Chainlink Prize reaches new $ 8.30: Why the increase and what does the future bring?

Chainlink Prize reaches new $ 8.30: Why the increase and what does the future bring?

chainlink (link) has recorded a strong price increase in the past few hours and is gaining momentum again. The price for the native token link has reached the highest level since April 19 and was $ 8.30. The market capitalization of Chainlink increased to $ 4.36 billion. In addition to Chainlink, XDC Network, Stellar Lumens, Maker and Synthetix have also been one of the top performances.

chainlink plays an important role in the blockchain industry and is an oracle network that supports some of the largest platforms in the defi industry, such as AAVE, Compound, Venus, GMX and Liquity. The Chainlink ecosystem has a total value of secure assets (Total Value Secure) of over $ 21 billion and already handled transactions worth over $ 8.2 trillion. In addition, Chainlink also offers other services such as market data feeds, verifiable random generators and proof-of reserves. As a result, the platform has become an important part of the crypto industry.

The Chainlink Prize continued to increase on Thursday after the developers launched a new product called Cross-Chain Communication (CCC). This tool is located at the interface of blockchains and the traditional finance industry. CCC enables different protocols to communicate with each other and was initially introduced into five test networks.

In addition to the market launch of CCC, Link's price increase could also be attributed to the interest of crypto whales. A large investor bought Link worth over $ 6 million, which could indicate that it is an insider who has further information about the network. There is also an increasing demand for Chainlink in the futures market. The Open Interest for Link has risen to over $ 295 million, with Binance being the largest part in it.

The price chart shows that Link has experienced a strong relaxation in the past few days. The coin managed to rise above the resistance level of $ 7.36, which was reached on July 14th. In addition, he moved over the lines of the sliding average of the last 25 and 50 periods, while the relative strength index (RSI) has reached the overbought level.

There is the possibility that the coin will continue to increase, but it is likely that a small price correction will occur when investors take profits with them and sellers target support at $ 7.36.