into the decentralized finance (DeFi) ecosystem, its relevance and adoption continues to expand. This, coupled with the commitment of its community and strategic partnerships, positions Chainlink as a formidable player in the blockchain space.

In conclusion, LINK’s impressive performance in September, driven by unique exchange dynamics and reinforced by on-chain activity, highlights its resilience and value within the crypto market. The potential for further growth, as suggested by Santiment’s analysis, underscores Chainlink’s ability to deliver both innovation and returns to its investors. As the crypto landscape evolves, LINK remains an asset worth watching, particularly as its ecosystem continues to mature and expand.

Chainlink Surges Past $7.12 Amidst 2-Month High In Unique Addresses

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Chainlink (LINK) has taken center stage in the crypto market with a surge in value that has captured the attention of investors and analysts alike. Over the past 24 hours, the cryptocurrency has experienced a significant price rally, signaling a shift in momentum.

Chainlink Price Soars To New Heights

Chainlink’s price today hit the key resistance at $7.12, demonstrating a remarkable 24-hour trading volume of $200 million. This surge in value represents a substantial 5% increase over the past day, contributing to an impressive 12% rise in LINK’s value on the weekly chart. Whereas LINK ranked at 19th position on CoinMarketCap, accompanied by a market capitalization that now stands at $3 billion.

LINK 7D graph coinmarketcap 1

During the last 24 hours, Chainlink encountered a pivotal moment as its price rebounded from a crucial support level situated at $6.6. This rebound solidified a bullish trend and marked a second higher low for the week, showcasing the cryptocurrency’s resilience in the face of market volatility.

Meanwhile, Santiment reported that there has been a notable increase in the number of unique LINK addresses actively participating on the network, reaching 3,964 yesterday. It marks the highest level of engagement in the past two months.

As if the surge in price and positive technical indicators were not enough, the accumulation of LINK tokens by cryptocurrency whales has further amplified the positive sentiment surrounding Chainlink. 

Wallet addresses holding between 10,000 and 100,000 LINK tokens have accumulated a staggering 3 million LINK, representing approximately $21 million.

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However, in recent days, Chainlink has become the subject of intense discussion among traders and analysts. Crypto investor and analyst David shared his perspective on Twitter, noting:

There ya go, Chainlink bearishly retested the rising wedge spotted on the 4hr Tf yesterday, then down it goes with a -5% retrace so far…. But keep in mind this is LTF… $LINK is still in that range on the weekly.

image 46 1

These insights and the excitement on social media platforms reflect the growing interest and excitement surrounding Chainlink as it continues to exhibit strong performance in the cryptocurrency market.

With all these factors in play, Chainlink’s recent surge in value has captured the crypto community’s attention, making it a focal point for traders and enthusiasts as they closely monitor its future developments and potential for further gains.

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