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Chainlink price hits new high of $8.30: Why the rise and what does the future hold?
Chainlink (LINK) has seen a strong price increase in the last few hours and is regaining momentum. The price for the native token LINK reached its highest level since April 19th and was $8.30. As a result, Chainlink's market capitalization rose to $4.36 billion. In addition to Chainlink, XDC Network, Stellar Lumens, Maker and Synthetix were also among the top performers in recent days. Chainlink occupies an important role in the blockchain industry and is an oracle network that supports some of the largest platforms in the DeFi industry, such as AAVE, Compound, Venus, GMX and Liquity. Chainlink’s ecosystem has…
Chainlink price hits new high of $8.30: Why the rise and what does the future hold?
Chainlink (LINK) has seen a strong price increase in the last few hours and is regaining momentum. The price for the native token LINK reached its highest level since April 19th and was $8.30. As a result, Chainlink's market capitalization rose to $4.36 billion. In addition to Chainlink, XDC Network, Stellar Lumens, Maker and Synthetix were also among the top performers in recent days.
Chainlink occupies an important role in the blockchain industry and is an oracle network that supports some of the largest platforms in the DeFi industry, such as AAVE, Compound, Venus, GMX and Liquity. Chainlink's ecosystem has a Total Value Secured of over $21 billion and has already processed over $8.2 trillion worth of transactions. In addition, Chainlink also offers other services such as market data feeds, verifiable random generators and proof-of-reserves. This has made the platform an important part of the crypto industry.
Chainlink price continued to rise on Thursday after developers launched a new product called Cross-Chain Communication (CCC). This tool sits at the intersection of blockchains and traditional finance. CCC allows different protocols to communicate with each other and was initially launched on five testnets.
In addition to the launch of CCC, LINK’s price increase could also be due to interest from crypto whales. A large investor bought over $6 million worth of LINK, which could indicate that it is an insider who has more information about the network. There is also increasing demand for Chainlink in the futures market. Open interest for LINK has risen to over $295 million, with Binance accounting for the largest share.
The price chart shows that LINK has experienced a strong recovery over the past few days. The coin managed to rise above the resistance level of $7.36 reached on July 14th. It has also moved above the moving average lines of the last 25 and 50 periods, while the Relative Strength Index (RSI) has reached the overbought level.
There is a chance that the coin will continue to rise, but a small price correction is likely as investors take profits and sellers target the support at $7.36.