Chainlink Price Set for Upswing as Adoption Expands Across 12 Blockchains

Chainlink price started the new week on a bullish note, jumping 6% to $10.6 during the Asian trading hours. Similar momentum was showcased in most major altcoins as the weekend sell-off eased, and the Bitcoin price was heading to regain the $60000 mark. Will the broader market sentiment combined with a flood of new integration in the Chainlink network boost the recovery trend?

Chainlink Price Holds Key Support Amid Major Integrations

Last week, the decentralized blockchain oracle network Chainlink demonstrated its expanding influence by integrating ten new services across 12 different blockchain networks.

This development series has bolstered the Chainlink price to sustain above the $9 floor amid uncertain market sentiment.

The integrations involve a diverse range of services, with the following breakdown:

• Price Feeds: 5 new integrations
• Automation: 1 new integration
• Data Streams: 1 new integration
• Cross-Chain Interoperability Protocol (CCIP): 3 new integrations

According to Chainlink’s summary tweet, these integrations were deployed across prominent blockchain networks, including Arbitrum, Avalanche (AVAX), Base, BNB Chain, Ethereum, Linea Build, Metis L2, Moonbeam, Optimism, Polygon (OxPolygon), Starknet, and zkSync.

This diverse distribution highlights the trust in Chainlink’s service, which offers reliable oracles, automation, and cross-chain communication solutions. 

Moreover, the network acquired some new partnerships with several leading DeFi and blockchain projects, such as Beefy Finance, Cryptex Finance, GoldLink Finance, Mavia Game, Ionic Money, Mehonbase, Metis, Nostra Finance, and Ostium Labs. 

⬡ Chainlink Adoption Update ⬡

This week, there were 10 integrations of 4 #Chainlink services across 12 different chains: @arbitrum, @avax, @base, @BNBCHAIN, @ethereum, @LineaBuild, @MetisL2, @MoonbeamNetwork, @Optimism, @0xPolygon, @Starknet, and @zksync.

New integrations… pic.twitter.com/d3YgjvLwOc

— Chainlink (@chainlink) August 11, 2024

These collaborations further cement Chainlink’s position as a favorable infrastructure provider that supports high-quality decentralized applications.

LINK Price Hints Bottom Formation Within Reversal Pattern

By press time, Chainlink price traded at $10.64, with a market cap of $6.47 billion. The daily chart analysis shows this asset’s continued consolidation above the combined support of $9 and a falling wedge pattern. Theoretically, the chart setup drives a steady correction within two converging trendlines, which signals the weakening of bearish momentum.

Thus, the LINK price is poised for a strong reversal, which could uplift its value by over 30% to challenge the overhead trendline at $13.8.

A sharp rebound from the Relative Strength Index (RSI) from an oversold region to 41% accentuates the presence of high demand pressure at a discounted price.

On the contrary, the lower boundary of the Bollinger band indicator heading down indicates that the sellers have not thrown the towel yet. If the broader market correction persists, the Chainlink price prediction suggests a retest to $9 support, registering a potential loss of 15%.