Popular Blockchain Oracle Platform Chainlink (LINK) Token Hits All-Time High Above $50
LINK, the native token of the decentralized oracle blockchain network Chainlink, hit a new all-time high above $50 earlier today.
What Happened: At the time of writing, LINK was trading at $50.33 after reaching a high of $51.02, with a daily trading volume of $6.9 billion, up 213% over a span of 24-hours.
— Bluntz (@SmartContracter) May 5, 2021
Market proponents believe that this is “just the beginning” for the popular altcoin, as technical indicators presented a bullish outlook for LINK in the near future.
Why It Matters: The LINK/BTC trading pair broke the Anchored Volume Weighted Average Price (AVWAP) from the top, which one trader called a “huge signal” for the cryptocurrency.
According to another crypto trader “Johnny,” ETH/BTC broke its multi-year downtrend and biggest resistance to flip and “went parabolic” soon after.
Charts show that LINK/BTC is doing the exact same thing now.
Only a year ago, LINK was trading at $3.60 and has since returned over 1200%.
The rise in price can be attributed, in some ways, to Chainlink’s popularity as a decentralized oracle solution for DeFi projects.
— DCinvΞstor ☀ (@iamDCinvestor) May 4, 2021
The network has integrated with over 500 projects, of which 220 are DeFi protocols, according to an overview of the Chainlink ecosystem.
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