Chainlink’s Cross-Chain Interoperability Protocol has transitioned into general availability, marking a step forward in enhancing cross-chain connectivity.

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Chainlink has launched a new Transporter application to facilitate the movement of crypto assets and data across multiple networks

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According to Lookonchain data on December 20, whales are actively accumulating Chainlink (LINK) and Polygon (MATIC) and moving them from Binance, one of the world’s largest cryptocurrency exchanges by trading volume. 

Citing on-chain transfers, Lookonchain notes that LINK is specifically seeing significant accumulation from a fresh wallet labeled “0x8eAD,” which has withdrawn 247,860 LINK worth approximately $3.5 million from Binance in the past two days.

Meanwhile, two new wallets, “0xa813” and “0x38b3”, have been actively accumulating MATIC, withdrawing 5 million MATIC worth around $3.13 million from Binance earlier today.

Whales Accumulating, Will MATIC And LINK Rally?

The fact that whales, individuals, or entities controlling large amounts of a particular token or coin are circling MATIC and LINK is net bullish and might support prices in the coming sessions. 

Notably, the transfer is considered bullish when whales move coins from exchanges to non-custodial wallets like hardware wallets or even hot wallets to engage in decentralized finance (DeFi), degen trading, or NFT trading. 

This shift is because, unlike in centralized exchanges like Binance, where their intention is usually trading for other coins or USDT, in on-chain apps, they can use the same stash to earn rewards, for instance, by providing liquidity or staking. 

Therefore, considering the recent transfer, LINK and MATIC prices might recover, increasing in the coming few trading sessions. Thus far, looking at candlestick formations in the daily chart, LINK is stable and remains within an uptrend. Notably, prices are trading above the 20-day moving average, suggesting that the coin found support. LINK is currently up 155% from September lows but down 15% from November peaks. 

On the other hand, MATIC is also stable and rejects attempts for lower lows. After days of consolidation, the coin has support at around $0.70, matching a critical level recorded in November. 

Still, whether the uptrend will resume depends on whether prices will float higher, breaking above $0.93 or November 2023 highs in the coming session. 

Technically, $0.95 marks a critical reaction level for MATIC that, if comprehensively broken, could open the doors for $1.20 and $1.60 in the coming sessions.

Polygon And Chainlink Roll-Out Critical Features

Beyond current technical formations, fundamental events prop up Polygon and Chainlink bulls, especially around decentralized finance (DeFi) and layer-2 scaling. 

Chainlink’s new staking upgrade aims to mop more LINK from circulation, possibly increasing prices on rising demand for Cross-Chain Interoperability Protocol (CCIP). 

Meanwhile, as other blockchains repurpose to become Ethereum layer-2, Polygon CDK is becoming a critical cog in fast-tracking the process, directly supporting MATIC prices.

The post Is Chainlink and Polygon About to Rip Higher? Whales Accumulating appeared first on CryptoSens.

Chainlink (LINK) has emerged as one of the top cryptocurrencies in the last week following an impressive market performance which saw the token gain by 46.49% in the past seven days.

Even amidst whale movements, which suggest that investors are taking profit, LINK has managed to maintain its bullish momentum, gaining by 6.10% in the last day to above the $11 mark.

However, despite the positive sentiment that has currently overwhelmed the LINK market, some analysts believe the token may be due for a major retracement. 

LINK To Fall Below $10: Is The Bullish Run Over?

In a post on X on Friday, crypto analyst Altcoin Sherpa shared a prediction that LINK may soon experience a price dip, falling as low as $9.50. 

However, Altcoin Sherpa notes that this potential price loss may not spell the end of LINK’s bullish phase. In fact, the analyst describes the token’s price coming down as “healthy.” 

$LINK: Be patient marines, coming down a bit is healthy. $9.50 would be great. #LINK pic.twitter.com/eJBdkFar4o

— Altcoin Sherpa (@AltcoinSherpa) October 27, 2023

According to Sherpa’s prediction, LINK’s slide below $10 could simply be a price recorrection before the token resumes its upward trajectory. If this forecast proves true, many traders could view this $9.50 region as a great entry zone.

Interestingly, Cryptonary, another analyst on X, has recently shared a similar price prediction.

In a post on Thursday, Cryptonary called for much caution in the LINK market, stating the crypto asset may not sustain its current high price levels for long. 

To back up this forecast, the analyst states the Relative Strength Index (RSI) shows that Chainlink is currently in the overbought zone, which indicates a price pullback lies on the horizon.

Although many traders have opened long positions on LINK as indicated by the market’s positive funding rates, Cryptonary has advised investors against “joining the crowd”

LINK surged 60% in 6 days: What’s next?

LINK is overbought, but can it sustain at these higher levels here? In our experience, moves that go straight up aren’t usually sustainable. But let’s find out what the charts say!

Technical analysis

LINK has been able to hold up at… pic.twitter.com/nVvpYPKp1t

— Cryptonary (@cryptonary) October 26, 2023

Similar to Altcoin Sherpa, the analyst predicts LINK’s price to fall to $9.67 for a short-term retracement. However, with strong selling pressure, Cryptonary states that LINK could trade as low as $8. 

At the time of writing, LINK trades around $11.54 with a 0.25% gain on the last day. Meanwhile, the token’s trading volume is up by 8.01% and valued at $824.92 million. 

Chainlink Records Partnership Streak

In other news, Chainlink recently shared with the crypto community its streak of collaborations with major traditional brands in promoting the adoption of blockchain technology.

#Chainlink is collaborating with key players across the global economy:

1. Swift—Standard messaging network for 11K+ banks
2. DTCC—World’s largest securities settlement system, processing $2+ quadrillion annually
3. ANZ—Leading Australian bank with $1T+ in AUM
4. Vodafone…

— Chainlink (@chainlink) October 27, 2023

In a thread posted on X on Friday, the blockchain highlighted its partnership with the Swift payment company aimed at facilitating the seamless transfer of tokenized assets across multiple chains using Chainlink’s Cross Chain Interoperability Protocol  (CCIP). 

In addition to Swift, Chainlink also discussed its partnership with the Depository Trust and Clearing Corporation, the Australia and New Zealand Banking Group Limited, and Vodafone Digital Asset Breaker (DAB).

The post Analyst Forecasts Chainlink (LINK) To Fall Below $10 Following Massive Price Surge appeared first on CryptoSens.

Chainlink (LINK) has been a standout in the crypto market recently, registering an 11% increase over the past six days, even as the broader crypto market sentiment remains subdued.

Will Uptober Start Early For Chainlink?

A significant factor that might be driving this price action is the behavior of LINK’s major holders. On-Chain analysis firm, Santiment, highlighted this in a recent tweet, stating: “Chainlink’s key shark tier that holds between 10K-100K LINK has been on an accumulation spree.”

Diving deeper into the data, there are now 3,127 wallets holding between 10,000-100,000 LINK, marking the highest level since December 3, 2022. These wallets have added a staggering $9.6 million worth of LINK in just three days. Since September 3rd, there’s been a 3.2% rise in the number of wallets in this category, with 98 new wallets emerging. This group has accumulated 0.154% of the entire LINK supply in the same period.

However, Chainlink’s journey hasn’t been entirely smooth. The token has been ensnared in a sideways range for an exhausting 485 days, which is over 15 months. The LINK/BTC pair has been on a downward trajectory for more than three years.

Chainlink’s much-anticipated release of the Cross-Chain Interoperability Protocol (CCIP) was met with significant hype. Yet, despite its potential to revolutionize cross-chain communication, its release didn’t provide the expected boost to LINK’s price.

Also the news that a tokenization experiment by interbank messaging system Swift and Chainlink successfully transferred value across multiple blockchains could not move price substantially. In June Chainlink and Swift announced that they would be collaborating with dozens of financial institutions such as BNP Paribas, BNY Mellon, The Depository Trust & Clearing Corporation and Lloyds Banking Group and others.

However, the upcoming Chainlink’s SmartCon in October from October 2nd to 3rd might be the catalyst the token needs. Rumors are rife about a potential major announcement between Swift and Chainlink Labs, which could connect web3 infrastructure to the banks involved in previous tests.

If history is any indication, Chainlink could experience a surge in price leading up to the event, driven by the euphoria and speculation. “Uptober” could come early for the Chainlink price.

LINK Technical Analysis

The recent 11% surge in LINK’s price suggests that the market might already be reacting to the upcoming hype. However, the 4-hour chart indicates a rejection at the 23.6% Fibonacci retracement level at $6.37, which aligns closely with the 200 EMA at $6.40. For LINK to sustain its upward trajectory, it’s imperative to breach this level, with the next significant target being the 50% Fibonacci retracement level at $7.08.

The 1-week chart paints a picture of LINK’s prolonged downtrend. The recent hold above the 23.6% Fibonacci retracement level at $5.92 is a positive sign for the bulls, potentially paving the way for another try on the upper trendline of the downtrend channel.

However, several difficult challenges lie ahead. The 50% Fibonacci retracement level at $7.20 is the first major resistance. If LINK can push past this, a breakout from the 15-month downtrend channel becomes possible. For this to happen, Chainlink would need to break above the $8.30-$8.40 area as it currently stands, and would then encounter the 78.6% Fibonacci retracement level at $8.58. Large selling pressure can be expected at this point.

Should LINK falter at this juncture, a return to the downtrend channel is likely. Conversely, if the $8.58 mark is surpassed, it would signal a significant win for the bulls, potentially setting LINK on a path to challenge its 15-month high at $9.61.

The post Chainlink Price Prediction For September: Buy LINK Now? appeared first on CryptoSens.

The Cross-Chain Interoperability Protocol (CCIP), designed for building cross-chain applications and services, has now launched for early access users on the Avalanche, Ethereum, Optimism, and Polygon blockchains.

On July 20, the Chainlink protocol will become available to developers across the four blockchains’ testnets and also Arbitrum’s Goerli. As a result of this, the price of Chainlink’s native token, LINK, rallied nearly 10% to touch $7.30 following this announcement on Monday.

Chainlink’s CCIP – The Future Of Interoperability?

In a blog post dated July 17, Chainlink announced the launch of the Cross-Chain Interoperability Protocol to early access users on Avalanche, Ethereum, Optimism, and Polygon blockchains. While DeFi lending protocol Aave is set to integrate the protocol, it has already been adopted on the derivatives platform Synthetix.

Related Reading: Bitcoin Price Needs To Clear $30,500 For Hopes of a Fresh Rally

According to the post, CCIP is an interoperability protocol that allows developers to design their own cross-chain solutions. It also offers “Simplified Token Transfers”, which allows protocols to swiftly send tokens across chains through audited token pool contracts.  

Chainlink claims that CCIP is a blockchain layer designed to foster a connection between enterprises and any public or private blockchain ecosystem.

The cross-chain protocol is a collaborative effort with Swift, the renowned global financial messaging network. It leverages Swift’s messaging infrastructure to facilitate token transfers across various public and private blockchains.

According to Chainlink’s co-founder Sergey Nazarov, CCIP is a solution that aims to “connect the fragmented public blockchain landscape and the growing bank ecosystem into a single Internet of Contracts.”

He also stated that such technology will be crucial to developing and maintaining a blockchain-powered society.

Just like key standards such as TCP/IP remade a fragmented early internet into the single global internet we all know and use today, we are making CCIP to connect the fragmented public blockchain landscape and the growing bank chain ecosystem into a single Internet of Contracts.… https://t.co/BDMFMfknY2 pic.twitter.com/DDscglD2An

— Sergey Nazarov (@SergeyNazarov) July 17, 2023

Some of the financial institutions and enterprises also exploring the Cross-Chain Interoperability Protocol include Australia and New Zealand Banking Group (ANZ), BNP Paribas, BNY Mellon, Citi, Euroclear, and Lloyds Banking Group.

Chainlink (LINK) Up By 35% In One Month – Price Overview

Following the announcement of the CCIP launch, the price of LINK experienced a significant pump, recording an almost 10% increase in the early hours of Tuesday. However, the token’s price appears to be slowing down, losing over 2% since reaching a 24-hour high of $7.29.

As of this writing, LINK is valued at $7.12, with a 7.3% increase in the last day. CoinGecko data shows that the cryptocurrency has a daily trading volume of roughly $549.8 million, representing a 219% boost in the last 24 hours.

Related Reading: LINK Price Prediction: Chainlink Rallies Over 7% As The Bulls Aim $8.8

A broader look at the Chainlink market reveals that the LINK price has been on an upward trajectory in recent weeks. Thanks to this bullish momentum, the token has gained about 35% in the past month.

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