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DeFi Leaders Pullix, Polkadot, And Chainlink Drive Market Surge Amidst Shift From Meme Coins

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In the dynamic landscape of decentralized finance (DeFi), meme coins experience a decline in bullish momentum, paving the way for the rise of substantial players like Polkadot, Chainlink, and Pullix. Polkadot has notably surged into the green, with CoinMarketCap data indicating its trading value at $7. 

The token witnessed a robust 21.7% increase over the past week, marking a recovery for the DeFi sector. Despite a correction from its peak at $7.59, Polkadot has demonstrated a 35.2% price hike in the last 30 days, encountering resistance at $7.90.

Chainlink (LINK) has entered the DeFi arena with an upward price trend, climbing from $14.06 to a 7-day peak of $17.25, showing a modest 1% increase on the weekly chart and a commendable 1,01% growth over the past two months. The recent collaboration with zkSync Era, an Ethereum L2 scaling solution, suggests the potential for further gains, possibly reaching $20 if the bullish run persists.

DeFi Dynamo: Pullix (PLX) Leads The Charge In The Latest Price Rally

Pullix (PLX) has emerged as a compelling player in the DeFi realm, driving the latest price rally. As the native token of an eagerly anticipated trading platform, Pullix promises faster transactions, lower fees, and enhanced security. 

The platform addresses the challenge of low liquidity in decentralized exchanges through a unique hybrid approach, combining elements of both centralized and decentralized exchanges. Pullix’s all-encompassing platform, supporting global asset trading, aims to attract users seeking an improved DeFi experience.

The novel exchange model introduced by Pullix allows token holders to benefit from daily platform earnings, offering a stable passive income through liquidity provision to automated market makers and coin staking. 

With Pullix, Polkadot, and Chainlink standing out as DeFi coins with tangible utility, the market is witnessing a shift toward assets that offer more than speculative value. Notably, the Pullix token, priced at $0.042 per token, is utilized for staking, earning rewards, and accessing specific features, providing a multifaceted value proposition for users.

Chainlink (LINK) Faces Crucial $15 Hurdle: Analyst Insights & Technical Signals

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Chainlink (LINK) is currently under the spotlight as its recent price movements present a promising yet uncertain scenario for investors. Analysts and enthusiasts are closely watching key levels and indicators to gauge the digital asset’s future trajectory.

Renowned crypto analyst Ali Martinez weighed in on the situation, shedding light on the hurdles and potential breakthroughs that could shape Chainlink’s journey. At the forefront of discussions is the $15 mark, a significant resistance level where approximately 73.6 million LINK tokens are held across 19,000 addresses.

Breaking through the $15 barrier is considered crucial for Chainlink’s sustained upward momentum. Analysts suggest that once this resistance is overcome, LINK could be poised for further gains, with potential targets at $17 and a psychological barrier at $20, representing the year’s high. However, the path to these milestones is not without challenges, requiring a convincing surge in trading volume.

Chainlink Signals: Navigating $15 Hurdle & Key $14.20 Support

A closer look at the technical indicators reveals a mixed bag of signals. The immediate hurdle at $15 is substantial, and a clean break above it is seen as a prerequisite for additional upward movement. The 50-day Moving Average (MA) appears flat, reflecting the market’s current indecision, while trading volume remains relatively low.

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Source: Tradingview.com

The Relative Strength Index (RSI) is hovering neutrally, adding to the ambiguity, but the Moving Average Convergence Divergence (MACD) provides a glimmer of optimism. The recent crossover in the MACD suggests potential bullishness, though a negative histogram hints at an underlying bearish sentiment.

Looking ahead, the key support and resistance levels will play a pivotal role in determining Chainlink’s trajectory. Maintaining a position above $14.20 and the 50-day MA is deemed crucial for the bulls, while a breach below these levels could expose LINK to bearish pressures, with potential downside targets at $13.50 and the 200-day MA at $12.30.

The current value of Chainlink is $14.35, accompanied by a 24-hour trading volume of $904.12 million. Chainlink’s market capitalization stands at $8.15 billion, representing a market dominance of 0.50%. Over the past 24 hours, the LINK price has risen by 1.18%.

LINK 1D graph coinmarketcap 3
ChainLink (LINK) 24 Hour chart | Source: CoinMarketcap

Investors are reminded that the broader cryptocurrency market dynamics will significantly influence Chainlink’s fortunes. Monitoring Bitcoin and other major digital assets is advised, as their sentiment often ripples through the entire market.

Additionally, staying informed about Chainlink-specific news, developments, and on-chain analysis is essential for gaining deeper insights into the project’s overall health and potential future direction. As Chainlink enthusiasts and traders await the next move, the market remains poised on a knife’s edge, oscillating between promise and uncertainty.

Related Reading |  Binance vs. CFTC: $2.7B Settlement Approved 

Chainlink’s $128 Million Token Transfer To Binance Sparks Community Concerns

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In a surprising turn of events, two non-circulating supply addresses of Chainlink (LINK) initiated a transfer worth $128 million of the token into Binance, as per Etherscan data. This substantial movement comprised 11.2 million unlocked tokens, signaling a potential intent to sell these assets.

The unexpected token transfer of $128 million of Chainlink to Binance contradicted the project’s previous assurances regarding the non-circulating supply. Originally, the project pledged that these tokens wouldn’t be liquidated but instead allocated for subsidies and rewarding the network nodes, a stance that the Chainlink community found surprising and contradictory to the recent action.

Responses among LINK holders displayed a range of sentiments following this revelation. While a faction remained unperturbed by the development, discontent surfaced notably among specific members to shed light on the decision. ChainlinkGod, acting as a community ambassador, endeavored to elucidate the reasoning behind this maneuver.

In a recent X post, ChainlinkGod referred to a communication from June within the web3 project. This communication delineated a detailed token release schedule encompassing the previously mentioned Oracle rewards.

Chainlink’s Transfer And Market Challenges

The community believes this transfer could have been an intentional move by the Chainlink team to offload tokens, leading to doubts about a “dump.” Despite LINK’s impressive performance compared to other altcoins last year, the market conditions have shifted unfavorably, indicating a tough period for the token.

According to CoinMarketCap data, LINK’s value skyrocketed by an impressive 123% over the last year. However, the past week painted a contrasting picture with a substantial downturn. LINK is priced at $14.49, marking a significant 14.14% decline within seven days. A detailed technical analysis of the LINK 4-hour chart unveils a market dynamics transition from a previously bullish stance to a more bearish outlook.

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Source: TradingView

Furthermore, the token experienced a breakdown below the $14.55 support level due to selling pressure. Reaching the previous peak of $17.22, observed on December 10, seems increasingly challenging for LINK amidst persistent selling pressure. The Exponential Moving Average (EMA) indicators support the bearish trend, notably the 9 EMA crossing below the 20 EMA. This trend projection suggests a bearish sentiment prevailing within the LINK market.

However, the proximity of the 9 and 20 EMAs could complicate predicting the next market move. As such, market analysts advise caution, refraining from initiating long or short positions due to the uncertainty, as any potential reversal remains ambiguous.

Chainlink (Link) Drops 12% As Link V0.2 Pool Limits Signal Short-Term Impact

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Chainlink (LINK) witnessed a 12% decline in its price following restrictions imposed on the LINK v0.2 community pool. The setback occurred after the network’s announcement on December 11, marking a significant event that holds implications for the short-term trajectory of LINK, depending on the strategic moves made by bullish investors.

The dip in Chainlink’s price was a direct result of the unveiling of the LINK v0.2 community staking pool to the public. Although the pool was launched in November 2023, it only became accessible to the public on December 11, offering users the opportunity to lock LINK with a 4.3% variable reward. 

Following the public announcement, the community pool swiftly reached its maximum capacity of 40,875,000 LINK, with users seamlessly transitioning from v0.1 to v0.2.

Chainlink (LINK) Staking Clarification For Public Access And Early Participants

It’s important to clarify that public access does not automatically grant LINK holders, who missed the Early Access phase, the ability to stake the token. Instead, new users can only stake LINK when existing stakers complete a withdrawal and pool space becomes available. 

This necessitates users to patiently wait for early stakers to release their LINK tokens, with a potential waiting period until at least January 15, given the 28-day unbonding period and an additional seven-day period for full access.

The situation underscores the challenge for new community members seeking entry into the LINK pool. Chainlink’s price currently maintains consolidation above $14.256, having faced rejection from the supply zone between $16.221 and $18.080. 

With support holding at $13.330, the market outlook favors an upside potential, with the current trend bouncing between $18.419 and the centerline (yellow band) at $13.368. A breach below the centerline would signal a possible trend reversal.

An upswing in buying pressure may propel Chainlink’s price beyond the supply zone, confirmed by a three-day candlestick close above the midline at $17.163, setting the stage for a continued northward trend, potentially reaching the psychological level of $20.000.

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Chainlink (Link) Drops 12% As Link V0.2 Pool Limits Signal Short-Term Impact 5

Conversely, heightened profit booking could lead to an 8% drop in Chainlink’s price, jeopardizing the immediate support at $13.330 before testing the centerline. A conclusive break below the yellow band on the three-day timeframe would indicate a potential extended decline, possibly revisiting LINK’s consolidation phase between $5.565 and $8.912.

Chainlink Price Forecast: 9.27% Surge To $17.56 By Dec 12, 2023

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Chainlink (LINK) is currently trading at $14.9, with recent forecasts predicting a significant uptrend. Analysts anticipate a 9.27% surge in the value of the digital asset, projecting it to reach $17.56 by December 12, 2023.

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CoinMarketcap

Technical indicators are painting a promising picture for LINK, with a bullish 79% market sentiment. Investors clearly prefer a positive market trajectory, as indicated by the Fear & Greed Index, which currently stands at 74 (Greed). This score suggests that the market sentiment is leaning towards optimism, further reinforcing the likelihood of a bullish trend for LINK.

Over the last 30 days, LINK has witnessed 16 out of 30 (53%) green days, underscoring the prevailing positive sentiment among traders. The price volatility during this period has been recorded at 5.15%, indicating a relatively stable market condition with intermittent fluctuations.

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Chainlink’s performance for the year-to-date period has been impressive, experiencing a remarkable surge of 195%. This exceptional growth trajectory positions Chainlink as a potential frontrunner in the cryptocurrency market, with indications pointing toward a continuation of this upward trend.

LINK 1Y graph coinmarketcap
CoinMarketcap

Chainlink: Catalysts For Bullish Sentiment

One of the key catalysts contributing to Chainlink’s bullish sentiment is the oversubscription of the Staking v0.2 upgrade, marking a bullish milestone for the protocol. The community witnessed a rapid shift from the old version to the new, with 19 million tokens staked within 24 hours of the early access registration opening. The upgraded reward and claim mechanism is expected to drive increased demand for LINK, potentially exerting upward pressure on its price.

Data from Santiment has also added to the positive outlook for Chainlink, highlighting a favorable shift in the Binance funding ratio towards long positions for the first time in four weeks. As more investors bet on the future of LINK, the analytics platform projects minimal resistance as the cryptocurrency aims for the $20 mark.

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In a tweet, Santiment commented on the noteworthy development: 

Chainlink’s #Binance funding rate ratio has skewed toward mainly longs, the highest level in 4 weeks. As $LINK has regained the $16 threshold, watch if a bit of #FOMO forms a local top or if prices continue surging toward $20 with little resistance.

However, the cryptocurrency appears poised for further gains as Chainlink continues progressing in its ecosystem and with favorable market conditions. 

Related Reading | Crypto Market Volatility: Bitcoin & ETH Declines While Altcoins Shine 

Chainlink’s Long Game: Funding Rate Skews Positive, Price Aims for $20

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Chainlink (LINK) is showing bullish signs with its funding rate ratio leaning towards longs, reaching its highest level in four weeks. This signals increased optimism and speculation around the asset, potentially leading to a price surge.

As of today, LINK has successfully reclaimed the $16 resistance level, a key psychological barrier. This is crucial in maintaining the upward momentum. Now, the question is whether this will trigger a temporary “fear of missing out” (FOMO) rally, forming a local top, or if the price will continue its ascent towards the $20 mark with minimal resistance.

Several factors support the bullish sentiment surrounding Chainlink. Firstly, the network’s oracle services remain highly sought after within the blockchain ecosystem. Developers rely on Chainlink to connect their smart contracts with real-world data and off-chain resources, facilitating a wide range of applications. This demand is likely to continue growing as the Web3 space expands.

Furthermore, Chainlink has been actively expanding its capabilities. Recent advancements include the Cross-Chain Interoperability Protocol (CCIP), which allows smart contracts to communicate across different blockchains, and the Chainlink Proof of Reserve (PoR) system, designed to enhance transparency and trust in DeFi protocols. These innovations are attracting new users and further solidifying Chainlink’s position as a leading infrastructure provider for the decentralized future.

FOMO Buoyed by Chainlink’s Bullish Tide

The positive funding rate ratio also indicates that traders are increasingly taking long positions on LINK, anticipating further price appreciation. This sentiment could become self-fulfilling, as increased buying pressure drives the price higher, potentially attracting more investors and pushing the price towards the $20 target.

However, it’s important to remember that market sentiment can shift quickly. While the current indicators are positive, a sudden negative turn in the broader crypto market could lead to a pullback in LINK’s price. Therefore, investors should remain cautious and closely monitor market dynamics before making any investment decisions.

Overall, Chainlink’s strong fundamentals, growing demand, and positive funding rate ratio suggest a promising outlook for the asset. If the current momentum continues, LINK could break through the $20 resistance level and reach new highs in the coming months. However, it’s essential to exercise caution and remain vigilant in this dynamic market environment.

Chainlink Surges: 17,000 Addresses Acquire $47M in LINK Amidst Key Support Zone

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The crypto market has witnessed a surge in Chainlink’s (LINK) price, as more than 17,000 addresses seized the opportunity to acquire a whopping $47 million worth of LINK tokens within a strategically defined support range of $14.4 to $14.8. Analyst Ali points out that the current trading levels above this crucial support zone might trigger a rebound, but caution is advised, as any indications of weakness could prompt investors to shed their LINK holdings to avert potential losses.

As per the latest data from CoinMarketCap, LINK has made significant strides, boasting a 9% gain in the weekly chart, currently trading at $15.85. The daily chart, on the other hand, shows a commendable 1.09% gain. The 24-hour trading volume has surged by 36.58%, underscoring the heightened activity surrounding the digital asset. The cryptocurrency currently holds the #12 spot on CoinMarketCap, commanding a market cap of $8 billion.

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CoinMarketcap

Early Access To Chainlink Staking v0.2 Goes Live

The driving force behind this surge can be traced back to the recent announcement that Early Access to Chainlink Staking v0.2 has gone live, witnessing impressive participation as over 11 million LINK tokens were staked within the first 30 minutes of the launch. This development follows the nine-day “priority migration” period last month, during which existing v0.1 stakers seamlessly transitioned their staked LINK and rewards to the new version. Notably, Chainlink Staking v0.2 boasts an expanded pool size of 45 million LINK.

In a tweet from ChainLinkGod.eth, a prominent Community Ambassador for Chainlink, it was revealed that the LINK community demonstrated its unwavering support by staking over half a billion dollars worth of LINK, with a significant portion staked within a mere 7 hours after the Early Access launch. The tweet emphasized the LINK community’s unique combination of deep understanding of Chainlinked smart contracts and active engagement in shaping the future of decentralized finance.

Chainlink, renowned as crypto’s leading Oracle network for providing real-world data to blockchain applications, introduced staking a year ago, thereby enhancing the utility of the LINK token and enabling holders to support the performance of Oracle services while earning rewards.

The latest version of Chainlink Staking, v0.2, brings forth a more flexible unbinding mechanism, allowing stalkers to withdraw their staked tokens more efficiently. Additionally, the update aims to bolster security guarantees and boasts a modular architecture for enhanced adaptability.

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Chainlink’s Rally Hits Roadblock: On-Chain Data Signals $16 Resistance

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According to IntoTheBlock, Chainlink, the decentralized oracle network, has been making waves in the cryptocurrency market, showcasing impressive momentum. However, the digital asset is currently grappling with resistance as it approaches its yearly high.

On-chain data analysis has brought to light a notable obstacle for Chainlink, as a substantial on-chain supply wall looms around the $16 level. More than 10,000 addresses have accumulated a significant amount of LINK tokens, totaling over 15 million at this crucial price point. The presence of this substantial supply wall signifies a potential roadblock that must be overcome for the cryptocurrency to sustain its bullish momentum.

The $16 level has emerged as a critical juncture for Chainlink, with market participants closely monitoring the situation. The ability to breach this level is viewed as pivotal in maintaining the current bullish momentum that has characterized Chainlink’s recent performance. Conversely, failure to breach this hurdle may lead to a period of consolidation or a retracement, prompting market participants to reassess their positions.

Chainlink (LINK) Price Analysis

As of the latest price analysis, Chainlink is currently trading at $15.70, accompanied by a 24-hour trading volume of $707 million, a decrease of 22%. Over the past 24 hours, the coin has experienced a modest 0.76% uptick; in the weekly chart, it boasts a 5.80% increase. Ranked at #12 on CoinMarketCap, Chainlink carries a market cap of $8 billion, with a circulating supply of 556,849,970 LINK coins and a maximum supply capped at 1,000,000,000 LINK coins.

LINK 1D graph coinmarketcap 17
CoinMarketcap

Over the last month, LINK has witnessed a notable surge, registering a 28.09% increase, contributing a substantial $4.30 to its current value. This sudden growth has piqued the interest of investors, establishing the coin as a potentially solid asset if the upward trend persists. The coin’s performance over the last 30 days shows that Chainlink has seen 18 out of 30 days (60%) in the green, accompanied by a 6.22% price volatility.

LINK 1M graph coinmarketcap 6
CoinMarketcap

Looking ahead, the most recent Chainlink price forecast suggests a further 8.09% increase, projecting a value of $16.71 by December 7, 2023. Technical indicators currently signal a Neutral Bullish market sentiment at 74%, while the Fear & Greed Index underscores a score of 75, indicating a prevailing state of Greed among investors. However, as Chainlink navigates its way through the resistance near its yearly high, all eyes will be on whether it can overcome the on-chain supply wall and sustain its upward trajectory in the coming days.

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Chainlink Forecast: Breaks Pennant Pattern, Eyeing $17.75 Target

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Chainlink (LINK) has made significant waves as it breaks out of its pennant pattern, signaling a bullish trend in the market. According to analysis from Cryptonary, LINK’s recent surge could see it targeting the $17.75 mark, provided it successfully transforms the previous resistance level of $15.30 into solid support.

The technical analysis reveals that Chainlink has executed a flawless breakout from its pennant pattern, encountering resistance at $16.40. The critical factor for sustained upward momentum lies in the ability of LINK to hold the local support level at $15.30, which previously acted as a barrier.

Market experts are optimistic about LINK’s trajectory, emphasizing that as long as Bitcoin (BTC), the flagship cryptocurrency, maintains stability without any significant downturns, LINK is poised for further upside potential in the coming weeks. The coveted target of $17.75 remains on the radar, contingent on the prevailing market conditions.

Chainlink’s Crossroads, Caution Amidst Potential Gains

However, it is not without risks, as the report mentions that a breach below $14.80 would invalidate the bullish pattern, introducing an element of caution for investors. The importance of BTC’s stability is highlighted as a crucial factor in LINK’s potential ascent.

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Delving into market mechanics, the report notes a surge in Open Interest to new local highs of $375 million. The OI-Weighted Funding Rate, exhibiting volatility akin to SOL, experienced a spike to 0.0511% in the early hours, subsequently settling at 0.0180%. This adjustment is seen as a positive development, restoring a healthier balance to the market after a period of overheating earlier in the day.

The Long/Short ratio, standing at 0.9666, suggests that more participants have entered short positions than long positions in the past 8 hours. However, Cryptonary’s analysis paints a favorable picture for LINK, emphasizing its resilience as a strong performer. The recent pullback and successful retest of $15.30 as new support, a previous local resistance, are viewed positively. 

The outlook remains optimistic, with Chainlink’s potential major move anticipated to be an upward surge to $17.75, provided it surpasses the local resistance at $16.40. Nevertheless, the coming days will likely be crucial for LINK enthusiasts as the cryptocurrency aims for new heights in the ever-dynamic digital asset landscape.

Related Reading | Solana Co-Founder Anatoly Yakovenko Rejects “ETH-Killer” Label, Advocates For Cooperative Future With Ethereum

Chainlink’s $50 Million Rally: Whales Wager Big on LINK as Bullish Momentum Surges

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Chainlink is once again asserting its dominance among altcoins, and its recent surge is not going unnoticed. According to data from Santiment, the 200 largest wallets in the Chainlink ecosystem have collectively acquired over $50 million worth of LINK tokens in just five weeks. This strategic move by the top whales underscores a bullish sentiment surrounding the cryptocurrency.

https://twitter.com/santimentfeed/status/1730868046913548772

Over a broader time frame, Chainlink has exhibited impressive growth, with its market cap soaring by 143% overall in the past five months. In comparison to Bitcoin, Chainlink has outpaced by 93%, solidifying its position as a formidable player in the crypto market.

A catalyst for this recent uptrend is the announcement of Chainlink Staking v0.2, a substantial upgrade from its v0.1 predecessor. This latest version introduces features to enhance staking flexibility and security, providing the Chainlink community with more robust participation options.

The unveiling of this upgrade on October 19 triggered a surge in large transactions, indicating heightened interest from informed investors keen on accumulating LINK in response to the fundamental developments within the Chainlink ecosystem.

Chainlink: Bullish Momentum Continues

LINK’s current price stands at $15.71, with a 24-hour trading volume of $1.18 billion and a market cap of $8.75 billion. The cryptocurrency has demonstrated a 6.45% increase in the last 24 hours, showcasing its resilience and attractiveness to investors.

LINK 1D graph coinmarketcap 2
Source: CoinMarketcap

Market analysts and prediction models suggest a positive trajectory for LINK. According to Coincodex, the price of LINK is expected to rise by 4.03%, reaching $16.33 by December 6, 2023. Technical indicators reveal a bullish sentiment, and the Fear & Greed Index registers at 74, indicating a prevailing sense of greed among investors.

Further insights from Changelly data provide a more nuanced prediction for December 2023. Crypto experts anticipate an average LINK rate of $17.30, with a predicted minimum and maximum price of $14.67 and $19.93, respectively. These projections underscore the optimism surrounding LINK’s future performance in the cryptocurrency market, making it a focal point for investors and enthusiasts alike.

Moreover, with the ongoing accumulation by major investors and the positive market sentiment surrounding the recent staking upgrade, LINK appears to be consolidating its position as a leading player in the altcoin market, with optimistic price predictions for the upcoming month.

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