LINK posted impressive gains last week, with prices rising more than 43% in seven days. However, the price of the token has retreated slightly in the last 24 hours, likely due to buyers taking profits after an aggressive LINK token accumulation phase.
Chainlink’s notable rally could be due to the continued bullish waves in the broader crypto market. bitcoinThe flagship cryptocurrency, recorded a significant rally, reaching almost $35,000, the highest level in more than a year.
bitcoin‘s performance triggered a wave of optimism across the cryptocurrency market, causing most coins, including LINK, to soar. Additionally, Chainlink’s CCIP has registered additional nft-bridging-8065427cbc9e” target=”_blank” rel=”nofollow”>adoption and probably consolidated thanks to LINK price gains.
But how far can the current bullish momentum take LINK? Will it be able to overcome the prevailing resistance to reach $15? Let’s find out!
LINK shows signs of retracement, is it possible to reach $15?
LINK is in an uptrend after breaking the $6.99 support level as buyers re-entered the market and forced a demonstration to the resistance level of $11.9.
LINK’s rally began last week when it rose from $7.42 on October 16 to $10.41 on October 23. While the rally has stalled, the latest developments show that buyers intend to facilitate further rallies to retest the $11.9 resistance.
A move above this level would allow LINK to target $15. Furthermore, the high candles on the chart imply that LINK will likely consolidate its rally in the coming days.
Furthermore, the moving average convergence/divergence (MACD) is above its signal line, showing a strong buy signal. The green bars on the histogram confirm this signal, implying that LINK buyers are still active.
LINK listed at $11,003, with an increase of 1.62% in the last 24 hours. Based on LINK’s trajectory, it is likely to break through the $11.9 resistance to reach $15 in the coming weeks if buyers maintain their charge.
What is driving the LINK price increase?
In addition to the overall bullish trend in the cryptocurrency market, Chainlink has recorded notable developments within its ecosystem, which is likely to maintain its price gains.
One of them is the integration of Chainlink CCIP by DeFi provider Affine. Chainlink CCIP is the new industry standard for secure cross-chain linking on the ethereum and Polygon mainnets.
Affine hopes to leverage the messaging capabilities of the CCIP to create a cross-chain nft bridge feature for Affine Pass NFTs. It will guarantee fluid and secure communication nft transfers between supported blockchains.
According to the Affine developers, they selected Chainlink to host Affine NFTs due to its proven track record of security and reliability.
Furthermore, some expert forecast that there will be up to $5 trillion in tokenized digital securities by 2030. Chainlink will likely benefit from this expansion as it is a major player in tokenized asset technology.
With benefits such as fast transaction settlements, operational cost savings and greater transparency, tokenization will likely increase the overall value of Chainlink.
These developments are likely to sustain the LINK token’s price gains over the past week. Although LINK is trading slightly above $11 today, it will likely rise to $15 if market conditions remain favorable.
Featured image from Shutterstock and chart from TradingView.com
