- On Friday, Chainlink token (LINK) rose about 6.45% after Bitcoin (BTC) surged, sparking euphoria among cryptocurrency traders.
- LINK is up near its monthly peak at around $9.81, increasing its chance of a major breakout if it can stay above that position.
- There is also a positive development in the ongoing ceasefire between the United States and Iran, as the Iranian Foreign Minister announced this Announcing that the passage of all commercial ships through the Strait of Hormuz is “fully open.”
On April 17, Chainlink (LINK) price rose around 6.45% following bullish sentiment in the cryptocurrency market after Bitcoin (BTC) surged near $78,000 on the daily chart.
according to CoinMarketCapLINK is currently trading at around $9.81, almost a monthly high, thanks to its massive market cap of $7.11 billion. Daily trading volume also increased by about $807.25 million
Chainlink is on the rise following bullish sentiment in the cryptocurrency market
The boom in LINK connection3.33% This happened after widespread bullish sentiment in the cryptocurrency market. On April 17, Bitcoin It rose near $78,000 with a 5% gain in the last 24 hours. This rise in BTC has also spurred correlation in other altcoins as investors and cryptocurrency enthusiasts see it as a positive macroeconomic development.
Apart from this, there is a major development in the peace agreement between the United States and Iran. According to the latest Iranian update Foreign Minister Abbas Araqchi stated in the official publication on the X website that “the passage of all commercial ships through the Strait of Hormuz has been declared completely open for the remainder of the ceasefire period.”
Similar to other altcoins during the turmoil in the cryptocurrency market, Chainlink also followed consolidation patterns between $8.50 and $9.50 for several weeks. The current pattern is giving early signs of a possible breakout of the upper resistance level at $9.30. This price pattern has major support at around $9.50.
According to TradingView, technical indicators point to a generally bullish scenario Cryptocurrency market. The RSI is at around 67, which means momentum remains neutral and leaves room for additional upside momentum without the asset becoming overbought.
The short-term moving averages also reflect bullish momentum as the price trades above the 7-day and 20-day simple moving averages. This price action confirms short-term buying pressure, while longer-term averages around the 200-day mark still serve as future targets for sustainable gains.
The cross-chain interoperability protocol processes billions of dollars per month and enables secure messaging between different blockchains. Chainlink Reserve recently added 131,656 tokens worth more than $1.1 million, strengthening the network’s long-term security and reducing the supply available in the market.
The number of active Oracle nodes has exceeded 1,000, and is now continuing to grow with increasing adoption.
Recently, several major developments have occurred on the network. The network has partnered with SIX, which runs the Swiss and Spanish stock exchanges, to enable on-chain stock data feeds. Several leading institutions now distribute data through Chainlink oracles, including the US Department of Commerce, S and P Global Ratings, FTSE Russell, and Deutsche Börse.
The cross-chain interoperability protocol supports integrations with platforms like Monad and the ADI Foundation to accelerate coding efforts around the world.
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