Chainlink (LINK) Rallies Over 22% Amid Altcoin Surge and New Partnership
Chainlink (LINK) is a blockchain ecosystem facilitating smart contracts through reliable data. It has emerged as a significant player in the current altcoin rally, with a fully diluted valuation exceeding $21 billion and an average daily trading volume around $6 billion. LINK increased by more than 22.4% over the past 24 hours, trading at approximately $22.92 on December 2.
LINK has experienced sustained bullish sentiment for five weeks, retesting its peak from March. Technical analysis indicates LINK is poised to confirm a bullish trend with monthly higher highs and lows.
The weekly Relative Strength Index (RSI) is nearing 70 percent, suggesting potential further price increases. A breakout could target a price of at least $27, aligning with the 2.618 daily Fibonacci Extension.
Eyes on $LINK pushing to breach the previous yearly high, looking really strong. #Chainlink marines are back in control 💥 pic.twitter.com/rmZYHwmn15
— Crypto Rand (@crypto_rand) December 2, 2024
Chainlink Network Yields Strong Fundamentals
The Chainlink network has established itself as a key enabler of multichain Web3 adoption, providing essential infrastructure for smart contract developers. Its data feeds and cross-chain interoperability protocol (CCIP) have been integrated by numerous companies, including T-Mobile, AAVE, Nexon, GMX, Brazil’s Central Bank, and Swisscom. The network has facilitated over $17.3 trillion in total transaction value.
In a recent partnership, Frankfurt-based fintech company 21X will utilize Chainlink's network for its tokenized exchange. This collaboration aims to ensure sustainable growth and regulatory compliance within the EU market.
21X plans to launch its trading and settlement system leveraging Chainlink standards, enabling regulated tokenized trading services overseen by BaFin. Max Heinzle, founder and CRO of 21X, emphasized the importance of Chainlink in providing secure price data feeds for its listed products.
Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs, noted that Chainlink's infrastructure is vital for the mainstream adoption of real-world asset tokenization.