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.

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%.

See also: This Crypto Looks Like It's Breaking Out Of An Ascending Triangle

The rise in price can be attributed, in some ways, to Chainlink’s popularity as a decentralized oracle solution for DeFi projects.

The network has integrated with over 500 projects, of which 220 are DeFi protocols, according to an overview of the Chainlink ecosystem.