- Chainlink made some important blockchain integrations.
- Ethereum and BNB Chain are some of these blockchains.
Chainlink is steadily moving to new levels with the type of partnerships and integrations they are making. So, the most recent was 9 in number, leading to shouts of LINK touching the $8 price level.
9 Strategic Integrations Blockchain Integrations did Chainlink
- According to a new announcement, Chainlink said they were happy with the integration of their services to certain blockchains. So, these new integrations are part of the plan of Chainlink developers to push for the adoption of their cryptocurrency.
- The 9 integrations were for 5 services within the Chainlink ecosystem. Furthermore, there were 7 different blockchain involvement in this new integration. Some of them are Arbitrum, Base Network, Ethereum, Optimism, BNB Chain, Avalanche, and Polygon. So, while there’s joy for these new integrations from the LINK community, the next question is how it affects the price.
Can Link Reclaim the $8 Price Level?
- The first thing to note is that within the month of October, LINK managed to reach the $8 price level. However, a series of market movements caused the price of this token to fall back to the $7 price range. So, there was a cumulative increase with a high of $8.28, slightly below the yearly high of $8.80.
- There are other metrics within the Chainlink ecosystem that echoes the probability of reaching the $8 range. So, one of them is that the daily RSI provides a bullish reading. Apparently, an RSI serves as a momentum indicator to determine if a market is overbought or oversold. So, with this indicator, a trader can know if they should buy or sell a crypto asset.
- According to data from TradingView, the RSI of Chainlink just bounced at the 50 trendline and is increasing, both signs of a bullish trend. So, there are also projections for Chainlink to become a major player within the real-world asset (RWA) tokenization sector. Chainlink reaching these projections will be key to reaching the $8 level.
Is There any Chance of Chainlink Breaking Above the Yearly High?
- Chainlink already has a yearly high of around $8.80. However, there are projections that this token might surpass these yearly highs. How possible are these predictions?
- According to predictions by trader Rekt Capital, he says that the bullish figure of Chainlink is still in the initial stages. So, this trader believes LINK stands a chance of reaching double figures before the heat runs out. Moreover, the bullish RSI and Chainlink bounce shows the token might as well meet these predictions.
Conclusion
Chainlink made some strategic blockchain integrations that will further improve the healthiness and adoption of the network. So, they made integrations to blockchains such as Polygon, Ethereum, BNB Chain, Arbitrum, Base, Optimism and Avalanche. Furthermore, there are also predictions that the healthy network activity on Chainlink will help it reach the $8 price level.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
