LINK’s partnership with Hedera has enhanced interoperability and increased developer access for decentralized applications (dApps). Analysts foresee a potential LINK breakout above $13, fueled by growing bullish sentiment. In the last 24 hours, Chainlink (LINK) saw a notable price rise, reaching an eight-day peak of $12.01 before settling near $11.99. This 5% daily gain has boosted investor confidence, despite a slight 1% dip in trading volume and a recent low of $10.70. The price surge aligns with a broader market rebound over the past 48 hours.
The upswing also coincides with Chainlink’s recent collaboration with the HBAR Foundation, aiming to improve dApp interoperability on Hedera. This initiative involves integrating Chainlink’s Data Feeds and Cross-Chain Interoperability Protocol (CCIP) into the Hedera Testnet via Chainlink Scale, equipping Hedera developers with robust data and cross-chain functionalities. Building on their 2021 partnership, Johann Eid, Chainlink Labs’ Chief Business Officer, highlighted that the integration will enable developers on Hedera to create “secure, scalable, and fully-featured dApps,” further driving on-chain adoption.
Will LINK Bulls Lead a Rally?
Market sentiment around LINK remains bullish, with around 86% of holders optimistic about its future. Analysts observe an ascending triangle pattern in LINK’s price, hinting at a possible breakout if it surpasses the $15 resistance level. They believe that breaching the $13 mark could trigger a rally up to $18, representing a potential 40% gain from the breakout point.
Additionally, net outflows of LINK from exchanges in the last month indicate long-term accumulation, with a net 30-day outflow of 662,220 LINK, despite some holders taking short-term gains. Recent integrations with Swift and BNB Chain further reinforce Chainlink’s role in DeFi and cross-chain operations, enhancing its growth potential. Investors now view $13 as a key resistance level to sustain upward momentum.
