Coinspeaker Chainlink (LINK) Price Rebounds Fueled by Renewed Whales Buying Pressure
Chainlink (LINK) network, a top-tier smart contract-focused blockchain offering the Web 3.0 ecosystem with reliable oracle data, has continued to attract the attention of more institutional investors. The mid-cap altcoin, with a fully diluted valuation of about $13.7 billion and a daily average traded volume of about $274 million, rallied more than 4 percent in the past 24 hours to hover around $13.79.
Chainlink price rallied in tandem with the rest of the crypto industry, which regained a bullish outlook led by Bitcoin (BTC). As of this writing, the total crypto market cap has surged around 4 percent in the past 24 hours to hover about $2.41 trillion.
According to on-chain data analysis from Santiment, Chainlink investors with a balance of between 10k and 1 million units accumulated more than 10 million LINK units, worth over $120 million, in the past two weeks.
Why Chainlink Network?
In the past few years, the core developers of the Chainlink network have built several products to enable the seamless adoption of digital assets and Web 3.0 protocols. In addition, to secure oracles, the Chainlink network takes pride in the CCIP network, which enables secure interoperability communication between existing systems of private or public blockchains.
As a result, the Chainlink network has attracted dozens of institutional investors seeking to enter the web3 ecosystem seamlessly. For instance, Chainlink announced earlier this month a strategic partnership with Fidelity International and Sygnum to seamlessly onboard Net Asset Value (NAV) data on-chain.
The Chainlink network is also working with DTCC and 10 other financial institutions to bring fund data on-chain.
According to Sergey Nazarov, a co-founder of the Chainlink network, more institutional investors are seeking secure access to on-chain networks to enable seamless tokenization of real-world assets (RWA). Already, major institutions led by BlackRock Inc. (NYSE: BLK), and Fidelity Investments have already tokenized real-world assets.
“RWAs can hold critical pieces of data that prove important things about the underlying asset much quicker and more effectively than traditional systems. Good examples are Chainlink’s usage to put NAV data on-chain for large CSDs and proof of reserve about the current state of an underlying asset,” Nazarov noted.
LINK Price Expectations
Chainlink price against the US dollar has faced significant bearish sentiment since the beginning of this year. From a technical perspective, LINK price has already closed below the 50 and 200-weekly Moving Averages (MA), signaling low bullish momentum.
After forming a possible head and shoulders (H&S) pattern coupled with a bearish divergence on the Relative Strength Index (RSI) on the weekly time frame, LINK price against the US dollar could be on the precipice of further downward pressure.
Unless LINK price consistently closes above $18 in the coming weeks, the altcoin could drop toward the support level of around $10, which coincides with the 0.786 weekly Fibonacci Extension.
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Chainlink (LINK) Price Rebounds Fueled by Renewed Whales Buying Pressure
