Chainlink price is gaining traction and is slowly headed toward a potential breakout level. Besides the overall crypto market recovery, Chainlink has been working hard to secure integrations. The latest is one with 21.co which will go a long way to help the company ensure its assets. For Chainlink, each integration is paid for with LINK, creating demand for the token. But can the price reach $15 amid this rapid adoption?
What Next for Chainlink Price after 21.co Integration
On September 23, 21.co, the company behind 21Shares, integrated Chainlink’s Proof of Reserves (PoR) for its Wrapped Bitcoin (21BTC) on the Solana and Ethereum blockchains. For context, 21Shares has $2 billion asset under management (AuM), which means it is not a small company. The integration aims to provide a real-time verification of Bitcoin reserves backing 21BTC.
.@21co__ has integrated Chainlink Proof of Reserve (PoR) on @ethereum & @solana to enhance reserves transparency for 21BTC, its wrapped Bitcoin.
How PoR provides the Ethereum & Solana ecosystems with assurances that 21BTC is fully backed 1:1 by BTC👇https://t.co/kUqFTlofcJ pic.twitter.com/SD6UdG4ABV
— Chainlink (@chainlink) September 23, 2024
The Chainlink PoR brings reserve data on-chain, enabling protocols to build automated logic around the data backing the asset. This improves security by preventing malicious infinite mint attacks.
Link price has increased by 0.7% in the last 24 hours and is trading at $11.51.
LINK Price Analysis: Volume Confirms 22% Breakout Imminent
Chainlink price has recently broken above a trend line but shows signs of instability, with fluctuations around this line. The relevance of the trend line is being questioned due to these movements.
The inverse double-bottom formation on the chart is bullish, with a clearly defined neckline at around $12.35
Key Support and Resistance Levels
- $11: immediate support lies around $11 (neckline of the inverse head-and-shoulders pattern).
- $10: The next strong lower support zone is around.
- $15: Major resistance is at $15, where the price might face heavy selling pressure, aligning with the top of the projected breakout target.
If the Chainlink price breaks above $12.35, it could surge to $15, indicating a strong bullish trend that could potentially reach $19.50. However, it requires a sustained movement above $12.35.
Volume has been increasing slightly as the price approaches the neckline, which is an early indication that a breakout could be imminent if the buying pressure continues to rise.
Chainlink price prediction shows that if the asset movement fails to break above $12.35, it could lead to further declines to $9 and even $8. Additionally, Chainlink continues to top the chart among projects with the highest development activity. The integration of of 21.co is just another addition to the over 1,000 integration the Oracle service provider has offered on its platform. The LINK price could surge not just to $15, but 10–15X, and it would still remain undervalued, given the immense capability of the technology.
Frequently Asked Questions (FAQs)
The recent surge in Chainlink’s price is primarily driven by its integration with 21.co’s Proof of Reserve (PoR) system, which is expected to create more demand for the LINK token as it continues to secure integrations.
Chainlink’s Proof of Reserve (PoR) is a mechanism that provides real-time verification of reserves, such as Bitcoin, backing certain assets. It ensures transparency and security, preventing malicious attacks and ensuring that assets are properly backed.
Chainlink price could reach $15 and possibly beyond, depending on sustained market momentum and continued adoption of its technology. Some analysts suggest that due to its capabilities, LINK could even achieve a 10–15X increase in value over time.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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