$LINK Founded in 2017, Chainlink, the leading oracle network, is a blockchain abstraction layer that enables universally connected smart contracts.
$LINK has been steadily expanding and recent statistics on LINK’s open interest point to increasing trader optimism. On November 11, open interest was $434.08 million with the recent peak on November 8, when open interest reached $478.4 million. This is in line with the demand for LINK as a utility token and is indicative of investor expectations for its growth in the year 2024.
Price trends signal potential breakout
LINK’s recent performance has depicted a gradual upward trend. The token is currently trading around $14.40 after recovering slightly from a 6% surge on Sunday.
LINK is likely to hit the first hurdle at $15 and if it breaks this level, it could challenge the 2024 high of $22.87. The price is above the support level which is around $12.04.
Recently, $LINK brought yet another positive catalyst: Chainlink's infrastructure expanded the potential of Bitcoin DeFi.
Chainlink’s involvement with BTCFi doesn’t stop at just providing data. Additionally, its tools also help in the creation of native Bitcoin assets, which makes it possible to issue fungible and non-fungible tokens on Bitcoin’s mainnet or layer 2.
Chainlink recently announced that PumpBTC, the leading issuer of Bitcoin assets, will integrate CCIP, Proof of Reserves, and other Chainlink features to increase the utility and usage of its liquid staking token.
Chainlink will soon be seen among the top 10 projects, pushing its price above $100.