Chainlink is one of the most innovative blockchains in the crypto sector. Because of this increased adoption, LINK has become one of the popular cryptocurrencies in the market. LINK has also benefited from the current market support, as bitcoin and ethereum have reached $51K and $3900, respectively. This upswing has enabled LINK to make double-digit gains.
LINK is trading at $33.39 at the time of writing after an 11.4% gain in 24 hours.
LINK Price Analysis
LINK has been on a major uptrend in the past 24 hours, with most of these gains coming from the broader market support. If the market bulls continue, LINK could have a chance of reclaiming its all-time high.
The next resistance level for LINK lies at $36. If the broader market bulls continue, we could see such highs being created. While market support plays an integral role in LINK’s prices, buyers also need to rally up for LINK to make a major upswing and retest the all-time high of $52.70, created on May 10.
On the other hand, we could also see market bulls fail, in which case LINK will slump and fall to the next lower support of $31. Before the 24-hour bull run, LINK was trading at $29, and there is a chance that such levels could be tested again if the broader market support weakens, causing selling pressure.
Chainlink price feeds continue to garner support from various decentralised finance (DeFi) platforms. After gaining endorsement from Solana, the price feeds have also been integrated on Optimism, an Ethereum layer two scaling project. These price feeds will enable DeFi developers running on Optimism to create DeFi apps faster and securely.
Chainlink price feeds have also been adopted by Cashaa, a crypto-oriented neo-bank. Cashaa plans to use the price feeds to boost transparency and reliability on the network. Cashaa’s collaboration with Chainlink will also prioritise how financial institutions can use blockchain technology to create a trustless system.
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