Chainlink's token is hitting new highs as it experiences a surge in investor interest and the expansion of its oracle network.
Price Surge of Chainlink Token
Chainlink (LINK) has surged by 123% from its lowest point this year, reaching $26. Increased investor interest has propelled this rise, with recent developments in the cryptocurrency market reaffirming its stability.
Growth of LINK Reserves
Chainlink recently launched its LINK reserves feature, allowing it to accumulate funds from on-chain and enterprise fees. Currently, there are 109,663 LINK tokens in reserve, which, at present value, exceeds $2.7 million.
Technical Analysis and Future Forecasts
Technical analysis indicates that the token is in the third phase of Elliott Wave, which is the most bullish phase. Additionally, a crossing of moving averages suggests potential growth towards the $30 mark.
The rising price of Chainlink token and its new features affirm its potential, which may lead to further increased interest from investors and growth in the market.
