Image default

Chainlink (LINK) Token Price Pops 6.5% After Launching Cross-Chain…

Key Takeaways:

  • Chainlink bulls return after its interoperability blockchain solution goes live on Coinbase’s Base.
  • But technically, the price jump is part of the prevailing rebound pattern.
  • Traders can expect the rebound rally to continue in October.
Chainlink (LINK) Token Price Pops 6.5% After Launching Cross-Chain Protocol on Base

YEREVAN ( — Chainlink (LINK) prices popped on Sep. 28, continuing its rally from the previous day as traders assessed the platform’s interoperability protocol launch on the Base blockchain.

LINK price performance in the last 24 hours
Chainlink price performance in the last 24 hours. Source: CoinStats

On Sep. 27, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) went live on Base, a Coinbase-backed, Ethereum-secured layer-2 blockchain. As a result, Base developers can develop cross-chain applications that send messages, transfer tokens, and initiate actions across different blockchains.

Simply put, the Chainlink-Base partnership raises LINK’s potential to find more organic demand among developers. On-chain evidence proves such growth, with Chainlink’s cumulative volume and revenue surging recently.

Chainlink's cumulative market cap, volume, and revenue
Chainlink’s cumulative market cap, volume, and revenue. Source: Defi Llama

However, LINK’s price rise in the past 24 hours took cues from additional catalysts, primarily the upside witnessed across the cryptocurrency market. Traders speculated about a growing crypto demand ahead of a potential US shutdown crisis.

Technically, the LINK price has been stuck inside the $5.62-8.79 range since May 2023. And in Q4/2023, it will likely trade inside the range.

As of Sep. 28, Chainlink changed hands for $7.81 while eyeing an extended rebound rally toward $8.79, a resistance level that coincides with the 200-week exponential moving average (200-week EMA; the blue wave).

A breakout above this resistance could have the LINK price test $12.88 as the next upside target by October 2023.

Conversely, a pullback before or after testing the $8.79 resistance level risks pushing the LINK price to the $5.62 support level in October 2023.

From an on-chain perspective, things look positive for LINK.

For instance, the ongoing LINK price rally precedes a shape rise in the token supply held by Chainlink’s topmost whales.

Chainlink supply held by LINK's top addresses
Chainlink supply held by LINK’s top addresses. Source: Santiment

The data appears as the LINK supply held by entities with a 10 million-100 million token balance rises modestly, absorbing the reduction in the supply of the 1 million-10 million LINK balance cohort.

Chainlink supply across the addresses holding between 100,000 and 10 million LINK tokens
Chainlink supply across the addresses holding between 100,000 and 10 million LINK tokens. Source: Santiment

Meanwhile, the period of LINK price bounce coincides with the increasing supply in the 100,000-1 million token balance cohort.

Source link

Related posts

Crypto lending firm Genesis could file for bankruptcy this week

Amorette Lepage

Why is Bitcoin Cash price up today?

Amorette Lepage

MATIC Whales Buy And Sell As The Polygon Token Paints Bullish Setup

Amorette Lepage

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy