Why Is Chainlink (LINK) Price Up?

It’s been a while since I wrote this, but Chainlink’s LINK price is on the move. In fact, the LINK price surged 7% today, placing it among the top gainers in the top 30 cryptocurrencies by market cap.

Following today’s uptick, the Chainlink price has now climbed above $12. This comes as a welcome change for a somewhat overlooked coin that enjoyed a nice run in late 2023 lasting until March, but has since struggled to keep its holders content.

LINK Price Analysis

The Chainlink (LINK) chart reveals a clear downtrend channel from March 2024 until late September, with prices steadily declining. Recently, LINK broke out of this descending channel around the $10.50 mark, hinting at potential bullish momentum.

After the breakout, the price is now testing resistance near $12.15, with the next major hurdle at the 200-day moving average (around $14.30). While this breakout suggests a possible reversal, LINK needs to maintain its upward trajectory to confirm a trend change. The RSI is also approaching 70, indicating increased buying pressure.

We recently reported that Chainlink unlocked 18.75 million LINK tokens (worth about $215 million), with 18.125 million sent to Binance. These unlocks have been happening every three months since August 2022, totaling 145.75 million LINK ($1.5 billion) so far.

Despite these significant unlocks, LINK’s price has shown resilience, sometimes even rising after these events. With 372.75 million LINK ($4.27 billion) still in reserve, future unlocks could continue to influence the token’s price.

Read also: SEI Price Explodes, But Will SEI Mirror SUI and Solana’s Runs?

Chainlink’s Role in the RWA Trend

Sergey Nazarov, Co-Founder of Chainlink, shared his thoughts on X about the growing trend of Real World Assets (RWAs) in the blockchain space. He stated:

“I am increasingly convinced that the RWA trend is the early stages of getting the traditional financial system onto blockchains in a way that we have not seen yet. Some of the world’s largest financial institutions are already putting tokenized funds on-chain, and I think we are just at the very early stages of this trend.”

Nazarov highlighted Chainlink’s importance in this emerging sector:

“Chainlink already powers many of the top RWAs and the need for both data and cross-chain working in one system is even greater here than it initially was in DeFi.”

He also pointed out the potential scale of this trend:

“The trillions of dollars in value that will flow into the RWA format makes it something that I see as likely to surpass the market capitalization of cryptocurrencies. Our industry may sometime soon be defined by RWAs more than it is by cryptocurrencies, similarly to how the internet was at one point about email, but then went on to be defined by more uses of information technology e.g. ecommerce.”

Nazarov concluded by noting the potential impact on the broader crypto ecosystem:

“The influx of value into the blockchain format/RWAs will also feed a boom in DeFi, where many of those assets will be placed to generate greater yield.”

As the RWA trend continues to develop, Chainlink’s role in providing secure and reliable data infrastructure could become increasingly important, potentially contributing to the recent upward movement in LINK’s price.

Best Chainlink Alternative Among Meme Coins?

Enter Panda World’s PADW, a project that’s trying to blend the fun of gaming with the excitement of crypto. The project is currently in the ongoing presale.

Panda World is basically a game where you can go on quests and collect cards to build your team. It’s all set in this colorful world with six panda siblings as the main characters. But here’s the twist – they’ve also thrown in a casino that uses blockchain to keep things fair and transparent.

The whole ecosystem runs on $PADW tokens. It’s like they’re trying to ride the meme coin wave, but also give the token some actual use through the game and casino stuff.

So what’s the deal with the game? Well, it’s a turn-based RPG where you collect cards and go on adventures. Pretty straightforward, but it could be fun if you’re into that kind of thing.

The casino part is interesting too. They’re using blockchain to make it more trustworthy, which is a neat idea if it works as they say.

As for the tokens, they’ve got a whopping 88.8 billion $PADW in total. They’re spreading these out for things like presale, keeping the market liquid, giving rewards for staking, marketing, and growing their ecosystem.

Is it the next big thing? Who knows. But it’s an interesting take on mixing meme coins with gaming and gambling.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.