LINK surging again as we can see in the charts today, by 10% over the past 24-hours while regaining strength against its peers while Bitcoin and Ethereum are consolidating in the middle of the ranges so let’s take a closer look at Chainlink news today.
The popular altcoin is poised to press higher in the upcoming days according to the number of analysts who argue that the fundamentals of Chainlink are still strong. The rally comes as the Smart Contract Summit that was hosted by the LINK team is taking place and the event is focused on “learning about the future of smart contracts and DeFi with other passionate community members and get inspired about what the best DeFi developers are building today.” With LINK surging higher by 10% against Bitcoin, one trader shared a chart showing that the asset moved above the pivotal resistance level with a moving above the pivotal triangle and resistance level.
The number of analysts agrees with the sentiment and others are pointing to the bullish state the Chainlink’s US dollar chart is at. The bullish technical trends come right after LINK formed the positive on-chain signal as per Santiment:
“$LINK hit an all-time high yesterday in daily active addresses. This came in tandem with an #altcoin decline that sent it down to $13.49. Now back at $16.10, the classic bullish divergence that formed from an ATH in DAA is coming to fruition.”
Spartan Group’s Kelvin Koh a crypto hedge fund based in Hong Kong, believes that the ongoing move higher in LINK and BAND will materialize higher in the DeFi-centric assets:
“Oracles led the previous leg of DeFi rally on the way up and then on the way down. If today’s move in $LINK and $BAND is any indication, the next rally for the broader DeFi space should follow.”
And he is not wrong, Chainlink led Bitcoin and most of the crypto market higher in the past few months, as we previously also reported in the Chain link news. Also, The popular coin Chainlink acquired a privacy preserving oracle protocol DECO from Cornell University, as the latest blockchain news show. One of the creators of this protocol, Ari Juels, will be joining Chainlink as chief scientist.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]