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You are here: Home / News / Chainlink’s LINK Token Soars to 16-Month High: Unleashing Crypto Potential
ChainLink

Chainlink’s LINK Token Soars to 16-Month High: Unleashing Crypto Potential

October 28, 2023 by Ammar Raza

Chainlink’s LINK token experienced a remarkable surge of 61.3% from October 20 to October 25, reaching a peak of $11.78. This marked the highest price point for LINK since May 2022, and it subsequently stabilized at around $10.50. This significant price movement raised questions among investors about the sustainability of this new level.

Source: CoinMarketcap

LINK’s solidified its position as one of the top-performing cryptocurrencies in the top 20 rankings over the past month. Currently, Chainlink’s price is trading at a 16-month high, with bullish sentiment dominating the crypto markets this week. Apart from the renewed interest in Bitcoin from institutional investors, there are several fundamental drivers behind the ongoing LINK price rally.

Notably, LINK’s exceptional performance coincided with Bitcoin’s 23% gain during the same period, outperforming other major cryptocurrencies like Ethereum (ETH) and Solana (SOL). This suggests a growing bullish sentiment towards Chainlink’s leading oracle and decentralized computing solutions.

Key Factors Driving Chainlink’s Performance

One of the key factors contributing to LINK’s outperformance is the anticipation surrounding Chainlink’s upcoming native staking upgrade, scheduled for release in the coming months. The initial staking pool was highly successful, filling up in less than three hours, and the upcoming expansion promises greater flexibility through staking withdrawals, enhanced security guarantees, and dynamic rewards.

Furthermore, Chainlink’s integration into various blockchain networks has generated optimism among LINK investors. For example, on October 15, Chainlink announced its provision of services to Advanced Crypto Strategies DAO and Equilibria, among others.

⬡ Chainlink Adoption Update ⬡

This week, there were 9 integrations of 5 #Chainlink services across 7 different chains: @arbitrum, @avax, @BuildOnBase, @BNBCHAIN, @ethereum, @optimismFND, and @0xPolygon.

New integrations include @ArchlyFinance, @ArkhamIntel, @bullionlabs,… pic.twitter.com/jvlri54eI7

— Chainlink (@chainlink) October 15, 2023

As reported by Tronweekly, on October 24, telecom giant Vodafone revealed its involvement in the Chainlink network as a node operator, following a successful proof-of-concept with the Japanese trading and investment company Sumitomo.

While concerns emerged when the Delaware Bankruptcy Court approved the sale of FTX and Alameda Research cryptocurrencies on September 13, these fears have since subsided. Recent transfers from wallets associated with the bankruptcy estate have had little impact on LINK’s prices. As a result, renewed interest in mid-cap altcoins, driven by Bitcoin’s rise above $32,000 on October 23, has led to increased investor interest in LINK.

Source: Messari

Additionally, the funding rate for leveraged long positions in LINK reached a three-month high, indicating a positive sentiment among buyers. The number of active addresses in the Chainlink network has also reached an 11-month high, reflecting growing interest in the LINK ecosystem.

Source: Coinglass

In contrast to the previous peak on November 7, 2022, followed by a significant drop in LINK’s price, the current market environment appears more stable due to the substantial developments in Chainlink’s ecosystem and the promising advancements in its native staking solution. Investors and LINK enthusiasts can remain optimistic about its future prospects.

Related Reading | Ripple’s Bold Stand: Backing SEC Dissent on LBRY Injustice 

Filed Under: News, Altcoin News Tagged With: Bitcoin (BTC), Chainlink (LINK), Cryptocurrency, Ethereum (ETH), Solana (SOL)

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