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Chainlink (LINK) is sustaining its uptrend in a market that is flashing signs it is ready for consolidation. Current data from CoinMarketCap places the price of Chainlink at $11.40, up 3.40% in the past 24 hours. While this figure is relatively impressive, Chainlink is banking on other metrics as its possible top triggers for any potential incoming bullish rally.
Godfrey BenjaminData from IntoTheBlock (ITB) reveals that Chainlink has soared as high as 1,012% per its exchange netflow, which at the time of writing is pegged at $4.91 million. According to ITB, the exchange network showcases the balance between the volume of an asset entering an exchange and those leaving it.
An asset with a positive exchange flow shows more funds are leaving exchanges than entering, while the opposite holds for assets with a negative net flow. In the case of LINK, the assumption justifying this massive spike in exchange netflow hinges on the idea that many LINK holders benefit from the various staking options offered by many trading platforms.
With Chainlink positioning itself as the powerhouse for many decentralized protocols, the availability of LINK on exchanges appears to offer a brighter feature that is essential for future price leaps.
Major solution highlights
Chainlink occupies a special position in the crypto ecosystem. Besides being the first decentralized oracle service, it is also the most robust, and it has been deployed to secure as much as $7.3 billion worth of assets.
Alex DovbnyaBesides its primary role as an oracle, Chainlink is also pivoting its solution to blockchain interoperability with Cross-Chain Interoperability Protocol (CCIP) design. CCIP is considered revolutionary, and many networks, particularly Arbitrum, are recognizing the potential of this solution and have integrated it.
Through the actions of LINK whales and the validation given to the protocol by SWIFT, it is on track to act on the projections of a breakout in the near term.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team