As a seasoned researcher with over a decade of experience in the crypto space, I must say that the recent performance of Chainlink (LINK) has been nothing short of impressive. The 27% daily gain and the 50% increase over the last week are certainly eye-catching numbers, especially when you consider that this is happening during a time when the broader market is still trying to find its footing.
On December 3rd, the value of Chainlink’s (LINK) cryptocurrency surged by an impressive 27%, outpacing the broader crypto market. This significant rise was triggered by a partnership with an EU company aimed at developing a system for settling tokenized assets.
The price of LINK is up 50% over the last week and 125% in the past 30 days.
According to data from CryptoMoon Markets Pro and TradingView, Chainlink (LINK) formed an impressive “giant candlestick” on December 3rd. This massive candle signified a significant price increase as the coin rose from a low of $18.58, eventually climbing up to 45% and reaching a two-year peak at $26.92.
The level of trading has followed LINK’s price increase closely. On December 3 alone, LINK’s spot trading volume reached an impressive $8.6 billion, marking a significant 271% rise compared to the previous day. This surge in activity has boosted LINK’s market capitalization to a staggering $15.52 billion, placing it as the 15th largest cryptocurrency globally.
Europe’s first EU-regulated tokenized securities market
The surge in LINK’s price is fueled by the buzz within the community due to the strategic alliance between Chainlink and 21X, a platform dedicated to tokenized assets like money and securities, aiming to establish Europe’s initial EU-compliant tokenized securities market.
21X plans to utilize Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to facilitate the transfer of assets across various blockchains. In essence, this means that 21X sees stablecoins as tokenized assets that will be available from multiple chains for their clients.
Using this innovative tool, 21X is able to seamlessly connect live market information and enable the transfer of assets between various blockchain networks in real time.
Max Heinzle, Founder and CEO of 21X, expressed excitement about teaming up with Chainlink. This partnership is significant as we ready ourselves to introduce Europe’s inaugural tokenized securities market infrastructure.
“By leveraging Chainlink’s technology, we will offer a secure and efficient platform for trading and settlement on a public permissionless blockchain.”
Chainlink network activity soars
According to information from market intelligence firm CryptoQuant, the level of activity within the Chainlink network is significantly increasing, and this surge appears to coincide with the rising cost of the asset.
On November 29th, there were 6,437 transactions carried out daily. However, by November 2nd, this number skyrocketed to a record high not seen in the past two years, reaching an impressive 24,901 transactions – marking a significant increase of 286%.
The number of active addresses has also jumped by 179% over the same period. This points to increasing adoption of the Chainlink ecosystem, which drives up demand for LINK.
Chainlink trader sets $50 price target
The Relative Strength Index (RSI) is currently decreasing and stands at 79, indicating that the current surge may be nearing exhaustion as it’s entering an overbought territory.
However, the appearance of a “golden cross” on the daily chart may help the rally continue.
A golden cross signifies a positive trend in financial markets, appearing as a bullish signal when a short-term average line (often the 50-day Simple Moving Average) rises above a long-term average line (commonly the 200-day Simple Moving Average).
On November 30, the price of LINK made a significant jump over the recovery pattern’s neckline, which was shaped like a ‘U’, at approximately $19, thus indicating a bullish trend.
Making a strong push above $25 could act as a catalyst, propelling the price upward and potentially reaching the optimistic goal suggested by the existing pattern, which is around $30. This movement represents an approximately 21% increase from the current price level.
However, some market analysts hold a particularly optimistic stance for 2025. For instance, an anonymous trader known as Satoshi Flipper predicts that with the recent breakthrough above the $22 price level, we can expect the value to soar beyond $50.
“It’s $LINK SEASON, now we do $22 –> $52”
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2024-12-03 17:45