Chainlink’s value has seen a modest increase from its lowest point this month, with robust fundamentals and technical indicators hinting at further potential growth.
On Monday, Chainlink (LINK) climbed to $15.5, marking its highest price since March 9 and up 26% from its low on March 11.
This recovery may persist as Chainlink’s fundamentals continue to improve. According to the developers, Chainlink has surpassed the $20 trillion mark in transaction value enabled, a crucial measure of network activity and adoption.
Having achieved this milestone since 2022, Chainlink’s upward trend remains intact. Notable decentralized exchanges utilizing Chainlink’s technology include Uniswap, SushiSwap, PancakeSwap, 1inch, and Curve Finance. Furthermore, it supports major decentralized finance protocols such as AAVE, Spark, Compound, and Venus.
The Chainlink ecosystem is steadily expanding. Recently, it formed a partnership with Abu Dhabi Global Market, a prominent international financial hub in the UAE, to facilitate discussions on blockchain and artificial intelligence regulations.
Over the years, Chainlink has established collaborations with leading figures in the financial industry. It has been chosen as the oracle and tokenization blockchain by Emirates NBD, the largest bank in the UAE, and is also working with SWIFT, UBS, JPMorgan, and Coinbase, among others.
Chainlink Price Technical Analysis
The daily chart indicates that LINK may be approaching a significant bullish breakout. Having risen from a low of $11.87 on March 11 to its current price of $15.5.
Chainlink has created a falling wedge pattern, which is a well-known bullish reversal signal. This wedge consists of two descending and converging trendlines, suggesting that downward momentum is weakening, with a bullish breakout generally occurring at the point where the lines meet.
The price of Chainlink has also surpassed the 25-day moving average. Additionally, the Percentage Price Oscillator lines are trending upwards, resulting in a bullish crossover.
The Relative Strength Index has climbed above 50, indicating heightened buying pressure. As a result, Chainlink’s price could experience additional gains, targeting the psychological level of $25.