Chainlink's Bullish Trajectory: A Close Analysis of LINK's Price Momentum

Chainlink (LINK) has recently showcased encouraging signs, especially with its price staying robust above the $7.25 benchmark against the US dollar. Moreover, trading above the critical $7.

Timeline of Chainlink

The crypto industry continues to trade sideways as the bulls constantly fail to hold the price and continue struggling to stabilize the market. On the other hand, Chainlink has become the top performer among the cryptocurrencies in the past week.

Despite the crypto market's ups and downs, Chainlink, an oracle service provider, has been a strong performer. Its LINK token has gained over 10% in the past week and has recently risen over 5%, surpassing $7.00 and reaching a market cap of $4 billion.

Amid all the volatility within the crypto space, oracle service provider Chainlink has emerged as a strong performer with the LINK price gaining by more than 10% over the last week. Over the last 24 hours, the LINK price has shot up by more than 5% moving past the $7.00 level and hitting a $4

Chainlink (LINK) has caught the attention of crypto analyst Rekt Capital, who has offered an optimistic outlook for LINK. In a new price prediction, he suggested that the decentralized oracle network is on the verge of a significant recovery.

Chainlink's supply held by whales recently soared to a new weekly high, indicating that there was a large whale purchase. This may have contributed to the bullish momentum observed in the last few days.

One of Australia's major banks, the Australia and New Zealand Banking Group (ANZ), recently announced its adoption of Chainlink's cross-chain interoperability protocol (CCIP) for simulating tokenized asset purchases.

ANZ, one of Australia's “Big Four” banks, has completed a transaction with tokenized assets utilizing its A$DC stablecoin and Chainlink's Cross-Chain Interoperability Protocol, or CCIP.

Chainlink (LINK), the cryptocurrency known for its decentralized oracle network, has been facing a challenging period in recent days as it grapples with a persistent bearish trend. Despite some positive developments in the crypto space, LINK's price has been on a downward trajectory, failing to capitalize on favorable news.

Whales are accumulating LINK as overall market sentiment remains cautious. In just three days, these whales added an impressive $9.6 million worth of LINK tokens to their holdings.

While the broad3r crypto market consolidates, Chainlink (LINK) has reversed its trajectory to the north and is making bold moves. As per on-chain data, Chainlink shark and whale addresses have accumulated $10 million worth of LINK just over the last three days.