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- Chainlink’s partnership with Intercontinental Exchange (ICE) to provide FX and precious metals pricing on-chain and the LINK Reserve.
- With $84.65 billion secured in DeFi, and a growing tokenized RWA market, analysts expect LINK to break above $24.45 resistance toward $27.
With Chainlink seeing an upsurge in the overall active data for its LINK token, the coin boasts increased whale acquisition and a rush of institutional participation.
Holding the 11th-largest spot in the crypto market rankings, LINK is seeing the strongest investor sentiment since early February.
What’s Happening With Chainlink’s LINK Token?
Santiment data shows that there are the most active LINK addresses in eight months, and a seven-month high of whale-sized transactions. Such activity has been accompanied by the sharp rally of LINK, which gained approximately 45% in the last week and reached an eight-month high.
Moreover, Chailink’s development activity has also surpassed that of Ethereum, as mentioned in our previous story.
As of the latest session, LINK is trading at around $23.54, up by 0.58% on Tuesday, August 14. The token is also well-above its 50-day and 200-day simple moving averages, which indicate that the overall uptrend has continued to support.
Among the most significant developments, one should include the new partnership between Chainlink and the Intercontinental Exchange (ICE). The collaboration aims to introduce foreign exchange and precious metals pricing to blockchain networks.
Such a step intensifies the relationship bridging between conventional financial markets and decentralized systems and increases the scope of use of Chainlink within the institutional sphere.
Chainlink has also implemented the initiative of the Chainlink Reserve that spends the revenue from services and partnerships in purchasing LINK on the open market, as reported by CNF. This program will contribute to the demand for tokens in the future since it cuts down the circulating supply.
LINK Whale Activity Surges As Price Eyes $27
Whales have also been accumulating more and more LINK continually, as they believe in its future potential in decentralised infrastructure. Such accumulation periods on the part of the whales have been viewed historically as entering lengthy surging periods of activity in the past.
The rapid increase in the popularity of tokenized real-world assets (RWAs) is another factor that enhances the market position of LINK. The RWA market has reached over $13 billion in 2 years, across industries that include tokenized bonds and blockchain-based property titles.
At present, Chainlink has locked an approximate $84.65 billion value in decentralized finance, accounting for approximately 84% of Ethereum oracle usage and 68% of the total secured value of DeFi. In comparison, there is approximately 85 million of the total value locked (TVL) in the DeFi ecosystem on the XRP Ledger.
Nevertheless, with this high difference in performance capacity when it comes to capital locked, XRP has a market cap over 12X, boosting LINK. This reflects an apparent valuation gap, and analysts expect the Chainlink price could surge massively to shorten the gap in the future.
Technically, major resistance lies at $24.45 for the LINK price. Breaking out above this mark may pave the way towards $27. On the other hand, support is located at $22.80 on the downside, and if this level is breached, Chainlink could see further downturn. As mentioned in our previous story, market analysts seethe LINK price rally to $98 moving ahead.
