LINK Price Surge 5% As Chainlink Partners with HBAR Foundation on Hedera

Chainlink (LINK) price has experienced a noticeable price surge, driven largely by a new collaboration with the HBAR Foundation on the Hedera blockchain. The integration of Chainlink’s data and interoperability services through Chainlink Scale will expand access for developers and provide Hedera-based decentralized applications (dApps) with essential resources.

This partnership underscores the strengthening relationship between Chainlink and Hedera, which began when Chainlink joined the Hedera Governing Council in 2021.

Chainlink Partnership With HBAR Foundation Sparks LINK Price Rally

The HBAR Foundation has joined the Chainlink Scale program, adding Chainlink Data Feeds and Cross-Chain Interoperability Protocol (CCIP) to the Hedera Testnet. By integrating LINK network’s reliable data and cross-chain capabilities, Hedera developers gain tools to create advanced DeFi applications. More so, Chainlink Scale empowers Hedera’s ecosystem with Chainlink’s oracle solutions.

Chainlink’s relationship with Hedera dates back to 2021, further cemented when the decentralized oracle platform joined the Hedera Governing Council. This longstanding partnership has enabled LINK network to contribute directly to Hedera’s network development and infrastructure.

With the HBAR Foundation’s support, Hedera’s ecosystem now benefits from Chainlink Data Feeds, which deliver accurate, high-quality data across DeFi applications. These feeds use aggregated data from numerous premium sources, ensuring reliable market information. Additionally, Chainlink’s oracle networks operate on secure, Sybil-resistant nodes, ensuring continuous operation even under high network load.

Moreover, Chainlink Data Feeds on Hedera offer dependable data delivery, especially vital for accurate financial applications. This integration equips developers with the tools to build secure, decentralized applications across Hedera’s network.

Chief Business Officer at Chainlink Labs, Johann Eid added, 

“We’re excited that HBAR Foundation has joined Chainlink Scale and Chainlink Data Feeds and CCIP are being integrated on Hedera. By empowering Hedera developers with increased access to Chainlink services, they’re able to build secure, scalable, and fully-featured dApps, driving the mass adoption of on-chain ecosystems.”

Cross-Chain Functionality Through CCIP on Hedera

Concurrently, the integration of Chainlink’s CCIP on Hedera is a significant enhancement in cross-chain interoperability for dApps. CCIP facilitates token transfers and programmable transactions across multiple blockchain networks, streamlining cross-chain operations. This system includes a plug-and-play token transfer solution to simplify token minting and burning between chains.

Elaine Song, VP of strategy at HBAR Foundation expressed optimism stating,

“Chainlink Data Feeds support the creation of high-quality retail and institutional DeFi apps and CCIP’s secure cross-chain interoperability ensures they’ll be accessible to more people without sacrificing UX.”

Chainlink CCIP’s phased rollout on Hedera will progressively introduce new token options, lanes, and functionalities, supporting scalable cross-chain capabilities. This initiative allows developers to craft applications with extended interoperability.

LINK Price Action Sees Positive Momentum

At press time, LINK Price has risen by approximately 5%, reaching $11.74, signaling positive market reception to the partnership. In the last 24 hours, LINK Price stabilized near a peak of $11.7, indicating increased investor confidence spurred by Chainlink’s expanding influence.

The ongoing collaborations and integration with prominent networks like Hedera continue to elevate its potential in the blockchain space. With recent partnerships, such as its integration with Swift’s messaging network and the launch of Data Streams on BNB Chain’s Layer-2, LINK network is steadily enhancing its DeFi utility and cross-chain capabilities. 

In addition, recent price analysis reveals that LINK price may rally to $20 if current bullish momentum sustains. The token’s ascending triangle pattern and growing trading volume indicate strengthening support for an upward breakout. 

However, to reach the $20 target, LINK price will need to overcome resistance levels at $10 and $15, marking a potential 80% increase from current levels.