Bitcoin

Chainlink

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">Chainlink (LINK) is setting itself up on a bullish pedestal, with three key catalysts that might ultimately influence the sentiments of members of its ecosystem. At the time of writing, each LINK token is&nbsp;<a href="https://coinmarketcap.com/currencies/chainlink/" rel="noopener noreferrer nofollow">trading at $16.06</a>, up by 2.53% in the past 24 hours. For the year-to-date period, LINK has soared by 195%, and it is likely to extend this growth.</p>
<h2 id="chainlink-triple-trigger">Chainlink triple trigger</h2>
<p dir="ltr">One of the most bullish news Chainlink has recorded in recent times is the oversubscription of the&nbsp;<a href="https://u.today/chainlink-link-announces-next-big-step-in-staking-progress" rel="noopener noreferrer nofollow">Staking v0.2 upgrade</a>. The protocol said that with 19 million tokens staked in 24 hours, the community pool to shift from the old version to the new would occur in under seven hours since early access registration was opened.</p>
<p dir="ltr">With an enhanced reward and claim mechanism, Chainlink may see boosted demand for LINK, and possibly see upward price pressure.</p>
<p dir="ltr">Data from Santiment also&nbsp;<a href="https://twitter.com/santimentfeed/status/1733011736905785809?s=20" rel="noopener noreferrer nofollow">pointed out</a> that the Chainlink Binance funding ratio has skewed positively to longs for the first time in four weeks. With more people&nbsp;<a href="https://u.today/chainlink-sees-401-surge-in-large-transactions-how-it-moves-needle-on-link-price" rel="noopener noreferrer nofollow">betting on the future of LINK</a>, the analytics platform projects there may be no resistance to the coin as it makes a move to journey toward the $20 mark.</p>
<blockquote>
 <p lang="en" dir="ltr">🔗📊 <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a>'s <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> funding rate ratio has skewed toward mainly longs, the highest level in 4 weeks. As <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> has regained the $16 threshold, watch if a bit of <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FOMO</a> forms a local top, or if prices continue surging toward $20 with little resistance. <a href="https://t.co/kgn5ZGs9GB" rel="noopener noreferrer nofollow">https://t.co/kgn5ZGs9GB</a> <a href="https://t.co/PajHbcsvrB" rel="noopener noreferrer nofollow">pic.twitter.com/PajHbcsvrB</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1733011736905785809?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 8, 2023</a>
</blockquote>
<p dir="ltr">The last catalyst to watch out for is the general sentiment on the market, which may ultimately impact the price of LINK. From the hype trailing the likelihood of securing approval for a Bitcoin spot Exchange Traded Fund (ETF) from the U.S. SEC to the growing integration of its innovations, the positive factors surrounding Chainlink are enormous.</p>
<h2 id="link-s-attractiveness">LINK's attractiveness</h2>
<p dir="ltr">Besides the aforementioned features, LINK is an attractive altcoin as it has maintained its stance as&nbsp;<a href="https://u.today/chainlink-link-adds-10-becomes-most-purchased-token" rel="noopener noreferrer nofollow">the most purchased token</a> and the top decentralized oracle powering the majority of Web3.0 protocols today.&nbsp;</p>
<p dir="ltr">Chainlink’s application and integration into non-crypto-native platforms have also positioned it as a protocol with more diverse appeal, a positive boost for its long-term potential.</p>

3 Reasons to Be Bullish on Chainlink (LINK)

Table of Contents

U_Today

Other articles published on Dec 8, 2023

Bitcoin (BTC) Rally Leads to New Yearly High — Is $50,000 on the Horizon?

BONK Price Hits New ATH! Is BONK A Good Investment For 2024?

BTC rallying, Bitcoin clones could surge in 2024

Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means

ETH Price Prediction Projects A Rally Beyond $3000 To Kickstart The 2024 Bull Run!

ZRX Crypto Asset Bullish and is Expected to Rise Steadily

Join our free newsletter for daily crypto updates!