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Can Chainlink Price Thrust Higher, As Cofounder Stirred Optimism?

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Chainlink shared an official video that stated that the launch of the ETH ETF confirms, a very basic hypothesis that the Bitcoin ETF would not be the only traditional financial market instrument for which a crypto is an underlying asset. Through which the average institutional investor and consumer could ingress cryptocurrencies.

Clearly, the narrative is that ETFs will go beyond bitcoin and ETH, but that’s just the beginning. It is a probable indication of a very clear trend that many other tokens will get their own ETFs at some point.

Expansion into traditional finance would mean more liquidity for crypto. The LINK community is expecting an ETF for Chainlink in the future.

Sergey Says Capital Markets Involvement Rises!

By emphasizing the importance of smart contracts and decentralized applications, which are key functionalities of Ethereum, Sergey Nazarov indirectly underscores the relevance of Chainlink’s services. As Chainlink provides oracles that are essential for the functioning of smart contracts, especially those that interact with external data and systems.

The approval and the subsequent discussion around Ethereum’s capabilities bring attention to the underlying technologies and participants like Chainlink. This exposure can lead to greater recognition and potentially more adoption of Chainlink’s technology.

How, On Chain Metrics Responding In Chainlink? Let’s Dig In!

According to the santimentfeed on X, the Chainlink has notably outperformed other cryptocurrencies, reaching over $17.50, a peak it hasn’t seen in the past six weeks. 

Onchain statistics reveal a strikingly positive trend, with the ratio of profitable transactions to loss-making ones standing at 11 to 1 for LINK. This represents the most favorable ratio since December 8, 2022.

Furthermore, The number of distinct addresses in the Chainlink that participated in a transfer for the given asset in the past 1-hour window was 145 transactions, the 24-hour window was 770 transactions, and the 7-day window was 4065 transactions. 

This illustrates that more people are using and trading the LINK, which implies a higher demand and value for the token as the active addresses of Chainlink are increasing over time.

Chainlink Price Eyes Upside Action Ahead!

Besides, there was a breach above a key bearish trend line on the daily chart of the LINK. Chainlink has traded around $16.80 level (at press time), with an intraday surge of 1.14% and traded above the 50-day, and 200-day EMA’s.

primary resistance happens to be near the $18.20 level, and the next major resistance at $20.0 and $22.0 supply zone. A clear break above $22.0 may possibly open gate for new highs toward the $30.0 level.

On the contrary, if Chainlink’s price fails to climb above the $18.20 resistance level, there could be a fresh deterioration. Where, the Initial support on the downside could be near the $15.50 level, below which the price might test the $ 14.0 level. in this situtaion, Any more losses could lead LINK toward the $12.50 level, also.

Summary

Chainlink’s official video discusses the launch of the ETH ETF, suggesting the possibility of other ETFs for various tokens in the future. 

Onchain statistics for LINK show a positive trend, with a profitable to loss-making transaction ratio of 11 to 1, the most favorable since December 8, 2022. Likewise, The number of unique addresses participating in transactions for LINK has increased, indicating higher demand and value. 

technically, LINK breached a bearish trend line on the daily chart, trading around $16.80 with potential resistance levels at $18.20, $20.0, and $22.0. Failure to break resistance could lead to a decline towards $15.50 and $14.0 levels.

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