The LINK token has made a striking comeback, hitting a 7-month high. Traders and institutional investors are captivated by its performance. With widespread adoption, ecosystem growth, and increased interest from whales, Chainlink appears poised for success. The burning question remains: how far can it go ?
In just one week, LINK has surged by 13% and nearly 30% over the past month. Despite these substantial gains, Chainlink still trades almost 50% below its all-time high of over $50 USD recorded in May 2021. The area around $30 USD acts as a significant resistance level, while $20 USD constitutes a solid support.
Recent on-chain data provides fascinating insights into this bullish momentum. According to analytics firm Santiment, Chainlink reached its highest activity level of the year in mid-August. On August 17th, more than 9,800 active addresses were recorded, while the following day, over 9,600 new wallets were created. These figures represent yearly records, demonstrating significant organic growth of the network.
Beyond these on-chain indicators, recent developments within the Chainlink ecosystem also play a crucial role. In August, the development team introduced the “Chainlink Reserve,” a smart contract treasury where over 100,000 tokens are now locked. This mechanism of removing tokens from circulating supply can exert upward pressure on LINK’s price.
Additionally, on August 11th, Chainlink announced a partnership with Intercontinental Exchange, the parent company of the New York Stock Exchange (NYSE). The goal is to integrate data on precious metals and FOREX currencies. Combined with previous agreements with DTCC and SWIFT, this strengthens Chainlink’s position as a gateway between traditional finance and blockchain.
Within Decentralized Finance (DeFi) and real-world asset tokenization, Chainlink’s role continues to expand. Currently, the network provides reliable data to smart contracts valued at more than $90 billion USD, distributed across various protocols.
Regulatory developments, such as the recognition of Oracles as critical infrastructure by the GENIUS Act and participation in the U.S. Securities and Exchange Commission (SEC) guidelines, are also contributing to the prevailing optimism.
In summary, growing interest from both retail and institutional investors, combined with constant innovations in the Chainlink ecosystem, is fueling this bullish trend for LINK. With its solid fundamentals and strategic role in the blockchain universe, Chainlink appears well-positioned to continue its growth trajectory.
Dogecoin still has the $1 target in its sights. A drop to $0.17 would offer substantial gains of more than 6x in the event of a market rebound.
To acquire LINK on Bybit, follow these simple steps :
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