According to U.Today, Chainlink (LINK), a leading Ethereum-based oracle protocol, is demonstrating resilience against market bears during a period of negative reversal in the broader digital currency ecosystem. As per recent data from CoinMarketCap, LINK has seen a 3.18% increase in the last 23 hours, reaching $18.54. This is in contrast to a 0.62% decrease in the combined market cap.
Chainlink's daily growth rate is noteworthy, especially when compared to Bitcoin (BTC) and other top altcoins. A 14.74% increase in volume indicates potential for further surges. Recent trading activity shows a total of $445,393,986 in LINK being exchanged, making it the 21st most traded token in the market.
The positive sentiment surrounding Chainlink in the retail market suggests a strong buying impulse. If this continues, it could help Chainlink extend its daily bullish trend, despite the bearish turn of Bitcoin. The LINK/USD 4H chart on TradingView shows the token trading above its 50, 100, and 200 moving averages, indicating a bullish trend.
Over the past month, Chainlink has seen a 36.46% growth. Several factors have contributed to this significant increase. Beyond regular whale shifts, the primary driver is the value Chainlink adds and the unique position it holds in the industry.
As a leading Oracle service provider, Chainlink enhances the operational efficiency of many decentralized applications (dApps). To further strengthen its industry position, Chainlink has formed several partnerships with top protocols to enhance their interoperability. Chainlink has also benefited from an upgrade to its staking engine, which now provides a more robust platform for betting on LINK and broadens engagement.