2024

Bitcoin ETF

Chainlink

<ul class="list-ic vertical"> 
 <li> 1 <a>Chainlink’s official video discusses the launch of the ETH ETF, suggesting the possibility of other ETFs for various tokens in the future.&nbsp;</a> </li> 
 <li> 2 <a>The number of unique addresses participating in transactions for LINK has increased, indicating higher demand and value.&nbsp;</a> </li> 
</ul> 
<a href="https://www.thecoinrepublic.com/2024/05/22/chainlink-soared-over-30-this-week-whats-next-move-for-link/">Chainlink</a> shared an official video that stated that the launch of the ETH ETF confirms, a very basic hypothesis that the Bitcoin ETF would not be the only traditional financial market instrument for which a crypto is an underlying asset. Through which the average institutional investor and consumer could ingress cryptocurrencies. 
Clearly, the narrative is that ETFs will go beyond bitcoin and ETH, but that’s just the beginning. It is a probable indication of a very clear trend that many other tokens will get their own ETFs at some point. 
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 <blockquote class="twitter-tweet">
 First step, package crypto into traditional financial products. Next step, bring global finance onchain. The significance of the newly approved <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> ETF and why crypto is inevitable <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b07.png" alt="⬇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/k05W4CAVH1">pic.twitter.com/k05W4CAVH1</a>— Chainlink (@chainlink) <a href="https://twitter.com/chainlink/status/1793753839373521303?ref_src=twsrc%5Etfw">May 23, 2024</a>
 </blockquote> 
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Expansion into traditional finance would mean more liquidity for crypto. The LINK community is expecting an ETF for Chainlink in the future. 
<h2 class="wp-block-heading" id="strong-sergey-says-capital-markets-involvement-rises-strong">Sergey Says Capital Markets Involvement Rises!</h2> 
By emphasizing the importance of smart contracts and decentralized applications, which are key functionalities of Ethereum, Sergey Nazarov indirectly underscores the relevance of Chainlink’s services. As Chainlink provides oracles that are essential for the functioning of smart contracts, especially those that interact with external data and systems. 
<center>
 <blockquote class="twitter-tweet">
 Sergey Nazarov on the <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> ETF approval featured on <a href="https://twitter.com/qz?ref_src=twsrc%5Etfw">@qz</a> Sergey Nazarov, Co-Founder of Chainlink, a decentralized blockchain oracle network, said in an email that the decision proves that the capital markets are now getting involved in the crypto industry. “One of the most…— Chris Barrett (@ChrisBarrett) <a href="https://twitter.com/ChrisBarrett/status/1793873821587452386?ref_src=twsrc%5Etfw">May 24, 2024</a>
 </blockquote> 
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The approval and the subsequent discussion around Ethereum’s capabilities bring attention to the underlying technologies and participants like Chainlink. This exposure can lead to greater recognition and potentially more adoption of Chainlink’s technology. 
<h3 class="wp-block-heading" id="strong-how-on-chain-metrics-responding-in-chainlink-let-s-dig-in-strong">How, On Chain Metrics Responding In Chainlink? Let’s Dig In!</h3> 
According to the santimentfeed on X, the Chainlink has notably outperformed other cryptocurrencies, reaching over $17.50, a peak it hasn’t seen in the past six weeks.&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 <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/15.0.3/72x72/1f4c8.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> has climbed well ahead of the <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> pack, quickly surpassing $17.50 for the first time in 6 weeks. <a href="https://twitter.com/hashtag/Onchain?src=hash&amp;ref_src=twsrc%5Etfw">#Onchain</a> today, there are 11 transactions in profit for every 1 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> transaction at a loss. This is the highest ratio since Dec. 8, 2022. <a href="https://t.co/nILlWsXWNh">https://t.co/nILlWsXWNh</a> <a href="https://t.co/joMV55V5x7">pic.twitter.com/joMV55V5x7</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1793863195788267961?ref_src=twsrc%5Etfw">May 24, 2024</a>
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Onchain statistics reveal a strikingly positive trend, with the ratio of profitable transactions to loss-making ones standing at 11 to 1 for LINK. This represents the most favorable ratio since December 8, 2022. 
Furthermore, The number of distinct addresses in the Chainlink that participated in a transfer for the given asset in the past 1-hour window was 145 transactions, the 24-hour window was 770 transactions, and the 7-day window was 4065 transactions.&nbsp; <iframe loading="lazy" title="Santiment Chart: Active Addresses 1h (LINK), Active Addresses 24h (LINK), Active Addresses 7d (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=arb-chainlink&amp;pt=LINK&amp;df=2024-03-06T00%3A00%3A00.000Z&amp;dt=2024-05-24T18%3A29%3A59.745Z&amp;emcg=1&amp;emhwm=1&amp;wm=active_addresses_1h%3Bactive_addresses_24h%3Bactive_addresses_7d&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%3B%3B" scrolling="no"></iframe> 
This illustrates that more people are using and trading the LINK, which implies a higher demand and value for the token as the active addresses of Chainlink are increasing over time. 
<h3 class="wp-block-heading" id="strong-chainlink-price-eyes-upside-action-ahead-strong">Chainlink Price Eyes Upside Action Ahead!</h3> 
Besides, there was a breach above a key bearish trend line on the daily chart of the LINK. Chainlink has traded around $16.80 level (at press time), with an intraday surge of 1.14% and traded above the 50-day, and 200-day EMA’s.  
<a href="https://in.tradingview.com/chart/LINKUSD/Xd8bQRjN-A-clear-break-above-22-0-may-possibly-open-gate-for-new-highs/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
primary resistance happens to be near the $18.20 level, and the next major resistance at $20.0 and $22.0 supply zone. A clear break above $22.0 may possibly open gate for new highs toward the $30.0 level. 
On the contrary, if Chainlink’s price fails to climb above the $18.20 resistance level, there could be a fresh deterioration. Where, the Initial support on the downside could be near the $15.50 level, below which the price might test the $ 14.0 level. in this situtaion, Any more losses could lead LINK toward the $12.50 level, also. 
<h3 class="wp-block-heading" id="strong-summary-strong">Summary</h3> 
Chainlink’s official video discusses the launch of the ETH ETF, suggesting the possibility of other ETFs for various tokens in the future.&nbsp; 
Onchain statistics for LINK show a positive trend, with a profitable to loss-making transaction ratio of 11 to 1, the most favorable since December 8, 2022. Likewise, The number of unique addresses participating in transactions for LINK has increased, indicating higher demand and value.&nbsp; 
technically, LINK breached a bearish trend line on the daily chart, trading around $16.80 with potential resistance levels at $18.20, $20.0, and $22.0. Failure to break resistance could lead to a decline towards $15.50 and $14.0 levels.

Can Chainlink Price Thrust Higher, As Cofounder Stirred Optimism?

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Thecoinrepublic.com

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