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Chainlink (LINK)

Chainlink High On Surge, Shoots Upto $9.20

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Chainlink [LINK], which was seen approaching the $10 mark as the crypto market was observed falling into the Red Sea amidst the US midterm elections. While some assets were able to record positive growth, a few others were rapidly losing value. LINK, however, was one of the former.

After a brief respite in late October, the overall cryptocurrency markets have plunged once more. In October, Ethereum (ETH) surpassed $1600, and Bitcoin (BTC) reached a new high of $21,000. The rally, nevertheless, did not go on for very long. At the time of publication, BTC had been down 5.4% in the previous day, trading at $19,707.55, while ETH had dropped 7.2% in the same time period, closing at $1,473.05. In addition, the value of all cryptocurrencies decreased by 5.5% in just 24 hours, to $1.02 trillion.

The alternative currency managed to soar to a high of $9.20 earlier today. This was significant because this level has already been attained in August 2022. As a result, the community searched widely for this three-month peak.

Santiment, a well-known on-chain analytics platform, pointed out that Chainlink’s most recent action was motivated by increasing network activity.

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Santiment tweeted,

“#Chainlink spiked all the way above $9.20 for the first time since August 13th, a ~3-month high despite very volatile markets. This rise has been supported by the largest amount of active $LINK addresses in 5 weeks, and traders are longing aggressively.”

Chainlink To Hit $10 Mark?

Chainlink experienced a small correction after rising to a high of $9.20, which sent the asset back down to $8.39 as of the time of publication. LINK’s daily price movement was positive 2.56 percent despite this. This is significant because the rest of the market was suffering significant losses.

After the correction that the asset experienced, many people lost hope. Michal van de Poppe, a well-known cryptocurrency analyst, pointed out how the asset might be headed toward $10.

Notably, the asset is currently 84.11 percent behind its all-time high, which was $52.88. While the asset was hoping to reach $10 in the near future, many in the community believed that the continuation of its current thought may drive the asset above $12.

Chainlink Deploys 7 Price Feeds For Solana Developers

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Blockchain oracle pioneer Chainlink Price Feeds has announced integrations on the Solana Mainnet for decentralized finance [DeFi] applications. In accordance with the press release, the latest deployment will help developers building on Solana to leverage seven different Chainlink Price Feeds that include BTC, ETH, USDC, and others.

Chainlink claims to offer high-quality near real-time price updates, enabling them to build a new realm of hybrid smart contract applications that provide superior performance around trade execution and risk management.

Anatoly Yakovenko, co-founder of Solana said, the launch on Solana will grant DeFi developers access to the most widely used oracles in the blockchain. “Solana’s high-speed blockchain can deliver high-frequency pricing data to dapps, enabling developers to build new DeFi dapps and products,” he added.

The integration with Solana is a major leap forward for the kind of scalable, institutional-grade, DeFi applications that can be built only on Solana,” Sergey Nazarov, co-founder of Chainlink.

Additionally, Chainlink also plans to launch the Cross-Chain Interoperability Protocol [CCIP]. With this new feature, the platform boasts that Solana users and developers will be able to move tokens and execute smart contracts across different blockchains, enabling the creation of cross-chain applications.

In the next few months, hundreds of additional Chainlink Price Feeds, as well as other Chainlink oracle services, will be made available to Solana developers during the next stages of the integration, the blog post read.

That said, Solana which was once considered a rising star of the cryptoverse has grabbed the limelight for the wrong reasons. The network’s latest string of outages has cast serious doubts on its reliability.

Chainlink’s latest addition comes amidst Solana’s network woes

At 16:55 UTC on June 1, developers claimed that the outage was due to a bug in the blockchain’s consensus mechanism. They then asked validators to upgrade their client versions as the bug fix was released and even published instructions on executing the restart procedure.

The mainnet was eventually restarted at 21:00 UTC.

Immediately after the incident, Alchemy, the Web3 development platform, and infrastructure provider announced its support for the blockchain. This goes to show that the controversial blockchain continues to be a preferred choice for building Web3 applications.

Chainlink launches brand new batch of DApps; More details

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Leading Oracle network pioneer Chainlink [LINK] has announced its latest batch of decentralized applications [DApps] with integrated oracle functions across prominent networks like Binance chain, Ethereum, and Moonriver. At the top of the list is the non-custodial lending platform Atlantis loans integrating with the Chainlink Price Feeds on Binance Smart Chain [BSC] mainnet. According to the post, the Chainlink support would provide access to real-time global market prices which is critical to the security of DeFi money markets.

Next on the list is the PlayToEarn gaming firm Dragonkartcom utilizing Chainlink feeds on the BSC to help mint NFTs with verifiably random traits and generate provably rare items in loot boxes as NFT-focused blockchain games require fair minting and distribution processes. In addition to that, having access to a tamper-proof and auditable source of randomness ensures more transparency and a fraud-proof user experience. Further, the blog stated,

In order to help ensure NFT mints and Mystery Combo boxes are unbiased in outcome for all users, we needed access to a secure random number generator (RNG) that any user could independently audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity. For instance, RNG solutions derived from blockchain data like block hashes can be exploited by miners/validators, while off-chain RNG solutions derived from off-chain APIs are opaque and don’t provide users with definitive proof about the integrity of the process.

Leveraging Chainlink Data Feeds to Help Power dApps

Smart contract marketplace Transient has too jumped on the bandwagon of establishing support using Chainlink VRF securing through the generation and on-chain verification of cryptographic proofs that prove the integrity of each random number supplied to smart contracts. As a matter of fact, on-chain prediction markets require oracles to determine outcomes. Through this integration, the blog claims that LINK Price Feeds would help settle price prediction markets in its CryptoPool dApp. Apart from that, Transient also plans to expand into esports with support from Chainlink.

Lastly, crypto-asset lending protocol WePiggy has integrated Chainlink Price Feeds on the Moonriver mainnet in order to provide its users with stronger assurances that their collateral assets would consistently track global markets and without being affected by price manipulation.

Chainlink whales accumulate 3M LINK tokens amidst price surge

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Prominent oracle network, Chainlink [LINK] whales activity demonstrated mild signs of accumulation in the backdrop of price decoupling by more than 11% gain. As per the latest data provided by the on-chain analytic platform, Santiment the large-scale addresses holding 100K to 10 million LINK coins have amassed more than 3 million of the aforementioned assets as its price jumped back above $22 in the wee hours of 8th December 2021.

The latest whale behavior signals a beginning of a gradual accumulation growth phase after last week’s huge sell-offs that saw panic holders dumping about 24 million LINK coins. After the new addition, the whales now own 23.6% of the popular asset’s total supply.

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On the price front, LINK is one of the few cryptocurrencies that has managed to ascend higher despite overall tepid market conditions. At the time of writing, Chainlink’s price is changing hands at $21.87 while its 24-hour trading volume stood at $1.35 billion.  The 21st ranked coin rose by 8.93% in the last 24 hours and has a total market cap of $10.21 billion. The network’s rising utility and high-profile integrations along with a major appointment have impacted positively in the token’s price action.

Chainlink labs got its new Strategic Advisor

According to a recent press release, Chainlink labs announced that Eric Schmidt, a former Google CEO, has been appointed as a strategic advisor to guide the team in scaling the operation and ‘working to build a world powered by the truth’. Speaking on the latest appointment Chainlink co-founder Sergey Nazarov stated,

“Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and adoption. Eric’s experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency.”

Chainlink pioneers oracle networks to integrate real-world data with smart contract functionality built on blockchains. With the help of node operators such as Deutsche Telekom’s T-Systems, Swisscom, and the Associated Press, Chainlink’s network triggers and captures more than $80 billion in value locked in smart contracts across multiple blockchains in varied ecosystems like decentralized finance or DeFi, Insurance, and the gaming sector.

Chainlink [LINK] succumbs to the bearish rage just like every other cryptocurrency

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A bearish notion had struck the crypto-verse. All the assets were enduring a downtrend. Chainlink [LINK], Litecoin [LTC], Uniswap, and a few other assets beyond the top 10 were seen witnessing immense damage. Bitcoin [BTC] took a massive step back as the asset dropped to a low of $60K. While the community was rooting for $70K, the king coin dipped all the way down to $60K.

Polkadot [DOT] noted double-digit loss. This alarmingly red sentiment in the market sent investors into a state of angst.

Just a couple of days ago, the market cap of the crypto-verse was aiming for $3 trillion, however, a bearish storm shattered these efforts.

Chainlink [LINK] gained quite the popularity back in 2020. But, with the emergence of other new assets, LINK was sidelined. The altcoin’s price change was lauded by many. Even now, LINK managed to stay close to $30 despite encountering an 11% price drop over the last 24-hours. At the time of writing, LINK was trading for $30.01 with an 11.47% daily decline.

From relaxing in the top 10, Chainlink dived down several spots as the year progressed. The altcoin slipped all the way down to the 16th spot while its market cap was recorded at $13.9 billion.

Chainlink [LINK] one-hour price chart on Binance

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Chainlink [LINK] succumbs to the bearish rage just like every other cryptocurrency 4

A reversal in trend? A battle between the bull and the bear? Or a downtrend in the marking? A set of mixed emotions were fueling the one-hour price chart of Chainlink. The Parabolic SAR indicator formed dotted lines above the price candles and reduced the chances of a bullish invasion.

The Awesome Oscillator indicator formed green closing bars further announcing the presence of the bulls in the market. However, the selling activity in the LINK market preceded the buying activity further affirming the bearish notion in the market.

In fact, the Relative Strength Index [RSI] indicator pointed out that the altcoin was being oversold.

Chainlink [LINK] whales sees record-breaking accumulation of $334M

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The open sourced oracle network Chainlink [LINK] reached a new milestone today. Large-cap investors of the native token went on an accumulation spree, holding up to 18.01% of the total supply and charted a new all-time high [ATH]. As per Santiment, at present, a total of 64 addresses own between 1 million and 10 million LINK tokens, which amounts to more than $334 million in valuation. In a span of just four days, these large volume investors have added a total of 1.89% of the token supply into their cumulative wallets. Reading along the same line, the analytics platform quoted,

“There are currently 64 addresses that hold between 1M and 10M LINK. In just the last 4 days, these whale wallets have added 1.89% of the Chainlink supply to their cumulative bags. They’re now up to 18.01% of the total supply, a new all-time high held.”

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Chainlink [LINK]’s Real world utilty

Chainlink, an oracle network that facilitates the integration of both off-chain and on-chain data has been gaining a lot of traction lately. This is due to the growing need for incorporating blockchain technologies with real world data source and that is what the leading protocol’s algorithm offers- allowing for the seamless integration of the real world and the virtual world.

CODI Finance intends to enable accessibilty to top quality price feeds as well as securing other important features like IDO and staking pools in the network. Besides that, the oracle network will provide the CODI ecosystem in building multi-level defenses against malicious attacks and potential system breakdown.

The top Oracle provider had previously raised funds worth billions of dollars for several high-profile decentralized finance [DeFi] projects and has also assisted these projects in securing from sudden crashes, outages in exchanges, and other threats. In addition to that, Saber, a leading market maker on the Solana [SOL] ecosystem, has collaborated with Chainlink price feeds for reliable price order.

To sum up, the latest accumulation spree of LINK tokens indicates that large cap holders are in anticipation that price is likely to be bullish.

Chainlink [LINK] enters a pact with the bull following a 13% daily surge

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The crypto-verse was greener than usual today and Chainlink [LINK] was painted the brightest of them all. Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], Binance Coin [BNB], and a few other top coins like these were seen riding the bullish wave. LINK, however, stole the show with its extensive daily surge.

Coins that were usually bagging a lot of gains were seen taking the sidelines today. Solana [SOL] and Polkadot [DOT] were still being guarded by the bear. After a long time, SOL was seen in red. This abrupt plunge was linked to the recently endured Denial-of-Service attack.

While these assets were taking it slow, Chainlink [LINK] decided to take the high road with the bull. At the time of writing, LINK was trading for $30.90 with a whopping 13.61% surge in the last 24-hours. LINK was considered one of the most promising coins. However, new coins and old coins spruced up their game and overshadowed LINK.

In terms of market cap and ranking, Chainlink witnessed a massive fall. After residing over in the top ten for the longest time, LINK had a steep drop to the 13th rank. Currently, LINK sits as the thirteenth largest cryptocurrency with a market cap of $14 billion, just below Terra [LUNA].

Chainlink [LINK] one-hour price chart on Coinbase

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Chainlink [LINK] enters a pact with the bull following a 13% daily surge 7

The short-term or one-hour price chart of LINK had a major presence of the bull. The Awesome Oscillator indicator laid out green closing bars after a series of red bars and announced the arrival of the bull into the LINK market. The MACD line and the signal line were inseparable. However, the MACD line remained over the signal line, indicating a bullish crossover.

The Relative Strength Index [RSI] indicator suggested that LINK was being immensely bought. The RSI marker remained over the 50 median even close to the oversold zone.

Chainlink [LINK] settles near $27; has room to move on the upside

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Chainlink [LINK] has performed decently during the course of the recent market recovery and was still up by 7.67% over the past week. LINK has reached the target of the governing chart pattern and has surged by over 103% since July 20 low. Despite the minor weekend setback, the increasing volatility in the coin market can add credence to the overall bullish thesis.

Over the past 24-hours, Chainlink [LINK] has dropped by 3.93% which took its price to $26.63. At the time of writing, the digital asset registered a market cap of $11.74 billion and a 24-hour trading volume of $1.08 billion.

Chainlink [LINK] Daily Price Chart:

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Chainlink [LINK] settles near $27; has room to move on the upside 10

Chainlink [LINK] price trend has been noteworthy as it was close to June levels. The placement of moving averages on the daily chart also looks optimistic. After hovering above the LINK candles, for the most part, the 50 DMA [Pink] and the 100 DMA [Blue] slid below. The decreasing gauge between the moving averages as it approached a potential bullish crossover further boosted the chances of an extended recovery for LINK.

The 200 DMA [Yellow] has moved closer to the price candles depicting an increasing bullishness in the market. If the crypto-asset reclaims this level, crucial resistance points will come into play.

Moreover, the volume in the coin market has been substantial and appeared to be firmly backing the uptrend which was another positive sign.

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Chainlink [LINK] settles near $27; has room to move on the upside 11

The dotted markers of Parabolic SAR were aligned below the candles after a brief period of stagnancy in the market. The green closing bars of the Awesome Oscillator [AO] also depicted a strong bullish momentum as Chainlink continued to climb higher. The Relative Strength Index [RSI] bounced back from the lower ceiling of the overbought territory suggesting investors have faced selling pressure at higher highs even as the overall sentiment remained highly bullish.

Currently, Chainlink’s nearest resistance levels stood at $33.8 and $42.48, which, if broken, could help in reclaiming its ATH. The asset’s support points, on the other hand, were at $24.4 and $13.6 respectively.

Chainlink [LINK] outshines top ten cryptocurrencies

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While the entire crypto-verse was enduring a slump only few coins like Chainlink [LINK] and Solana [SOL] managed to steer away from the bear and decided clung on to the bull. Painted in red, the crypto market was seen losing out on all the recently amassed gains.

Bitcoin [BTC] dipped to $38K after recently moving across $40K. This move certainly disappointed an array of BTC investors who hoped the asset would aim for $50K. Ethereum [ETH] held on to the $2K level, however, the largest altcoin was observed hoarding a 3.34% drop over the last 24-hours. Almost all the top ten coins on CoinMarketCap’s list were seen plummeting by at least 3%.

During the same time, Chainlink was taking out the last of its profits from the bulls. At the time of writing, the altcoin was trading for $22.97 with a 1.88% surge over the last 24-hours. Even if this rise was dainty, when compared to other assets, Chainlink proved to be doing much better.

Additionally, the market cap of the altcoin was at $10.02 billion which helped the coin remain in the 12th rank.

Chainlink [LINK] one-hour price chart on Binance

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Chainlink [LINK] outshines top ten cryptocurrencies 13

The short-term price chart of LINK revealed that the altcoin was no different than the other assets. Chainlink was headed towards the bearish realm along with all the other assets. The Awesome Oscillator indicator noticed a reversal in trend. Red closing bars were formed by the indicator which further alerted the presence of the bears in the LINK market.

The Chaikin Money Flow [CMF] indicator did not wait for anyone. The CMF marker took a plunge below the zero median which indicated a bearish momentum in the LINK market. This was followed by the Relative Strength Index [RSI] that was revealing a contradicting notion. The RSI marker was moving from the sellers’ zone onto the buyers’ arena over the 50 median. This sort of sentiment amidst a bearish cycle was not anticipated.

Chainlink Stays On Course As Altcoin Market Battles Bear

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The altcoin market continued to follow Bitcoin’s price action with Chainlink becoming one of the biggest weekly gainers. After its bull run this week, the cryptocurrency market has settled into a steady price movement interspersed with red and green signals.

LINK’s performance in the last few months propelled it into the top 20 club as other mainstream coins fell off. At press time, Chainlink was trading for $19.04 with a total market cap of $8.4 billion. A weekly gain of 26 percent allowed its daily trading volume to climb to a respectable $880.56 million. An analysis of the charts showed that only Bitcoin and Wrapped Bitcoin had a better performing week.

Chainlink 1 hour:

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Chainlink Stays On Course As Altcoin Market Battles Bear 16

The hourly support clocked in at $17.7 as the bear cut short any chance of new resistance creation. According to the Bollinger bands, the cryptocurrency had settled into a stagnant price movement with a lack of any major breakout.

The RSI and the CMF displayed similar movements as the graphs peaked above the zero line. LINK’s positive RSI meant that the buying pressure had overtaken the selling pressure. The number of fluctuations on the RSI was indicative of the importance of price on sentiment.

As more people buy LINK, the capital coming into the market also increases. This was verified by the CMF as the graph peaked above the zero line for the first time in 36 hours.

Chainlink 1 day:

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Chainlink Stays On Course As Altcoin Market Battles Bear 17

LINK’s Bollinger band movement was similar to the hourly charts as the upper and lower band moved parallel to each other. The cryptocurrency’s recent fall had caused it to almost touch its long-term resistance of $12.4.

Daily RSI had climbed sharply in mid-July with a small downturn indicating a decrease in momentum. The buying pressure was still strong with more users entering the ecosystem. Long-term CMF was the only clearly bearish indicator as the graph stayed below the zero line. A decrease in price could be imminent because of the increase in capital leaving the Chainlink market.