TLDR
- Chainlink surpassed $17.3 trillion in total transaction value, exceeding Visa’s metrics
- Currently trading at $18, showing 10.31% increase over 30 days
- New partnership with WLFI Protocol demonstrates growing institutional adoption
- Technical indicators (MACD, Parabolic SAR) suggest continued bullish momentum
- Exchange reserves decreased by 0.13%, indicating reduced selling pressure
Chainlink, the leading blockchain oracle network, has achieved a remarkable milestone by processing over $17.3 trillion in total transaction value, surpassing traditional financial giant Visa’s metrics. The platform’s native token, LINK, is currently trading at $18, reflecting growing market confidence in the network’s fundamental strength.
Recent data shows LINK maintaining steady upward momentum, with a 10.31% increase over the past 30 days. Trading volume has remained robust, reaching $1 billion in the last 24 hours, while the token’s market capitalization stands at $11 billion, securing its position as the 16th largest cryptocurrency by market value.
Technical indicators paint an optimistic picture for LINK’s near-term price action. The Parabolic SAR indicator displays dots below the price line, traditionally interpreted as a bullish signal. This technical formation suggests the potential for continued upward movement, particularly if the token can maintain its position above the crucial $18 level.
The MACD (Moving Average Convergence Divergence) indicator provides additional support for the bullish case. Current readings show the MACD line (1.394) maintaining a healthy gap above the signal line (1.014), indicating strong buying pressure in the market.
Exchange data reveals a noteworthy trend in LINK’s market dynamics. Exchange reserves have decreased by 0.13% over the past 24 hours, dropping to 161.37 million tokens. This reduction in available supply on exchanges typically suggests decreased selling pressure, as fewer tokens are positioned for immediate trading.
Network activity metrics demonstrate growing adoption of Chainlink’s oracle services. Daily active addresses reached 7,417 on November 23, highlighting increased user engagement with the network. This uptick in activity correlates with the platform’s expanding role in the broader blockchain ecosystem.
The recent partnership between Chainlink and World Liberty Financial (WLFI) represents another step forward in institutional adoption. WLFI’s integration of Chainlink Price Feeds on Ethereum showcases the network’s growing importance in providing reliable data infrastructure for decentralized finance applications.
Support levels have established themselves at $17, $16, and $13, creating a safety net for potential price corrections. These levels align with previous areas of strong buying interest and technical support zones identified through historical price action.
Resistance levels are currently observed at $19, $20, and $21.5. These price points represent key psychological and technical barriers that LINK must overcome to continue its upward trajectory. Trading volume and price action around these levels will be crucial indicators of market sentiment.
The LINK/BTC trading pair shows similar strength, trading at 0.0001846 with a 0.98% increase. Technical analysis of this pair reveals potential resistance near 0.0002100, while support holds at 0.0001471, providing clear levels for traders to monitor.
Chainlink’s circulating supply currently stands at 626 million LINK tokens, with a total supply cap of 1 billion LINK. This controlled supply mechanism helps maintain price stability while allowing for network growth and adoption.
Network metrics indicate a steady increase in the total value enabled (TVE) by Chainlink’s oracle services. The $17.3 trillion milestone represents the cumulative value of transactions facilitated by Chainlink’s infrastructure across various blockchain networks and applications.
Market analysts have noted the correlation between network growth and price action. Crypto analyst @traderrocko highlighted the achievement on social media, drawing attention to LINK’s performance relative to traditional financial networks.
🚨Chainlink TVE has surpassed Visa, $17.3 Trillion transaction value enabled!!!!$LINK might be the most undervalued crypto 💎 pic.twitter.com/MUtoiSU0nC
— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) November 23, 2024
Looking at immediate price levels, LINK faces its first major test at the $19.20 resistance. A breakthrough above this level could open the path toward the $20 psychological barrier, contingent on maintained buying pressure and positive market sentiment.
On-chain metrics suggest healthy network utilization, with oracle services continuing to expand across different blockchain platforms. The total number of integrations and partnerships has grown steadily, reinforcing Chainlink’s position as a critical infrastructure provider in the blockchain space.
