Chainlink (LINK) price surged 7% today, reaching $12, making it one of the top gainers among the top 30 cryptocurrencies by market cap.
LINK Price Analysis
The Chainlink (LINK) chart reveals a clear downtrend channel from March 2024 until late September, with prices steadily declining. Recently, LINK broke out of this descending channel around the $10.50 mark, hinting at potential bullish momentum. After the breakout, the price is now testing resistance near $12.15, with the next major hurdle at the 200-day moving average (around $14.30). While this breakout suggests a possible reversal, LINK needs to maintain its upward trajectory to confirm a trend change. The RSI is also approaching 70, indicating increased buying pressure. Chainlink recently unlocked 18.75 million LINK tokens (worth about $215 million), with 18.125 million sent to Binance. These unlocks have been happening every three months since August 2022, totaling 145.75 million LINK ($1.5 billion) so far. Despite these significant unlocks, LINK’s price has shown resilience, sometimes even rising after these events. With 372.75 million LINK ($4.27 billion) still in reserve, future unlocks could continue to influence the token’s price.
Chainlink’s Role in the RWA Trend
Sergey Nazarov, Co-Founder of Chainlink, [shared his thoughts](https://x.com/SergeyNazarov/status/1838684252096856188) about the growing trend of Real World Assets (RWAs) in the blockchain space. He stated: CITE_W_A *“I am increasingly convinced that the RWA trend is the early stages of getting the traditional financial system onto blockchains in a way that we have not seen yet. Some of the world’s largest financial institutions are already putting tokenized funds on-chain, and I think we are just at the very early stages of this trend.”* Nazarov highlighted Chainlink’s importance in this emerging sector: *“Chainlink already powers many of the top RWAs and the need for both data and cross-chain working in one system is even greater here than it initially was in DeFi.”* He also pointed out the potential scale of this trend: *“The trillions of dollars in value that will flow into the RWA format makes it something that I see as likely to surpass the market capitalization of cryptocurrencies. Our industry may sometime soon be defined by RWAs more than it is by cryptocurrencies, similarly to how the internet was at one point about email, but then went on to be defined by more uses of information technology e.g. ecommerce.”* Nazarov concluded by noting the potential impact on the broader crypto ecosystem: *“The influx of value into the blockchain format/RWAs will also feed a boom in DeFi, where many of those assets will be placed to generate greater yield.”*
Best Chainlink Alternative Among Meme Coins?
One alternative to Chainlink could be [Panda World's PADW](https://thepandaworld.com/en), a project that blends gaming fun with crypto excitement. The project is currently in the ongoing presale phase. Panda World is essentially a game where players can go on quests and collect cards to build their team. This colorful world features six panda siblings as main characters. Moreover, the game includes a casino that uses blockchain to ensure fairness and transparency. The whole ecosystem runs on $PADW tokens. They have a total supply of 88.8 billion $PADW tokens allocated for various purposes: presale, maintaining market liquidity, staking rewards, marketing, and ecosystem growth.
The 7% rise in Chainlink (LINK) price to $12 is a positive signal for token holders. The growth and implementation of Real World Assets (RWA) on blockchains, where Chainlink already plays a leading role, could be significant for its future. Additionally, new projects offering unique combinations of meme coins and gaming, such as Panda World's PADW, provide diverse opportunities for investors.
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