Chainlink (LINK) could see a surge in value as per a price prediction lately and a key partnership announcement.
Analyst Captain Faibik has projected that LINK could reach $200 during this market cycle based on a technical chart analysis. Meanwhile, Ripple has partnered with Chainlink to integrate its price feed technology into the RLUSD stablecoin ecosystem.
LINK Price Analysis Suggests Bullish Momentum
Captain Faibik’s analysis of Chainlink’s monthly chart points to a breakout from a long-term consolidation phase. The chart depicts a descending triangle pattern, with the breakout confirmed by a retest of the $15-$20 level. This zone is now identified as a critical support area for LINK.
I believe $LINK #Chainlink has the Potential to Reach $200 in this bull run.. pic.twitter.com/jneku2qBgD
— Captain Faibik (@CryptoFaibik) January 7, 2025
The analysis highlights resistance zones at $35 and $75 as potential mid-term targets, with $200 as the ultimate price projection. The target is calculated based on the height of the triangle pattern. LINK’s previous rally from 2019 to 2021 and its current bullish momentum further support the prediction.
Ripple and Chainlink Collaboration Focuses on RLUSD Stablecoin
Ripple announced its adoption of Chainlink’s Price Feeds to bring secure, real-time pricing data for the Ripple USD (RLUSD) stablecoin on Ethereum.
The USD-denominated stablecoin RLUSD is intended for enterprise-level use, emphasizing usefulness and compliance. Developers may use precise pricing data for DeFi applications, such as trading and lending, thanks to Chainlink’s infrastructure connectivity.
.@Ripple x @Chainlink: $RLUSD has adopted the Chainlink standard for verifiable data to fuel DeFi adoption with real-time, secure pricing data. The future of stablecoins is here: https://t.co/mq3cThLGQJ pic.twitter.com/993Ac0o282
— Ripple (@Ripple) January 7, 2025
The ecosystem surrounding RLUSD is anticipated to be strengthened by Chainlink’s tested infrastructure, which has enabled transactions totaling more than $18 trillion. Ripple’s partnership with Chainlink demonstrates a mutual dedication to boosting DeFi adoption by providing trustworthy and verifiable on-chain data.
Read also: Expert Says ‘Big BONK Move Coming,’ Predicts Memecoin Could Rally 500%
LINK’s Market Activity Reflects Growing Optimism
At press time, Chainlink (LINK) is traded at $23.20, with a daily trading volume of $1.05 billion. Despite a slight 1.63% decline in the last day, LINK has gained 11.05% over the past week, reflecting growing market interest.
The partnership with Ripple and the bullish market outlook highlighted by analysts like Captain Faibik are contributing to increased confidence in LINK’s potential. The integration of Chainlink’s data feeds into Ripple’s RLUSD ecosystem is seen as a pivotal development that could drive both adoption and price action.
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