- The price of Chainlink (LINK) has held its ground at $9 amidst several new integrations spanning across a dozen blockchains.
- Chainlink broadened its decentralized service reach last week with ten new integrations.
- Despite seller dominance, as suggested by the Bollinger Bands, Chainlink may sustain its support around $9.
Discover how Chainlink’s recent network integrations could signal a rise in value, overcoming market uncertainties.
Chainlink Price Holds Steady Amid New Network Integrations
Chainlink has started the new week positively, with its price increasing by 6% to $10.6 during Asian trading hours. This trend, parallel to the general recovery in the crypto market, suggests that Chainlink’s latest integrations might be key to a continued upward trajectory.
New Integrations Across 12 Blockchains
Last week, Chainlink substantially expanded its influence with ten new integrations across twelve different blockchain networks. These integrations span various services, including five for price feeds, one for automation, one for data streams, and three for Cross-Chain Interoperability Protocol (CCIP).
The integrations were achieved across prominent blockchains like Arbitrum, Avalanche (AVAX), Base, BNB Chain, Ethereum, Linea Build, Metis L2, Moonbeam, Optimism, Polygon (OxPolygon), Starknet, and zkSync, highlighting the widespread trust and reliance on Chainlink’s robust offerings. This development serves as a testament to Chainlink’s capability to offer reliable oracle, automation, and cross-chain communication solutions.
New Partnerships in the DeFi Space
Chainlink also secured new partnerships with leading DeFi and blockchain projects, including Beefy Finance, Cryptex Finance, GoldLink Finance, Mavia Game, Ionic Money, Mehonbase, Metis, Nostra Finance, and Ostium Labs. These collaborations further cement Chainlink’s role as a cornerstone infrastructure provider for decentralized applications, reinforcing its market position.
Technical Analysis: Potential Price Recovery
Currently, Chainlink is trading at $10.64 with a market capitalization of $6.47 billion. The analysis of daily charts exhibits sustained consolidation above the crucial support of $9, entrenched within a falling wedge pattern. This technical setup typically indicates a weakening bearish momentum, providing a bullish outlook.
The Relative Strength Index (RSI) has rebounded sharply from an oversold status to 41%, showing heightened buying pressure. If this momentum continues, Chainlink could see an increase of over 30%, challenging the upper trendline resistance at $13.8.
Monitoring Market Corrections
Despite the optimistic indicators, it’s important to remain cautious. The lower boundary of the Bollinger Bands continues to descend, signaling that seller activity remains significant. A persistence in broader market corrections could lead Chainlink to retest its $9 support level, potentially resulting in a 15% drop.
Conclusion
Chainlink’s strategic integrations and new partnerships are pivotal in enhancing its network value, suggesting a positive price trajectory. While technical indicators show potential for price recovery, market participants should remain vigilant for any signs of broader market corrections. Overall, the recent developments underscore Chainlink’s growing influence in the blockchain ecosystem.
