Chainlink Price Poised for a 30% Surge After TAO Ventures Joins Rubicon Launch

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Chainlink Price Poised for a 30% Surge After TAO Ventures Joins Rubicon Launch

Highlights

  • Chainlink price near strong support, potential for bullish reversal grows.
  • CCIP enables cross-chain staking, expanding Chainlink’s DeFi utility.
  • Technical hints weakening bears; reclaiming $14 is crucial.

Chainlink price remains under pressure, hovering above $13, after failing to reclaim the $15 resistance level. Despite recent developments, including TAO Ventures joining the Rubicon launch, 

LINK price has struggled to break past $14. The Chainlink price crashed by over 50% from its August high of $27. This is close to the technical support zone and normally, strategic buyers. In the meantime, the wider crypto market has fallen 2.08% within the last 24 hours, fuelling worries about macroeconomic factors and institutional sales. The bearish movements of Bitcoin, Ethereum, and Solana also support a seven-day decline on the market of more than ten percent.

Chainlink CCIP Enables Cross-Chain Access for Bittensor

Chainlink has announced a new partnership with General TAO Ventures that will help launch Project Rubicon. The project transfers the Bittensor subnet alpha tokens onto the Base network using the Chainlink technology of the CCIP. The initiative is meant to increase safe cross-chain activity as well as provide better liquid staking opportunities.

Project Rubicon proposes the use of non-custodial liquid staking of subnet alpha tokens. The conversion converts the tokens into ERC-20 liquid staked assets called xAlpha. Such assets will be compatible with different decentralized finance systems and can cross chains through the bridging system of Chainlink.

Chainlink also ensured that the CCIP is currently running on Bittensor EVM. Such integration enables subnet alpha tokens to travel safely to Base and into DeFi protocols such as AerodromeFi. The developers have now been able to join the Bittensor ecosystem and start developing new cross-chain applications that are anchored on the infrastructure of CCIP.

Is Chainlink Price Ready To Recover Toward $20 Level?

The LINK price decreased to $13.31 after failing to sustain above the $14 support level, hinting at potential weakness.

Chainlink price is trading at around 13.03 after the trend has shown a steady decline, falling by 5% in the last 24 hours. The price has fallen below an important support area of between $14.00, which has become resistance, and it indicates that the bearish mood is prevailing in the short-run trends.

Chainlink price is facing resistance at $14.00, followed by stronger barriers at $15.00 and $16.00. A bullish breakout above these zones could set the stage for a significant upward move. 

The technical projection shows a potential price target of $20.00, which represents a 50% rally from current levels, as the future Chainlink outlook. However, price must first reclaim and hold above the $14.00 mark to validate the bullish scenario.

Chainlink Price Poised for a 30% Surge After TAO Ventures Joins Rubicon Launch
Source: LINK/USD 4-hour chart: Tradingview

The MACD line is below the signal line, though converging. This is suggestive of weakening bearish momentum. The ADX (Average Directional Index) is 37. The ADX shows a strong trend is in play. However, as the price is dropping, the prevailing trend could be that of the bears unless a reversal is confirmed.

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Frequently Asked Questions (FAQs)

1. How does TAO Ventures’ involvement in Project Rubicon affect Chainlink?

TAO Ventures is supporting the Rubicon launch, which integrates Bittensor’s subnet alpha tokens with Chainlink’s CCIP. This partnership expands Chainlink’s utility in cross-chain DeFi and may improve long-term market confidence.

2. What is Chainlink’s CCIP and why is it important?

The Cross-Chain Interoperability Protocol (CCIP) enables seamless, secure movement of assets across multiple blockchains. It is now integrated with Bittensor EVM, enhancing access to cross-chain staking and DeFi opportunities.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.