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Is $15 Next For Chainlink Price After Proof of Reserves Integration?

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4 hours ago

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Chainlink price is gaining traction and is slowly headed toward a potential breakout level. Besides the overall crypto market recovery, Chainlink has been working hard to secure integrations. The latest is one with 21.co which will go a long way to help the company ensure its assets. For Chainlink, each integration is paid for with LINK, creating demand for the token. But can the price reach $15 amid this rapid adoption?

On September 23, 21.co, the company behind 21Shares, integrated Chainlink’s Proof of Reserves (PoR) for its Wrapped Bitcoin (21BTC) on the Solana and Ethereum blockchains. For context, 21Shares has $2 billion asset under management (AuM), which means it is not a small company. The integration aims to provide a real-time verification of Bitcoin reserves backing 21BTC.

The Chainlink PoR brings reserve data on-chain, enabling protocols to build automated logic around the data backing the asset. This improves security by preventing malicious infinite mint attacks.

Link price has increased by 0.7% in the last 24 hours and is trading at $11.51. 

Chainlink price has recently broken above a trend line but shows signs of instability, with fluctuations around this line. The relevance of the trend line is being questioned due to these movements.

The inverse double-bottom formation on the chart is bullish, with a clearly defined neckline at around $12.35

Key Support and Resistance Levels

  • $11: immediate support lies around $11 (neckline of the inverse head-and-shoulders pattern).
  • $10: The next strong lower support zone is around.
  • $15: Major resistance is at $15, where the price might face heavy selling pressure, aligning with the top of the projected breakout target.

If the Chainlink price breaks above $12.35, it could surge to $15, indicating a strong bullish trend that could potentially reach $19.50. However, it requires a sustained movement above $12.35.

Volume has been increasing slightly as the price approaches the neckline, which is an early indication that a breakout could be imminent if the buying pressure continues to rise.

Chainlink PriceChainlink Price
Chainlink Price Chart

Chainlink price prediction shows that if the asset movement fails to break above $12.35, it could lead to further declines to $9 and even $8. Additionally, Chainlink continues to top the chart among projects with the highest development activity. The integration of of 21.co is just another addition to the over 1,000 integration the Oracle service provider has offered on its platform. The LINK price could surge not just to $15, but 10–15X, and it would still remain undervalued, given the immense capability of the technology.

Frequently Asked Questions (FAQs)

The recent surge in Chainlink’s price is primarily driven by its integration with 21.co’s Proof of Reserve (PoR) system, which is expected to create more demand for the LINK token as it continues to secure integrations.

Chainlink’s Proof of Reserve (PoR) is a mechanism that provides real-time verification of reserves, such as Bitcoin, backing certain assets. It ensures transparency and security, preventing malicious attacks and ensuring that assets are properly backed.

Chainlink price could reach $15 and possibly beyond, depending on sustained market momentum and continued adoption of its technology. Some analysts suggest that due to its capabilities, LINK could even achieve a 10–15X increase in value over time.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Altcoins

Chainlink (LINK) Continues To Witness More Development Activity Than Any Other ERC-20 Project: Santiment

Published

2 days ago

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September 22, 2024

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The decentralized oracle network Chainlink (LINK) continues to outpace all other ERC-20 projects in terms of development activity, according to the crypto analytics firm Santiment.

Santiment notes on the social media platform X that Chainlink registered 624.17 notable GitHub events in the past 30 days, more than double the number of the second-ranked project, Ethereum (ETH), which clocked 298.8.

The oracle project also topped the list in June and August.

The decentralized finance (DeFi) protocol Synthetix (SNX) came in third with 289.93 notable GitHub events.

Image
Source: Santiment/X

An ERC-20 project is a standard that developers use to issue tokens on the Ethereum blockchain and virtual machine.

Santiment notes that it doesn’t count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.”

The analytics firm has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam.

LINK is trading at $11.39 at time of writing. The 18th-ranked crypto asset by market cap is up 1.6% in the past 24 hours.

ETH is trading at $2,575 at time of writing and is up nearly 4% in the past day.

Synthetix’s native asset, SNX, is trading at $1.58 at time of writing. The 130th-ranked crypto asset by market cap is up more than 6% in the last 24 hours.

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Superstate integrates Chainlink for tokenized treasury fund

Published

1 month ago

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August 12, 2024

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Superstate, a blockchain-based asset management firm, has integrated Chainlink’s technology as it taps into the growing tokenization market.

The asset manager will leverage the Chainlink (LINK) Data Feeds to bring net asset value data for its tokenized treasury fund on-chain. In the announcement Superstate stated it aims to enhance the composability of its Superstate Short Duration US Government Securities Fund by utilizing Chainlink’s technology.

The integration enables the firm to access crucial off-chain data, essential for market pricing, utility, and transparency.

Rapidly growing tokenization market

Chainlink’s data will help Superstate gain further traction for its fund as the ecosystem embraces decentralized finance and real-world assets. USTB provides qualified investors with exposure to U.S. treasury assets.

“Superstate is playing a fundamental role in advancing infrastructure and servicing essential aspects of the rapidly growing tokenized asset economy,” Johann Eid, chief bBusiness officer at Chainlink Labs, said.

The tokenized treasury market has seen significant developments in recent months, including BlackRock’s launch of its USD Institutional Digital Liquidity Fund on Ethereum (ETH). BUIDL currently leads the sector with over $513 million in assets under management.

According to tokenized market tracking site rwa.xyz, Franklin On-Chain U.S. Government Money Fund by Franklin Templeton and Ondo U.S. Dollar Yield are the second and third largest tokenized U.S. Treasury assets. Franklin’s FOBXX has a market cap of over $412 million, while Ondo Finance’s USDY currently stands at $299 million.

Superstate, backed by venture capital firms such as CoinFund, Arrington Capital, and Cumberland, currently manages over $129 million in assets for its tokenized products. Its USTB ranks seventh by market cap per rwa.xyz with $75 million, trailing the Ondo Short Term U.S. Government Bond Fund, Hashnote Duration Yield Coin, and OpenEden TBILL Vault.

OUSG, USYC, and TBILL have market caps of $214 million, $181 million, and $94 million, respectively.



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Oracle Network Chainlink Witnesses More Recent Development Activity Than Any Other ERC-20 Project: Santiment

Published

2 months ago

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August 3, 2024

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The decentralized oracle network Chainlink (LINK) continues to lead all ERC-20 projects in terms of recent development activity, according to the crypto analytics firm Santiment.

Santiment notes that Chainlink registered 401.53 notable GitHub events in the past 30 days.

The oracle project also topped the list in June, clocking in 560.6 notable events over a 30-day period.

Status (SNT) ranked second in the past 30 days, registering 370.73 events. Status aims to offer users a secure messaging app, crypto wallet and web3 browser via an open-source, peer-to-peer protocol and end-to-end encryption.

Ethereum (ETH) itself ranked 3rd, clocking 272.43 events.

Image
Source: Santiment

Santiment notes that it doesn’t count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.”

The analytics firm has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam.

LINK is trading at $12.32 at time of writing. The 17th-ranked crypto asset by market cap is down more than 5% in the past 24 hours.

SNT is trading at $0.0232 at time of writing. The 415th-ranked crypto asset by market cap is down nearly 7% in the past day.

ETH is trading at $3,129 at time of writing and is down nearly 6% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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