Chainlink Price Prediction as $200 Million Trading Volume Comes In – Are Whales Buying?
The Chainlink price has risen by 1.5% in the past 24 hours, with its jump to $6.22 coming as the cryptocurrency market as a whole declines a little.
LINK is now up by 3% in the past week, with the altcoin bucking market trends by virtue of the recent news that payment network Swift has used Chainlink's Cross-Chain Interoperability Programme (CCIP) as part of tokenization trials.
Such usage is likely to be a major boost to LINK's use and price in the near future, although the coin remains down by 16% in the last 30 days, while up by 11.5% since the beginning of the year.
Chainlink's indicators are in a position that suggests the altcoin has just begun seeing an increase in momentum and buying pressure, with its relative strength index (purple) reaching 50 in the past day, up from around 30 in the middle of August.
This indicates that the coin could be at the beginning of a rally, with the position of its 30-day moving average (yellow) suggesting that it has recently hit a bottom.
It's also worth pointing out that LINK's medium-term support level (green) has been rising steadily in the past few days, which again suggests that the coin's recent declines have ended.
As noted above, LINK's change of fortunes over the past few days is due to the news that Swift has used Chainlink's CCIP in recent tokenization tests, an announcement which highlights Chainlink's potential for wider adoption and usage.
Aside from this major development, the past few days have also brought other adoption news for Chainlink, including yesterday's announcement that Balancer has integrated Chainlink price feeds on Arbitrum.
In fact, the latest Chainlink data indicates that its network now counts nearly 1,000 oracle networks (sources of verified data) and
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