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With a price increase of 8% over the last seven days, Chainlink (LINK) is currently one of the best performers in the crypto market, behind Litecoin (LTC) and BNB. Remarkably, LINK’s trading volume has dropped 20% in the past 24 hours to just $389 million.

Chainlink was trading at $6.66 at press time, showing a limited rebound from the bottom of a channel that LINK has been in since early May. The lower boundary of the channel is at $5.35, while the key resistance for LINK price is currently at $9.52.

At the current price, LINK sits just below the 50-, 100-, and 200-day simple moving averages (SMA). With an RSI of 49.5 in the 1-day chart, LINK is in neutral territory.

USD LINK 2022-11-24
Chainlink (LINK) positioned in a channel, 1-day chart. Source: Trading View

However, the rebound of the last three days should be taken with a grain of salt. On-chain data from Santiment shows that there has been a significant increase in currency inflows following the recent price spike. Nearly 15 million LINK have been transferred to known crypto exchange wallets in the last 24 hours.

Chainlink Exchange Entries
Chainlink (LINK) FX inflows increased. Source: Twitter

In the LINK/BTC 1-week chart, the token is at a crucial moment: will LINK be able to breach critical trendline resistance or will it be the fourth rejection in the last 13 months. As one analyst noted, this could be a “make or break” moment for Chainlink.

Chainlink Bitcoin LINK/BTC
Chainlink/Bitcoin facing “make it or break it” moment, 1 week chart. Source: Twitter

The fundamental remains strong for Chainlink (LINK)

As Chainlink faces a pivotal moment, the fundamentals look stronger than ever. In about two weeks, Chainlink will launch its staking functionality. Starting Dec. 6 at 12:00 p.m. ET, LINK owners and node operators will be able to earn rewards for increasing the security of decentralized oracle services.

Following the announcement, the project saw a dramatic increase in social engagement. However, Chainlink Economics 2.0 will not only introduce staking, but also improve access to Chainlink’s services and technical performance.

Additionally, Chainlink is expansion its platform to include even more services, such as DECO for private transactions, FSS for VPD mitigation, and CCIP for cross-chain communication.

Using the Cross-Chain Interoperability Protocol (CCIP), thousands of applications across the Web3 space are expected to interact with each other, sending and receiving tokens, instructions, messages and more.

Just recently, the crypto exchange Huobi announcement that it uses Chainlink’s proof of reserve to help provide increased transparency around its wrapped HBTC token.

On November 18, Binance Chain Team revealed that the Chainlink oracles are essential for the developers of the BNB chain ecosystem. Chainlink is the most widely used oracle solution on the BNB chain with over 161 million data points delivered, over 230 dApp integrations, and over $780 billion in managed value.





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