TLDR
- Chainlink partners with Intercontinental Exchange (ICE) to bring trusted forex and precious metals data on-chain
- LINK price breaks through Fibonacci levels with next target at $30.55
- Trading volume surges 7.73% to $6.35 billion with open interest up 15% to $1.75 billion
- Technical indicators show bullish momentum with RSI at 65 and MACD remaining positive
- New addresses growing by 3,000 daily, marking five-month high in network participation
Chainlink price shows bullish momentum following a partnership announcement with Intercontinental Exchange. LINK trades at $26.10 with an 11% daily gain as the collaboration brings traditional market data on-chain.
The partnership integrates ICE’s forex and precious metals data into Chainlink’s oracle network. ICE operates the New York Stock Exchange and provides financial data to banks and asset managers worldwide.
This development positions Chainlink at the center of real-world asset tokenization. Industry estimates suggest this market could reach $30.1 trillion in value.
Chainlink Price Prediction
Fibonacci analysis shows LINK breaking through key resistance levels. The token faces immediate resistance at $26.72 with support holding at $25.40.
Volume Weighted Average Price sits at $25.43, indicating strong institutional backing. The uptrend that began in July continues to gain momentum through August.
Technical indicators support further upside movement. The MACD remains positive with the signal line below the main line. RSI reads 65, showing room for additional gains without entering overbought territory.
A successful break above $26.70 could trigger a move toward the $30.55 Fibonacci extension level. This target represents the next major resistance zone for LINK price.
Market Activity Shows Strong Investor Interest
Trading volume surged 7.73% to $6.35 billion across major exchanges. Open interest in LINK derivatives jumped 15% to $1.75 billion as traders position for further gains.
Network growth metrics reveal increasing adoption. Chainlink adds 3,000 new addresses daily, marking a five-month high in user participation.
Exchange liquidation data shows $48.53 million in long positions versus $13.18 million in shorts. Major liquidation levels sit at $24.29 below and $26.69 above current price.
However, on-chain data reveals $18.01 million worth of LINK tokens moved to exchanges recently. This inflow could create selling pressure if holders decide to take profits.
The Supertrend indicator remains green and below price, confirming the bullish trend remains intact. Bulls need to maintain control above $25.40 to preserve upward momentum.
Market sentiment around LINK has improved as traditional finance institutions embrace blockchain technology. The ICE partnership validates Chainlink’s position as the leading oracle provider.
