Chainlink Partnership & Address Surge: A Bullish Sign for LINK Price or 20% Crash?

14 Aug, 2024 Updated 14 Aug, 2024

Senior Technical Analyst

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Will Chainlink Price Skyrocket Above $15 This Week?

Highlights

The Chainlink network continues to expand its market adoption by welcoming new integrations from GasStation and Charged Particles.
Chainlink price analysis hints at an impending breakout amid ascending triangle formation.
A bearish breakdown below the support trendline will invalidate the bullish thesis of the triangle pattern.

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LINK price plunged 2% to $10.36 during the U.S. trading session on Wednesday, continuing its week-long consolidation. A series of alternate green and red candles hints that there is no clear initiation from the buyers or sellers at the moment, waiting for a profound signal. Will the recent surge in active addresses and new partnerships boost Chainlink price for a new bullish breakout?

LINK Price Defend $10 Support with New Integrations

Chainlink, the leading decentralized oracle network, recently announced a series of new integrations with prominent blockchains to expand its market adoption. Following the momentum, the network has shared two new partnerships with GasStation and Charged Particles.

Amid this development, the LINK price shows suitability above $10 support with a long-tail rejection candle.

GasStation is a platform focused on optimizing Ethereum gas fees, offering users tools and markets to better manage and predict gas prices for transactions on the Ethereum network. This collaboration will provide GasStation access to Chainlink oracle service and technical support, bolstering the security and utility of its Ethereum gas spot market. In exchange, GasStation will contribute 5% of its total native token supply available to Chainlink service providers, including stakes.

🏗️ #ChainlinkBuild 🏗️@GasStationFi is joining Chainlink Build to gain enhanced access to Chainlink’s industry-leading oracle services and technical support, which helps support the security and use of its Ethereum gas spot market.

In return, GasStation will make 5% of its… pic.twitter.com/07OE0XRyU7

— Chainlink (@chainlink) August 13, 2024

Another partnership is with Charged Particles, a decentralized finance (DeFi) protocol that allows users to deposit digital assets, such as NFTs, into a “charged” NFT. This integration enables secure cross-chain transfers of the IONX token across Ethereum and Modenetwork.

.@DefiNft has integrated #Chainlink CCIP to enable secure cross-chain transfers of its IONX token across @ethereum and @modenetwork.

CCIP empowers decentralized applications to tap into the cross-chain ecosystem. pic.twitter.com/lbkemUWUQj

— Chainlink (@chainlink) August 13, 2024

As the Chainlink ecosystem grows, these collaborations could drive further innovation and opportunities to scale, bolstering the LINK price rally.

Chainlink Price Coilling for a Decisive Breakout

The LINK price in a 4-hour chart shows an ascending triangle pattern formation. This bullish continuation pattern drives a temporary consolidation between a rising trendline and horizontal resistance before a decisive breakout.

The Chainlink price currently trades at $10.4, boasting a market cap of $6.3 Billion. A steady growth in the Relative strength index above midline (50%) accentuates the bullish momentum returning to this asset.

With sustained buying, the asset price could flip the $10.75 neckline into potential support, bolstering a 14% surge to target $12.2.

On the contrary, a bearish breakdown below the supply will invalidate the bullish thesis and may signal the resumption of the prevailing correction. The post-breakdown fall could push the LINK price 22% down to test $8.2 support.

Though Chainlink price prediction hints at sideways action, the number of new addresses in the network suddenly increased from 2.08 to 4.87, marking a 134% gain within 48 hours.

Chainlink Number of Active addresses — Number of Active addresses | Intotheblock

This uptick implies growing interest and potential adoption in the Chainlink ecosystem, indicating that users actively engage with the network.

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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Frequently Asked Questions (FAQs)

1. What is the current pattern formation in the LINK price chart?

The LINK price is forming an ascending triangle pattern on the 4-hour chart, which is a bullish continuation pattern that indicates potential for a breakout.

2. What recent partnerships has Chainlink announced?

Chainlink has recently partnered with GasStationFi, which optimizes Ethereum gas fees, and Charged Particles, a DeFi protocol that integrates NFTs with digital assets.

3. How has the Chainlink network activity changed recently?

The number of new addresses on the Chainlink network increased by 134% within 48 hours, suggesting growing interest and adoption.

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.