Franklin

2024

Bitcoin

Chainlink

<p>The post <a href="https://coinpedia.org/price-analysis/chainlink-defies-the-odds-why-is-the-link-price-up-today/">Chainlink Defies the Odds – Why Is the LINK Price Up Today?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Chainlink (LINK), a leading oracle blockchain with multichain capabilities, has continued to attract significant attention from institutional investors and retail traders. With a fully diluted valuation of about $16 billion, the mid-cap altcoin pumped more than 15 percent in the last 24 hours to trade about $16.04 on Friday during the early London session.&nbsp;</p> 
<p>The Chainlink rise was decoupled from the rest of the altcoin industry, which has continued to consolidate despite the recent Bitcoin pump.&nbsp;</p> 
<h2 class="wp-block-heading" id="chainlink-whales-on-the-move">Chainlink Whales on the Move</h2> 
<p>With an anticipated altcoin rally, crypto whales have made necessary investment changes to maximize gains. Moreover, Bitcoin dominance has been approaching cycle top, as depicted by a bearish divergence on the weekly Relative Strength Index (RSI).</p> 
<p>According to on-chain data provided by market intelligence platform Santiment, Chainlink addresses holding more than 100k LINK units have increased by 4.6 percent in the past five weeks to 564.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw">#Chainlink</a>'s market cap has shot up +14% in the past 8 hours, decoupling from the <a href="https://twitter.com/hashtag/altcoin?src=hash&amp;ref_src=twsrc%5Etfw">#altcoin</a> pack. There are now 564 100K+ <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> whales, a +4.6% rise in just 5 weeks. If social dominance calms and <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw">#FOMO</a> doesn't take over, <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw">#bullish</a> conditions are ahead. <a href="https://t.co/UQcQvD2jzk">https://t.co/UQcQvD2jzk</a> <a href="https://t.co/SK1y43XxJv">pic.twitter.com/SK1y43XxJv</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1791288113769386352?ref_src=twsrc%5Etfw">May 17, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="why-is-the-link-price-surging">Why is the LINK Price Surging?</h2> 
<p>Chainlink network has established itself as a secure, scalable multichain oracle provider for the entire web3 ecosystem. On Thursday, the Depository Trust and Clearing Corporation (DTCC), a global leader in securities settlement systems, announced the completion of a pilot project with the Chainlink network dubbed Smart NAV. </p> 
<p>Notably, the DTTC and Chainlink pilot project involved several top-tier US banks led by BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, and MFS Investment Management.&nbsp;</p> 
<h2 class="wp-block-heading" id="what-next-for-chainlink-price">What Next for Chainlink Price?</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Some prefer to buy the pump… <br><br>In here, we find opportunities to buy the dip! <a href="https://t.co/qJjLFqTFlc">https://t.co/qJjLFqTFlc</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1791354530036412829?ref_src=twsrc%5Etfw">May 17, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>From a technical standpoint, LINK’s price against the US dollar is aimed at retesting the all-time high (ATH) soon. On the weekly time chart, LINK price rebounded from the 50 weekly Moving Average (MA) and has since rallied above the 50 RSI.&nbsp;</p> 
<p>If the LINK price consistently closes above the recent high of around $22, the altcoin will be aiming for $39.5, which coincides with the weekly Fibonacci Extension.</p>

Chainlink Defies the Odds – Why Is the LINK Price Up Today?

Table of Contents

CoinPedia News

Other articles published on May 17, 2024

Vitalik Buterin Reveals Future of Ethereum and 'Free Internet?'

Michael Saylor Reacts as BTC Price Successfully Reclaims $66,000

Turkey’s Governing Party Proposes Crypto Regulation Bill to Parliament

LINK Gains 13% in a Day Amid DTCC and Chainlink Joint Effort

Wallet drainer service Pink Drainer to wind down operations

5 Best Gold ETFs to Invest in May 2024

Join our free newsletter for daily crypto updates!