LINK price has surged significantly due to a series of institutional partnerships and positive regulatory changes. These factors have led to a strong position for Chainlink in the market.
Cryptocurrency Market and LINK Growth
Despite the volatility in the cryptocurrency market, LINK token has shown impressive growth. Over the past month, its value has increased by more than 70%, linked to several positive developments. This week, LINK rose 15% in a single day, reaching 19 dollars.
Partnerships and Chainlink's Major Progress
The strong price increase in LINK is also attributed to the announcement of a partnership with Mastercard earlier in July, as well as co-founder Sergey Nazarov's confirmation of the project's growing usage by major financial institutions like Westpac and Imperium Markets. This clearly suggests LINK's increasing importance in real finance.
Technical Indicators and Price Forecasts
Technical analysis shows LINK has reclaimed the 200-day EMA, with a confirmed golden cross between the 20-day and 50-day EMAs. There are signs of accumulation; however, the Relative Strength Index (RSI) indicates that the asset may be overbought, suggesting a potential short-term correction. Analysts predict that if LINK surpasses the resistance level at $18, it may reach the $22-28 range.
The rise in LINK prices is supported not just by positive news but also by technical indicators. Despite potential short-term fluctuations, the overall trend remains bullish.
