Putting aside the ETH news this week Chainlink has been on a big up move, with bulls pretty much on the cusp of taking out the summer high.
Chainlink’s price is up around 20% over the past week and over 30% over the last 30-day period, with its year-to-date performance seeing its value rise over 40%.
Source: Tradingview.com
A few weeks ago I mentioned LINK as one to watch, alongside Ripple. LINK/USD was mentioned due to the fact that it could be seriously undervalued and had some serious partnerships planned.
In case you didn't know Chainlink is the industry-standard Web3 services platform. Web 3 obviously becomes particularly relevant given the spaces it covers.
For example, it could enable trillions of dollars in transaction volume across DeFi, on-chain finance, gaming, NFTs, and other major industries.
As the leading decentralized oracle network, Chainlink empowers developers to build Web3 applications with access to real-world data and off-chain computation across any blockchain and provides global enterprises that have a universal gateway to all blockchains.
Notably, the decentralized Oracle network launched last month for early access users its Cross-Chain Interoperability Protocol (CCIP), aiming to bolster cross-chain applications and services.
The protocol is now functional for these users on the Avalanche, Ethereum, Optimism, and Polygon blockchains, after the protocol was tested by at least 25 partners that are now starting to move to the mainnet.
These partners include major decentralized finance protocol Aave and the decentralized liquidity platform, Synthetix. The protocol, according to the Chainlink team, will soon be adoptable by other leading decentralized finance protocol.
Chainlink decentralized oracle networks, which have a proven track record of securing tens of billions of dollars and enabling over $8 trillion in on-chain transaction value.
The interoperability protocol has been a key component behind Chainlink’s partnership with the SWIFT system.
Source: Santiment.net
Chainlink has been seeing a positive performance as large investors have recently started accumulating tokens to the point that 7.5 million $LINK has been added to their wallets over the past two weeks.
From a technical perspective LINK is at the top of its range in the medium-term. Meaning, LINK is actually testing its range breakout for the 15th time.
In this type of scenario when a breakout comes it could be substantial, given the length of time a breakout has actually taken.
Source: Santiment.net
Not surprisingly we are seeing lots of positive price flows and rising daily active address activity surrounding LINK.
Interestingly, Positive sentiment surrounding the LINK/USD pair is also really low. Which is a good sign and strange considering the strong recent gains.
Source: Santiment.net
On a one-year basis, or those who bought LINK a year ago are around 15 percent plus in the green. This is not overbought by any means.
Technically, if we were to see LINK breaking the high, I would expect a move equal to the size of the range that LINK was trapped in.
This could easily equate to a breakout towards the $13.00 price level. I would suggest to keep an eye on $8.50 next week.
