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3 Reasons to Be Bullish on Chainlink (LINK)

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Fri, 8/12/2023 - 10:32
3 Reasons to Be Bullish on Chainlink (LINK)
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Chainlink (LINK) is setting itself up on a bullish pedestal, with three key catalysts that might ultimately influence the sentiments of members of its ecosystem. At the time of writing, each LINK token is trading at $16.06, up by 2.53% in the past 24 hours. For the year-to-date period, LINK has soared by 195%, and it is likely to extend this growth.

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This Is Who Pushed ChainLink (LINK) Price to Sky

Chainlink triple trigger

One of the most bullish news Chainlink has recorded in recent times is the oversubscription of the Staking v0.2 upgrade. The protocol said that with 19 million tokens staked in 24 hours, the community pool to shift from the old version to the new would occur in under seven hours since early access registration was opened.

With an enhanced reward and claim mechanism, Chainlink may see boosted demand for LINK, and possibly see upward price pressure.

Data from Santiment also pointed out that the Chainlink Binance funding ratio has skewed positively to longs for the first time in four weeks. With more people betting on the future of LINK, the analytics platform projects there may be no resistance to the coin as it makes a move to journey toward the $20 mark.

The last catalyst to watch out for is the general sentiment on the market, which may ultimately impact the price of LINK. From the hype trailing the likelihood of securing approval for a Bitcoin spot Exchange Traded Fund (ETF) from the U.S. SEC to the growing integration of its innovations, the positive factors surrounding Chainlink are enormous.

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Chainlink (LINK) Reaches New All-Time High

LINK's attractiveness

Besides the aforementioned features, LINK is an attractive altcoin as it has maintained its stance as the most purchased token and the top decentralized oracle powering the majority of Web3.0 protocols today. 

Chainlink’s application and integration into non-crypto-native platforms have also positioned it as a protocol with more diverse appeal, a positive boost for its long-term potential.

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