Chainlink LINK/USD trades at $15.46, holding its rank as the 13th-largest cryptocurrency by market capitalization after dropping over 4% in the past week. The drop comes in spite of strong development activity and integration with Solv.
According to Cyrptonews, Chainlink has shared an update detailing 16 new integrations of its standards across six services and 16 blockchains.
Chainlink’s daily trading volume has seen a surge of more than 11% to nearly $332 million, according to CoinMarketcap. A Santiment report has highlighted over 530 GitHub updates for Chainlink in the past month.
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Per Coinfomania, Solv Protocol, a DeFi platform based on Bitcoin BTC/USD, has deepened its integration with the Proof of Reserve system of Chainlink to enhance transparency and trust for its SolvBTC product. It holds a $2 billion TVL.
Chainlink’s sustained development activity has strengthened its position in the DeFi Oracle sector. It currently secures more than 68% of total Oracle TVL, amounting to $66 billion in Total Value Secured, per Cryptonews.
Traders are emphasizing the importance of LINK breaking through and holding above the $15 resistance level to sustain any upward momentum. The price level has repeatedly served as a significant barrier in previous attempts by LINK to move higher.
According to BravenewCoin, a confirmed break could target resistance levels at $17.28, $18.00, $19.28, and $21.99. Chainlink’s current market capitalization is around $10 billion.
If Chainlink climbs to $20 and potentially extends gains towards the $24 range, its market value could increase to approximately $24 billion, according to The Tradable.
The analyst hopes that a recent price recovery could propel LINK towards the $36.5 level, where a “sell wall” is anticipated. According to CoinMarketCap, community sentiment for Chainlink is highly bullish at 87%.
The Bull-Bear Power indicator reads 1.37, which suggests slight buyer dominance. The RSI is at 48.37, below the neutral 50 level, indicating momentum has not yet decisively shifted in favor of buyers.
Unless Chainlink's RSI reaches the 50-55 range, and its price breaks the resistance barrier of $19.28, LINK can experience price consolidation and a mild downward trend.
Chainlink's long-term fundamentals and current chart setup provide a bullish framework. The coming weeks are crucial in determining if renewed trading activity and ecosystem developments can translate into a sustained price recovery for Chainlink. Traders should watch for key levels and confirmation signals.
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