LINK Gains After Former Google CEO Eric Schmidt Joins Chainlink Labs
Aiswarya Gopan • 2 min read
Chainlink (LINK) is seeing some bullish price action, although it remains just outside the top 20 cryptocurrencies by market capitalization, powered by rising adoption of its oracle services by several key crypto projects lately. At the time of writing, LINK/USD is trading at around $21.61.
The leading decentralized oracle network received quite the boost in its price over the previous session over news that former Google CEO Eric Schmidt has joined Chainlink Labs as a strategic advisor. According to Schmidt, “Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth.”
Schmidt’s experience in building a global software brand can prove crucial to Chainlink as it works its way towards realizing more innovation even as it drives greater transparency and accuracy in on-chain data. The blockchain’s Co-founder Sergey Nazarov is hopeful that Schmidt will foster more mainstream adoption of Chainlink’s technology and blockchain in general, ushering in greater levels of economic fairness and transparency.
Chainlink’s Adoption Continues to Grow
Another significant development that can support the LINK token in the near term is integration of emerging memecoin Floki Inu (FLOKI) with Chainlink as it gears up to make its debut in the exciting world of DeFi. Chainlink’s integration could improve FLOKI holders as they get ready for staking, lending and borrowing their tokens and even improve the meme token’s P2E NFT game function going forward.
Universal payments and rewards ecosystem Mobie integrating Chainlink Price Feeds to give its users access to fair-market exchange rates in its MobiePay App. Mobie’s CEO and founder, Brandon Burgason, notes, “Unlike other market data solutions, Chainlink Price Feeds are transparent and resistant to single points of failure, helping ensure MobiePay displays accurate prices during periods of extreme market volatility. As we continue expanding our platform, we will also look to integrate other services, such as additional Chainlink Data Feeds and Chainlink Proof of Reserve for enhanced platform functionality.”
Layer 1 Ethereum-compatible parachain connected to Kusama, Moonriver, has also recently integrated Chainlink Price Feeds on its mainnet recently. Developers can then use the oracle services to build DeFi smart contracts within Kusama’s ecosystem, gaining access to reliable and accurate off-chain, real world data.
LINK/USD Technical Analysis
Technical analysis of the H4 chart of LINK/USD reveals a bullish bias among smaller moving averages and the MACD. However, the larger timeframe MAs as well as the momentum indicator point to some selling interest in the market as well.
Chainlink’s price sits just above the pivot point at $21.05 and we need to see considerable buying interest building up to take it higher. If this happens, keep an eye out for the immediate resistance at $25.38.