Chainlink Defies the Odds – Why Is the LINK Price Up Today?
The post Chainlink Defies the Odds – Why Is the LINK Price Up Today? appeared first on Coinpedia Fintech News
Chainlink (LINK), a leading oracle blockchain with multichain capabilities, has continued to attract significant attention from institutional investors and retail traders. With a fully diluted valuation of about $16 billion, the mid-cap altcoin pumped more than 15 percent in the last 24 hours to trade about $16.04 on Friday during the early London session.
The Chainlink rise was decoupled from the rest of the altcoin industry, which has continued to consolidate despite the recent Bitcoin pump.
Chainlink Whales on the Move
With an anticipated altcoin rally, crypto whales have made necessary investment changes to maximize gains. Moreover, Bitcoin dominance has been approaching cycle top, as depicted by a bearish divergence on the weekly Relative Strength Index (RSI).
According to on-chain data provided by market intelligence platform Santiment, Chainlink addresses holding more than 100k LINK units have increased by 4.6 percent in the past five weeks to 564.
#Chainlink’s market cap has shot up +14% in the past 8 hours, decoupling from the #altcoin pack. There are now 564 100K+ $LINK whales, a +4.6% rise in just 5 weeks. If social dominance calms and #FOMO doesn’t take over, #bullish conditions are ahead. https://t.co/UQcQvD2jzk pic.twitter.com/SK1y43XxJv
— Santiment (@santimentfeed) May 17, 2024
Why is the LINK Price Surging?
Chainlink network has established itself as a secure, scalable multichain oracle provider for the entire web3 ecosystem. On Thursday, the Depository Trust and Clearing Corporation (DTCC), a global leader in securities settlement systems, announced the completion of a pilot project with the Chainlink network dubbed Smart NAV.
Notably, the DTTC and Chainlink pilot project involved several top-tier US banks led by BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, and MFS Investment Management.
What Next for Chainlink Price?
From a technical standpoint, LINK’s price against the US dollar is aimed at retesting the all-time high (ATH) soon. On the weekly time chart, LINK price rebounded from the 50 weekly Moving Average (MA) and has since rallied above the 50 RSI.
If the LINK price consistently closes above the recent high of around $22, the altcoin will be aiming for $39.5, which coincides with the weekly Fibonacci Extension.