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The Chainlink price jumped 17% in the last 24 hours to trade at $16.33 as of 4 a.m. EST on trading volume that skyrocketed 217% to $1.08 billion.
That was enough to make LINK the biggest gainer among the top 100 cryptos by market capitalization, according to CoinMarketCap.
Chainlink’s price surge started around the same time it announced the results of a new Smart NAV industry project between DTCC, Chainlink, and 10 of the largest financial institutions in the world. Their collaboration helps deliver key mutual fund data on-chain.
The project explained that the DTCC — Depository Trust and Clearing Corporation — is the premier post-trade market infrastructure that processes over $2 million annually. The new pilot demonstrates how Chainlink and DTCC can make net asset value data available across nearly any blockchain, regardless of whether it is public or private.
In other words, their partnership can enable automated data dissemination and historical data access. This will, in turn, unlock new use cases surrounding fund tokenization.
This achievement is likely to have a big impact on the world of blockchain, so it is not surprising that LINK pumped 17% after the announcement was made.
Chainlink Price Prediction
The LINK price has soared in the last 24 hours, hitting a resistance at $16 after the initial surge. After hours of trying to breach it, the coin finally managed to do it, but the question now is, where will it go from here?
According to some technical indicators, the LINK price might be preparing for a correction, suggesting that the resistance is not truly broken and that it might reject the price, sending it back down.
One of the reasons why this might be what is coming is the coin’s Relative Strength Index (RSI) performance, which shows that the RSI value has hit the overbought zone, which caused it to see a slight drop.
This suggests that traders have started cashing out and that more are selling than buying the LINK coin. The RSI value slightly exceeded 70, only to drop back to 66.02. This is still not a confirmation of the upcoming drop, as the bulls could still turn things around. However, with the broader market also starting to see crypto trade in the red, it is possible that LINK will correct in hours to come.
The coin’s Bollinger bands show that this is not a certainty yet, however, as they have started widening once again after coming relatively close together over the past few hours. This bullish signal suggests that the coin could still head a bit further up, potentially turning the resistance at $16 into a new support.
In other words, LINK is at a crossroads right now, and it is uncertain which road it will take. This makes it a risky investment, but the risk could still pay off if the bulls manage to breach this resistance permanently.
Promising Alternative to Chainlink
While Chainlink’s recent achievement ensured a considerable pump, there is a possibility that the world’s first Learn-To-Earn token might do much better in months to come.
The project in question is called 99Bitcoins (99BTC), and it was launched by the classic crypto platform going by the same name. 99Bitcoins has been educating new arrivals to the crypto industry about various crypto-related concepts since 2013.
Now it seeks to launch a platform that will offer interactive new learning modules, and make learning about crypto not only engaging but also rewarding.
Its platform will reward users with tokens for completing lessons, passing quizzes, and engaging with it in other ways.
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— 99Bitcoins (@99BitcoinsHQ) May 7, 2024
The 99BTC presale has already raised more than $1.3 million and is offering its tokens for sale at $0.00105 each. If you are interested to buy them, act soon because a price hike is coming in less than four days.
Visit the 99BTC official website here to buy tokens using ETH, BNB, USDT, or a bank card.
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