Chainlink price rallies as hopes of an 80% surge rise

Chainlink price continued its strong rise and reached $30, its highest level since November 2021.

Chainlink (LINK), the biggest oracle in the blockchain industry, is up over 270% from its low point in September to $30.17.

The coin has rallied due to several headwinds that could lead to further gains in the near term. For example, Donald Trump’s World Liberty Finance chose Chainlink as its Oracle provider and purchased 78,387 LINK tokens worth over $2.3 million.

Popular layer-1 network Hedera Hashgraph (HBAR) has chosen Chainlink as its oracle provider as it aims to increase the adoption of Decentralized Finance and Real World Asset tokenization.

Additionally, Chainlink cooperates with Swift Society, one of the world’s most important payment networks. Swift, which processes over $150 trillion in annual transactions, aims to leverage Chainlink’s Cross-Chain Interoperability Protocol to facilitate global cash transfers.

Chainlink has secured larger partnerships in recent months, including with companies like Emirates NBD, Coinbase and UBS, the world’s largest asset manager.

Meanwhile, Chainlink’s market share continues to grow, and the total value secured on its network exceeds $40 billion. This figure makes Chainlink larger than the next 10 oracles combined.

Additionally, data shows that more Chainlink investors are moving their tokens into their custody as the number of tokens on exchanges drops to 255.8 million. Token outflows from exchanges are usually a sign that selling pressure is easing.

IntoTheBlock’s data shows that the total addresses holding the LINK token have increased sharply over the past few weeks.

Chainlink addresses | Source: IntoTheBlock Chainlink price technical analysis LINK price chart | Source: crypto.news

The weekly chart shows that LINK has been in a strong uptrend for the past few months. It broke through key resistance at $22.80, the high of this year on March 11.

Chainlink has also broken above the Murrey Math Lines exceedance level and is trading above the 50-week and 25-week moving averages. The Relative Strength Index is also pointing up.

Therefore, the most likely scenario is that Chainlink’s price rises by 80% to reach its all-time high of $54.