Chainlink price continued its strong rally, reaching a high of $30, its highest level since November 2021.
Chainlink (LINK), the biggest oracle in the blockchain industry, rose to $30.17, up over 270% from its lowest point in September.
The coin soared due to several tailwinds that could drive further gains in the near term. For example, Donald Trump’s World Liberty Finance selected Chainlink as its oracle provider and acquired 78,387 LINK tokens valued at over $2.3 million.
Hedera Hashgraph (HBAR), the popular layer-1 network, selected Chainlink as the provider of its oracles as it seeks to boost its Decentralized Finance and Real World Asset tokenization adoption.
Further, Chainlink is collaborating with Swift Society, one of the world’s most significant payment networks. Swift, which processes over $150 trillion in annual transactions, aims to leverage Chainlink’s Cross-Chain Interoperability Protocol to streamline global cash transfers.
Chainlink has secured more major partnerships in recent months, including with companies like Emirates NBD, Coinbase, and UBS, the world’s largest wealth manager.
Meanwhile, Chainlink’s market share continues to grow, with the total value secured in its network surpassing $40 billion. This figure makes Chainlink larger than the next 10 oracles combined.
Additionally, data shows that more Chainlink investors are moving their tokens to self-custody as the number of tokens on exchanges has dropped to 255.8 million. Token outflows from exchanges are typically a sign of reduced selling pressure.
Data by IntoTheBlock shows that the total addresses holding the LINK token has risen sharply in the past few weeks.
Chainlink price technical analysis
The weekly chart shows that LINK has been in a strong bullish trend over the past few months. It has broken past the key resistance level at $22.80, its highest point on March 11 this year.
Chainlink has also moved above the overshoot level of the Murrey Math Lines and is trading above the 50-week and 25-week moving averages. The Relative Strength Index is also pointing upwards.
Therefore, the most likely scenario is that Chainlink’s price could rise by 80%, reaching its all-time high of $54.
