Last updated: 01.06.2024 – 19:12
Leading oracle protocol based on Ethereum Chainlink (LINK) is showing resistance to market bears at a time when the broader digital currency ecosystem is entering a negative period. According to CoinGecko data, LINK increased by 3.18% in the last 23 hours, reaching $18.54. This increase is quite remarkable compared to the 0.62% decline in combined market capitalization.
,Daily growth rate Bitcoin While impressive compared to (BTC) and other leading altcoins, the 14.74% increase in Chainlink’s trading volume indicates the potential for further gains in the future. A total of $445,393,986 worth of transactions were recently carried out on LINK, making the token the 21st most traded cryptocurrency in the market.
Optimism towards LINK in the retail market indicates increased purchasing sentiment. If this trend continues, it indicates that LINK may continue its daily rise by diverging from Bitcoin’s downward trend. The LINK/USD 4-hour chart seen on TradingView reveals that the token is trading above the 50, 100, and 200 moving averages. This situation is considered as an indicator of a strong upward trend.
Over the past month, market data reveals that LINK recorded a growth of 36.46%. Many trends have contributed to this huge increase in Chainlink, and beyond regular whale changes, this is primarily due to its added value and the niche it occupies in the industry.
As a dominant oracle service provider, Chainlink supports the operational efficiency of many decentralized applications (dApps).
To further strengthen its position in the industry, LINK has established several partnerships with leading protocols to increase interoperability capacity.
Additionally, the protocol has also upgraded its staking engine as it democratizes public participation while now offering a more advanced way to bet on LINK. These developments allow Chainlink to further consolidate its place in the industry and expand its usage area.
