What Makes Chainlink (LINK) One of the Top Gainers Today?
Aiswarya Gopan • 2 min read
Chainlink (LINK) is one of the busiest digital assets in the market, registering double digit daily gains of almost 15% and making its way to rank 13 on the top cryptocurrencies’ list by market capitalization. At the time of writing, LINK/USD is trading at around $34.53.
Although it did slip down from the twelfth position in the list, the decentralized oracle token has been making solid gains in recent weeks amid the surge in interest among investors towards DeFi and other use cases for cryptocurrencies. The move higher was driven mainly after Layer-2 scaling solution for Ethereum, Optimism, announced an integration of Chainlink oracles which will empower dApps running on its ecosystem access to real-world data on the blockchain.
The recent interest in making blockchain networks more useful beyond enabling swift and cheap transfer of payments will see Chainlink’s use cases continue to rise, supporting an increase in the value of its token LINK. With more developers creating decentralized applications running on Ethereum and other leading blockchain networks, the need for access to real-world data in a reliable format that can be processed on-chain also goes up, powering the need for oracles like Chainlink.
According to popular crypto strategist and analyst operating under the pseudonym of Inmortal, LINK could soon experience a strong breakout against market leader Bitcoin. He also sounds bullish about Bitcoin rallying towards $60,000 which means Chainlink could see a sharper surge which will be required to drive up LINK/BTC as per his forecast.
Key Levels to Watch
Technical analysis of the H4 price chart of LINK/USD reveals a strong bullish bias among moving averages and leading technical indicators MACD and momentum. However, the Stochastic and RSI are flashing sell at the moment, which points to some sellers in the game as well.
Chainlink’s price is sitting a comfortable distance from the pivot point and further buying pressure can see the resistance at $36.70 being tested soon. A break past this level can see buyers face more resistance at $39.84 before LINK can shoot above the $40 level.