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Chainlink (LINK) has experienced a remarkable rally in recent weeks, garnering significant attention from traders seeking scalping opportunities. The surge in interest isn’t limited to scalpers alone, as both retail and institutional investors are increasingly securing positions in LINK, driven by their belief in the cryptocurrency’s promising future.
Chainlink recently unveiled a strategic collaboration that sent ripples through the cryptocurrency community. The announcement stated, “Rollup Finance will make 3.75% of its total native token supply available to Chainlink service providers, including stakers.”
🏗️ #ChainlinkBUILD 🏗️@Rollup_Finance 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 onchain perpetual trading.
In return, https://t.co/bBJqbqQiF2 will make… pic.twitter.com/7pAkBuffa3
— Chainlink (@chainlink) November 6, 2023
This partnership holds the potential to revolutionize the decentralized exchange (DEX) landscape. Rollup Finance will harness Chainlink’s industry-leading oracle services and benefit from direct technical support, significantly bolstering the security of the DEX and enhancing the overall user experience.
Impact On Price: LINK’s Resilient Ascent
As of the most recent data from CoinGecko, Chainlink (LINK) is trading at $13.48, and it’s evident that the recent news has contributed to a price increase. Over the past 24 hours, LINK has witnessed a 3.9% surge in value.
Looking at the past seven days, the cryptocurrency has experienced an impressive 22.0% increase in its price. These figures reflect the growing optimism surrounding LINK.
Source: Cryptopurview
Analyzing the Relative Strength Index (RSI), a popular momentum indicator, further supports the notion that LINK’s upward trajectory may continue. The RSI, with readings above 50 and displaying an upward trend, indicates that bulls still maintain the upper hand in the market.
Currently, the RSI for LINK is moving upwards and is comfortably positioned above the 50 mark, reinforcing the bullish sentiment. Additionally, the indicator has recently crossed into overbought territory, signaling that LINK’s bullish momentum is robust.
LINK demonstrates resilience by maintaining a stronger support level ranging from $10 to $12, as it undergoes a period of consolidation in anticipation of a potential breakthrough from the resistance at $13. This breakthrough may potentially lead to further gains, with a target price of $20.
LINK market cap currently at $7.567 billion on the daily chart: TradingView.com
How Will LINK Reach $20?
Notably, prominent cryptocurrency trader CryptoGodJohn took to X to share his insights on LINK’s recent developments. He pointed out that the cryptocurrency has broken out of its long-term range, positioning it as one of the most appealing altcoins in the current market.
This sentiment from a respected trader like CryptoGodJohn adds further weight to the positive outlook for LINK, with many speculating that it may soon reach the $20 mark.
$LINK just broke out of a 550+ day range and timeline barely talking about it
One of the best looking altcoin charts in the market right now
I wouldn’t be surprised to see #Chainlink teleport towards $18 soon pic.twitter.com/WM97HBh9ee
— Johnny (@CryptoGodJohn) November 7, 2023
Chainlink’s recent rally and its strategic partnership with Rollup Finance have set the stage for an exciting journey for the cryptocurrency. Investors, both retail and institutional, are increasingly placing their bets on LINK, drawn by its bright future and the bullish sentiment in the market.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
