The recent partnership of Chainlink with Spiderchain to bring its oracle services to the Bitcoin ecosystem marks a significant milestone.
.@BotanixLabs has joined the #ChainlinkScale program.
As part of this collaboration, Botanix Labs is integrating Chainlink CCIP as canonical cross-chain infrastructure & Chainlink Data Feeds into Spiderchain, an EVM-equivalent Bitcoin L2. #RoadToSmartConhttps://t.co/XQbh1nAyNm pic.twitter.com/62sIsImCoY
— Chainlink (@chainlink) October 24, 2024
This strategic integration positions Chainlink ($LINK) as a critical player in bridging decentralized data with Bitcoin. Consequently, the upgrade drives demand for LINK tokens, with market optimism building around Chainlink’s growth potential.
Can LINK’s price trajectory hold amid this macro upgrade? Let’s find out!
Chainlink Records Significant Gains at Key Timeframes – Is LINK Ready to Ascend?
Data from the prominent crypto analytics platform CoinMarketCap provides a closer look at Chainlink’s (LINK) price movements over different timeframes.
Over the past year, LINK has maintained a modest gain of 6.31%, signaling some resilience despite broader market fluctuations. However, in recent months, LINK has experienced a pullback, with its value decreasing by 4.20% in the past 30 days.
Yet, this decline appears to have reversed in the short term, as the past week saw LINK gain 3.28%. Moreover, it recorded a further increase of 4.28% in the last 24 hours.
This momentum highlights growing interest and positive sentiment toward Chainlink, especially its integration into the Bitcoin ecosystem. Additionally, Chainlink’s 24-hour trading volume has risen by 2.35%, reaching $249.15 million.
This increase in trading activity suggests heightened interest and potentially more liquidity flowing into LINK, strengthening its position and potential for further gains.
Chainlink’s Integration with Bitcoin Ecosystem – What To Expect?
Chainlink has partnered with Spiderchain to extend its oracle services into the Bitcoin ecosystem, marking a critical step for the DeFi space.
This integration is part of Chainlink’s Scale program. Bitcoin can leverage Chainlink’s oracle network through Spiderchain, which facilitates layer-2 solutions, rollups, and smart contracts.
With Chainlink’s Cross-Chain Interoperability Protocol (CCIP), seamless token transfers across multiple blockchain networks are now possible. This protocol would directly add valuable data inputs, such as market prices and weather data, to Bitcoin’s network.
What Happens to LINK?
IntoTheBlock’s on-chain analysis indicates a rising trend of LINK holders withdrawing tokens from significant exchanges like Binance and Coinbase. A recent post on X notes that exchange flow has been negative over the last month, highlighting a consistent pattern of withdrawals.
$LINK has seen consistent negative exchange netflows for almost a month, indicating sustained withdrawals from exchanges.
This trend often signals accumulation, as holders move assets to cold storage or private wallets, reducing immediate sell pressure. pic.twitter.com/iDLqEPbt0E
— IntoTheBlock (@intotheblock) October 23, 2024
Typically, when tokens are moved off exchanges, it reflects confidence among holders regarding the asset’s future.
LINK is an ERC-20 token backed by various DeFi protocols. Thus, this trend may suggest that holders want to interact with decentralized applications and earn passive income.
More withdrawals from centralized exchanges often increase the likelihood of price growth, which is a positive sign for LINK supporters.
As of October 23, Etherscan reported that Chainlink had a maximum supply of 1 billion LINK distributed among 721,996 unique addresses. These addresses have executed over 15.8 million transfers.
With IntoTheBlock highlighting net outflows from exchanges, there’s a potential for LINK to uphold its upward momentum.
Chainlink Forms Consecutive Bullish Candles, Bounces Off Dynamic Support – Bullish Momentum in Control?
Chainlink (LINK) has recently shown positive momentum, forming two consecutive bullish candles on its price chart. This upward movement indicates that LINK has successfully bounced back from the dynamic support level established by the 50-day Simple Moving Average (SMA).
These bullish candles suggest increasing buying pressure and confidence among investors.
Additionally, the Moving Average Convergence Divergence (MACD) indicator, which displays a green histogram bar, supports this bullish outlook. This indicates that the short-term momentum is gaining strength relative to the long-term trend, further reinforcing the potential for price appreciation.
Despite these positive signals, the overall market trend remains bearish, primarily due to the 200-day SMA above LINK’s current price.
So, while short-term trends are encouraging, there could be resistance at the longer-term SMA level. However, the optimism surrounding Chainlink, particularly following the recent integration, has the potential to spark increased buying activity.
This could lead to a breakout above the 200-day SMA. If LINK surpasses this critical resistance, it may signal a shift in market sentiment and further bullish activity in the coming days.
Chainlink’s Relative Strength Index on The Move – Overbought Market Region in Sight
LINK’s Relative Strength Index at the neutral zone has taken off significantly toward the overbought market region (above 70). If the anticipated buying pressure materializes, it could propel the RSI to reach the critical level 70, moving up from its value of 54.76.
This scenario will show increased interest from traders looking to capitalize on LINK’s upward momentum, possibly driving prices higher. While LINK’s outlook remains promising, this newbie election-themed project could be the next big thing in the crypto market.
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