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Information about Chainlink (LINK)
Chainlink is a platform that aims to bridge the gap between smart contracts based on blockchain technology (widely popularized by Ethereum) and real-world applications. Since blockchains cannot access data outside their networks, oracles must act as data feeds in smart contracts. In the case of Chainlink, the oracles are connected to the Ethereum network.
LINK is a cryptocurrency derived from the Chainlink decentralized oracle network, used to pay node miners. Because the Chainlink network has a reputable scoring system, node providers with many LINKs can be rewarded with larger contracts, but failing to provide accurate results will result in a token deduction. After the $32 million LINK ICO in 2017, 32% of LINK tokens were sent to node operators to incentivize the ecosystem, and 30% stayed on Chainlink for development (35% were sold during the public token sale).
News
Venture capital firm A16z has invested 55 million USD in LayerZero, emphasizing the importance of crosschain messaging protocols. This investment is locked for three years and made through LayerZero tokens.
LayerZero was valued at 3 billion USD during its Series B funding round with participation from prominent investors. It’s competing with notable protocols like Wormhole and Chainlink as demand for decentralized applications rises.
The announcement from A16z reflects increasing trends towards crosschain interoperability, which is valuable for DApps and traders seeking seamless operations across multiple blockchains.
Chainlink [LINK] is currently testing its crucial support level at 12.25 USD, influenced by bullish sentiment and weak on-chain signals, which signifies uncertainty in its price movement.
A breach of LINK’s year-long ascending trendline indicates potential downside targets at 10 USD and 7.50 USD. Recent analysis shows weak momentum despite a break above a descending trendline.
While whale participation in LINK has decreased by 1.41%, retail interest has grown with a 1.77% increase, hinting at a potential shift in market dynamics amidst declining address activity.
Chainlink’s [LINK] is attempting to retest a key resistance at approximately 12.5 USD. This level was previously support, indicating a potential shift if the price fails to hold.
Bearish trends are suggested by on-chain data, with net deposits indicating selling pressure. If LINK falls below 10 USD, further declines to 7.5 USD are likely.
The RWA tokenization market has reached over 20 billion USD, witnessing a 12% growth in the last month. Notable institutional players, including BlackRock and Fidelity, are now actively investing in RWAs.
RWAs are appealing due to their stability compared to other cryptocurrencies experiencing downturns. Experts highlight their importance in future investment strategies, enhancing liquidity and preserving value in uncertain times.
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