With a price increase of 8% in the past seven days, Chainlink (LINK) is currently one of the best performing crypto markets, followed by Litecoin (LTC) and BNB. Remarkably, LINK’s trading volume is down 20% in the past 24 hours to just $389 million.
At the time of writing, Chainlink was trading at $6.66, showing a modest rise from the bottom of the channel that LINK has been in since early May. The lower limit of the channel is at $5.35, while the main resistance for the LINK price is currently at $9.52.
At its current price, LINK is hovering just below the 50-, 100-, and 200-day simple moving averages (SMAs). With an RSI of 49.5 on the 1-day chart, LINK is in the neutral zone.
However, the increase of the past three days should be taken with a grain of salt. On-chain data from Sentiment shows a significant increase in exchange flows following the recent price hike. About 15 million links to well-known crypto exchange wallets have been transferred in the past 24 hours.
On the LINK/BTC 1-week chart, the coin is at a crucial juncture: will LINK be able to break above the main trendline resistance or will it suffer its fourth rejection in the past 13 months. As one analyst put it, this could be a make it or break it kind of moment for Chainlink.
Fundamental holdover strong for Chainlink (LINK)
The fundamentals seem stronger than ever as Chainlink faces a critical juncture. In about two weeks, Chainlink will launch its staking feature. Starting at noon on December 6, LINK owners and node operators can earn rewards for improving the security of decentralized oracle services.
As a result of the announcement, the project has seen a significant increase in community engagement. However, Chainlink Economics 2.0 not only enables staking, but also improves access to Chainlink services and technical performance.
1/ Options #chain link Oracle Network continues to expand to support more advanced data and compute services.
At the same time, the cost of Oracle services continues to decline as a result of several key initiatives and industry trends: pic.twitter.com/accD4jiWFf
— Chainlink (@chainlink) November 23, 2022
Also Chainlink is Expansion of The platform includes more services such as DECO for private transactions, FSS for MEV mitigation and CCIP for cross-chain communication.
Using the Cross-Chain Interoperability Protocol (CCIP), thousands of applications in the Web3 space expect to communicate with each other, send and receive tokens, instructions, messages, and more.
More recently, crypto exchange Huobi announced that it uses Chainlink’s Proof of Reserve to provide more transparency around its packaged HBTC token.
On November 18, the Binance Chain team revealed Chainlink oracles are essential for developers in the BNB chain ecosystem. Chainlink is the most widely deployed oracle solution in the BNB chain, with over 161 million distributed data points, over 230 dApp integrations and over $780 billion in value under management.