
LINK gained 27% in a single day after announcing the integration of an EU-based tokenized asset service, which resulted in a massive surge in user activity.
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LINK’s double-digit rally is backed by increasing network activity and a bullish technical setup.
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Bitcoin has more than doubled in price since the FTX collapse a year ago, but several other coins such as Chainlink have seen ever bigger gains since.
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LINK’s price could rally on speculations over Chainlink’s oracle services growth coupled with a supportive technical pattern.
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LINK could drop to nearly $4 by December 2022 given its failure to close above a key resistance level despite strong whale accumulation.
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LINK price surged also in the wake of a market-wide bullish boom, wherein Bitcoin and its top rivaling altcoins jumped in tandem.
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LINK price is struggling to maintain its bullish momentum but derivatives data shows a clear path to $40 in the long term.
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Chainlink is down 3% from its all-time high, but on-chain and derivatives indicators show there is increasing interest from investors.
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Chainlink has entered price discovery and traders should watch several key levels for the next possible top.
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The market capitalization of Chainlink has surpassed Bitcoin Cash, as the DeFi market continues to prosper with TVL exceeding $24 billion.
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