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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).
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A whale acquired 139,860 LINK for $2 million, indicating strong accumulation. With the technical setup pointing towards a major breakout, LINK may experience a rise if it surpasses the $15.68 resistance.
The current MVRV ratio stands at 3.09, suggesting healthy accumulation and low risk of profit-taking. A breakout above $15.68 could lead to LINK reaching $18.18, a potential 35% increase if market conditions remain favorable.
PayPal, a leading digital payments platform, has added Solana (SOL) and Chainlink (LINK) to its supported digital assets for US customers.
This adds to PayPal’s cryptocurrency offering that includes PYUSD, BTC, ETH, LTC, and BCH, aiming to enhance user experience.
Though SOL and LINK are now listed as supported assets, external transfers to crypto wallets are not yet available.
Angie Walker, head of Banking and Capital Markets at Chainlink Labs, will be a panelist at the upcoming Euroclear conference alongside other financial giants. The event aims to address the future of private market funds and innovations in finance.
Chainlink is recognized for its advanced technology that facilitates proof of reserves and interoperability among various blockchain networks, contributing significantly to the discussions at the conference.
Chainlink is trading near 14.6 USD support and 16 USD resistance, with significant accumulation by long-term holders indicating a potential rally.
Approximately 65 million LINK is held at the 14.6 USD level, showing strong support. Investors appear to be positioned for long-term rather than short-term trades.
Technical analysis shows LINK under both 50-day and 200-day moving averages. However, the recent bounce from 12 USD could signal a potential bottoming pattern.
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