- On Friday, the Chainlink (LINK) token soared by around 6.45% following a rally in Bitcoin (BTC), which sparked euphoria among the crypto traders.
- LINK soared near its monthly peak at around $9.81, increasing its chance for a major breakout if it manages to hold above this position.
- There is also positive development in the ongoing ceasefire between the U.S. and Iran, where Iran’s Foreign Minister announced that passage for all commercial vessels through the Strait of Hormuz is declared “completely open.”
On April 17, Chainlink (LINK) price soared by around 6.45% following a bullish sentiment in the crypto market after Bitcoin (BTC) rallied near $78,000 on a daily chart.
According to CoinMarketCap, LINK is currently trading at around $9.81, around its monthly high, thanks to its whopping market capitalization of $7.11 billion. The daily trading volume also soared by around $807.25 million
Chainlink Witnesses Rally Following Bullish Sentiment in Crypto Market
The surge in LINK LINK3.33% happened after a wider bullish sentiment across the cryptocurrency market. On April 17, Bitcoin soared near $78,000 with 5% gain in the last 24 hours. This rally in BTC has also triggered correlation in other altcoins as investors and crypto enthusiasts are seeing it as a positive macroeconomic development.
Apart from this, there is a major development in the peace deal between the U.S. and Iran. As per the latest update, Iranian Foreign Minister Abbas Araghchi stated in the official post on X that “passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of the ceasefire.”
Similar to other altcoins during the turmoil in the crypto market, Chainlink has also followed consolidation patterns between $8.50 and $9.50 for many weeks. The current pattern is giving early signs of a possible breakout above the upper resistance level around $9.30. This price pattern has a major support at around $9.50.
According to TradingView, technical indicators are suggesting a bullish scenario for the overall cryptocurrency market. The relative strength index is sitting at around 67, which means momentum remains neutral and leaves room for additional upward momentum without the asset becoming overbought.
Short-term moving averages are also reflecting the bullish momentum as the price trades above the 7-day and 20-day simple moving averages. This price movement confirms short-term buying pressure, while longer-term averages around the 200-day mark still act as future targets for sustained gains.
The Cross Chain Interoperability Protocol processes billions of dollars in monthly volume and enables secure messaging between different blockchains. The Chainlink Reserve recently added 131656 tokens worth more than $1.1 million, which boosts long-term network security and reduces available supply on the market.
Active Oracle nodes have exceeded 1000, and it is now continuously growing as adoption increases.
Recently, many major developments have taken place on the network. The network partnered with SIX, which operates the Swiss and Spanish stock exchanges, to enable on-chain stock data feeds. Several leading institutions now distribute data through Chainlink oracles, including the United States Department of Commerce, S and P Global Ratings, FTSE Russell, and Deutsche Börse.
The Cross Chain Interoperability Protocol supports integrations with platforms such as Monad and the ADI Foundation to accelerate tokenization efforts around the globe.
Also Read: Goldman Sachs Bitcoin ETF Play: How the Strategy Turns BTC Into Yield?
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