June 23, 2024

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Chainlink (LINK) Performs Well Despite Market Uncertainty

3 min read
Chainlink (LINK) Performs Well Despite Market Uncertainty

Despite facing uncertain conditions, Chainlink (LINK) has displayed a remarkable performance in the last seven days. The cryptocurrency went from $7.05 to testing its $7.9 resistance but failed. However, it left traders and investors with decent profits along the way.

Plus, some analysts are hopeful Chainlink may finally break into the $8 zone. With October being a bullish season for altcoins and Chainlink’s recent Hebys partnership, these predictions seem practical.

Related Reading: Bitcoin Price Kicks Off the Week In Red, What Fueled The Crash?

Chainlink Meets New Resistance At $8

Chainlink is one of the few cryptos making profits despite the uncertainty in the market. While it experienced some turbulence during the week, Chainlink managed to hold substantial profits for alt traders. The oracle service provider started last week strong at $7.38 floor. However, the next day was rocky for the crypto as it fell sharply to $7.05. 

Thankfully, it found support at that level and quickly recovered, gaining back its starting floor on Tuesday. It went on to add some decent gains the rest of the week and even tested $8. However, it found resistance at $7.9 before dropping back. As of writing, Chainlink is trading at $7.5.

Chainlink’s 1D Chart Doesn’t Look So Good.

Chainlink hasn’t been performing well in the last 24 hours despite swimming in profit from last week. LINK is currently down 0.40%, but it was much worse earlier today. The open-source protocol’s token dropped from its $7.55 floor to $7.42, leaving traders with a 1.72% loss. It had earlier climbed to %7.65 and looked like it could keep up the momentum.

As of writing, it has slowly crept back to its flow. However, it’s uncertain how high the crypto will go since the day has been sluggish generally for altcoins. But on a brighter note, LINK has held its end against the two giant cryptos, Bitcoin and Ethereum. The coin has gained 0.35% and 0.43% against both tokens. 

Plus, it has seen quite a lot of activity in terms of the trading volume. LINK has a trading volume of $293,395,930, an impressive over 29% increase in a week in volume. This growth suggests there might be more room for the altcoin to grow before the trading day ends.

A Good Week For Chainlink In Terms Of Partnerships

The Chainlink community has welcomed some bullish news this week. On Oct. 5, the blockchain company announced its latest partnership with Sigma Two Securities, a systematic liquidity provider and trading business. The partnership brings the latter’s high-quality market data on-chain using Chainlink’s robust decentralized oracles network.

According to the press release, Chainlink will add Sigma Two Securities’ data to its tamper-resistant oracle report. This move will help expand the number of smart-contract use cases relying on financial market aggregation services for data. 

Related Reading: Ethereum Marks Highest Growth Day In 2022, Will ETH Price Follow?

In another announcement, Hebys integrated Chainlink’s Verifiable Random Function (VRF) on several NFT blockchains, including Ethereum, BNB Chain, and Polygon. This allows them to effectively distribute NFT randomly on their platform. 

Featured image from Pixabay and chart from TradingView.com