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.
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.
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.
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