- Chainlink’s Current Trading Range and Indicators
- Declining LINK Balances on Exchanges
- Chainlink’s Integration with Base Network
Chainlink’s (LINK) price has been in a state of consolidation since August 5th, oscillating within a narrow range around the $10 support level. Despite this, certain market indicators hint at an imminent upward trend for LINK.
Chainlink’s Current Trading Range and Indicators
Chainlink (LINK) is currently trading between $9.65 and $10.85. Financial analysts are observing this range, noting that a rise above $10.85 could initiate a bullish trend, pushing the price toward $23. This projection is partly based on the Relative Strength Index (RSI), which is nearing the 42% mark on the 4-hour chart, a level often associated with potential market rebounds.
Declining LINK Balances on Exchanges
On-chain data from Coinglass indicates a reduction in LINK holdings on cryptocurrency exchanges. This trend suggests that large financial institutions may be acquiring LINK in anticipation of its price increase.
Chainlink’s Integration with Base Network
Chainlink’s Data Streams application is designed to provide decentralized applications on Base with real-time market data and automated execution, essential for developing competitive DeFi products. CITE_W_A: "Base’s builder-friendly environment is a natural fit for Chainlink products, and we’re excited to see all of the Chainlink platform now available on Base," said Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs.
While Chainlink's price has stabilized within a narrow range, market indicators point towards a potential breakout above $10.85. This could signal significant price growth for LINK, of interest to both short-term traders and long-term investors.
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