Price Speculation Soars as Chainlink’s (LINK) Security Reaches $23.5B

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%.

Price Speculation Soars as Chainlink's (LINK) Security Reaches $23.5B
Price Speculation Soars as Chainlink’s (LINK) Security Reaches $23.5B

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. 

Personal Note From MEXC Team

Check out our MEXC trading page and find out what we have to offer! There are also a ton of interesting articles to get you up to speed with the crypto world. Lastly, join our MEXC Creators project and share your opinion about everything crypto! Happy trading! Learn about interoperability now!

Join MEXC Creators Project or start your travel on MEXC

This article was contributed by our guest writer. Want to share something unique with over 10 million users? Check out the MEXC Creators program.

Join MEXC Creators
Register on MEXC Exchange
Bilfred Mutugi

My name is Bilfred Mutugi and I am a news writer. I mainly write news on Blockchain, Metaverse, NFTs and new markets in the Cryptocurrency sector. I have written a few samples that have been published by a few websites. As a writer, I have a passion for educating and informing people about the potential of blockchain technology and how it can change the world.

Share your love to MEXC
Default image
Bilfred Mutugi
My name is Bilfred Mutugi and I am a news writer. I mainly write news on Blockchain, Metaverse, NFTs and new markets in the Cryptocurrency sector. I have written a few samples that have been published by a few websites. As a writer, I have a passion for educating and informing people about the potential of blockchain technology and how it can change the world.