NewsletterChainlink Price Set for 30% Comeback as New Data Stream Integrations Drive Growth
Highlights
- Chainlink price may witness an extended correction trend until the falling wedge pattern is intact.
- Recent integrations with Synthetix V3 and Beefy Finance highlight growing trust in Chainlink's secure data services, fueling potential growth for the LINK token.
- The $12.2 level, backed by the midline of the Bollinger band indicator, creates a high supply region against crypto buyers.
Chainlink price slightly increased by 0.3% to $10.5 on Saturday. The slowdown in recovery momentum can be attributed to Bitcoin pullback to $60000 and most major altcoins stabilizing after a mid-week rally. However, the aggressive expansion of the Chainlink network with new integrations could uplift its adoption and drive demand for LINK tokens.
Chainlink Expands DeFi Footprint with Key Integrations
The Synthetix Spartan Council unanimously voted in favor of integrating Chainlink Data Streams into Synthetix V3 on Arbitrum. This integration is set to enhance the performance, security, and reliability of markets on the Synthetix protocol. The decision marks a pivotal step forward for both Chainlink and Synthetix, highlighting the growing importance of reliable data streams in the DeFi ecosystem.
The @synthetix_io Spartan Council just voted unanimously in favor of integrating #Chainlink Data Streams into Synthetix V3 on @arbitrum.
Data Streams significantly enhances the performance, security, and reliability of markets on the Synthetix protocol.https://t.co/5T47MpIxce pic.twitter.com/1bTeXekj0u
— Chainlink (@chainlink) August 9, 2024
Moreover, Beefy Finance has recently upgraded to Chainlink Price Feeds to bolster the security of its Cowcentrated Liquidity Manager across multiple blockchain networks. This strategic move aims to protect users from flash loan exploits, market inefficiencies, and other potential vulnerabilities.
.@beefyfinance has upgraded to #Chainlink Price Feeds to help secure its Cowcentrated Liquidity Manager across multiple chains.
Price Feeds help safeguard users against flash loan exploits, market inefficiencies, and more. pic.twitter.com/H22lqeu2uf
— Chainlink (@chainlink) August 9, 2024
These partnerships underscore the confidence of other Web3 projects in Chainlink for its ability to provide secure and reliable data services. The aggressive expansion into the Defi market should drive a natural growth of the LINK token.
Chainlink Price Hints Prolong Recovery
This week, the cryptocurrency market showcased a relief rally as a cool-off from the recent sell-off. As the BTC price analysis shows a jump above the $60000 level, most major altcoins, including LINK, spark bottom formation to regain recovery momentum.
The Chainlink price rebounded from $9.44 to $10.6, registering a 12.38% growth, while the market cap boosted to $6.43 Billion. An analysis of the daily chart shows that the recent upswing forms another bull cycle within the long-coming wedge pattern.
The MACD (blue) and signal (orange) lines nearing a bullish crossover would signal the recuperating bullish momentum.
This chart setup is defined by converging trendlines, which generally indicate diminishing bearish momentum. With sustained buying, the recent reversal could push the LINK price 30% up to challenge the overhead trendline at $13.7.
On the contrary, the lower boundary of the Bollinger Band indicator in a down trajectory hints that it remains a dominant force in this asset. If the correction concern persists in the broader market, the Chainlink price prediction could signal a 15% downside risk to revisit $9 support.
Frequently Asked Questions (FAQs)
1. What is driving the recent growth in LINK price?
2. What technical analysis supports Chainlink's potential 30% price increase?
3. Which is the immediate support for LINK token?
- Arthur Hayes Issues Advice To ZEC Holders Amid Push For Crypto Privacy
- Market Structure Bill: Senate Ag Committee Targets Early December Markup
- Breaking: U.S. SEC Unveils ‘Token Taxonomy’ To Help Classify Crypto Assets
- Winklevoss Twins Unveil Zcash Treasury Company Cypherpunk, Eyes 5% ZEC Supply
- Breaking: U.S. House To Vote On Bill To End Government Shutdown Today, Bitcoin Rises
- Ethereum Price Holds Above $3,400: Can Bulls Defend This Key Support?
- After a 108,000% Burn Spike, Will Shiba Inu Price Hit $0.000016 Next?
- Bitcoin Price Eyes Fresh Rally as U.S Government Reopening Sparks Risk-On Mood
- Pi Network Price Eyes Rally to $0.5 as Top Whale Holdings Nears 375M Tokens
- When Will Solana Price Reach $300: Prediction and Analysis
- Chainlink Price Targets $20 After Bitwise ETF Gets DTCC Approval
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
