The price of Chainlink (LINK) recently put on a strong show as its Total Value Secured (TVS) increased and tokenization progressed further. The token surged to $17.12, the highest level since April 12. Since its 2023 lowest swing, it has increased by around 240%.
How Chainlink’s (LINK) Oracle Network Is Transforming Data Access
Investors are focusing on Chainlink’s (LINK) main tokenization features, which have made it the industry leader in blockchain oracles.
The Depository Trust and Clearing Corporation (DTCC), in collaboration with a number of businesses, including Edward Jones, Blackrock, BNY Mellon, and Franklin Templeton, concluded its pilot program only last week.
Chainlink (LINK), which offered oracle functions that function as a link connecting blockchains and the outside world, powered the pilot operation. These networks have the ability to alter data from external sources and make it accessible to the blockchain sector.
In the oracle sector, Chainlink (LINK) has grown to be a significant participant. As an illustration, the engineers collaborate with the Swift Network, a company that processes daily transactions totaling more than $1 trillion.
Analysts predict that Chainlink (LINK) will be a major player in the tokenization market, which is predicted to keep expanding. For instance, Securitize has gained more than $800 million in assets, while Ondo Finance (ONDO) has drawn in over $434 million.
In the meantime, Chainlink (LINK) has reached its highest peak in more than a week with a total value secured (TVS) of over $23.5 billion. The majority of these profits have come from Aave, Morpho Aave, and Spark blockchains.
As other cryptocurrencies were growing, the LINK token was also rising. Floki, Pepe, Arweave, and other tokens have all seen double-digit increases in value while Bitcoin has surged to nearly $67,000.
The price of LINK dropped to a low of $11.94 on April 13th, but it has since risen to above $17.12, based on the daily chart. It has passed through the pivotal resistance level of $16.07, the 38.2% Fibonacci Retracement point, and its peak swing on April 22nd.
Additionally, the token has crossed both the 50- and 100-day Exponential Moving Averages (EMA) as well as Andrew’s pitchfork tool’s initial support. The MACD and the Relative Strength Index (RSI), among other oscillators, have both turned upward.
It is therefore likely that the token will continue to rise due to the triple-bottom pattern at $12.75. The 23.6% Fibonacci point at $18.70 will be the next important point to monitor if this occurs.
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