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- Chainlink’s price increased by 12.38% following new partnerships with Synthetix and Beefy Finance.
- Technical analysis suggests Chainlink could rise another 30% to reach $13.70.
Chainlink (LINK) has seen a 12.38% price increase, fueled by significant new partnerships with Synthetix V3 and Beefy Finance. These integrations also highlight the increasing role of Chainlink in the DeFi space, further cementing its position as a reliable provider of data services. The technical analysis of Chainlink shows that there can be a 30% price increase to $13. 70 in the near future.
Strategic Partnerships with Synthetix and Beefy Finance
The recent integrations of Chainlink with Synthetix V3 and Beefy Finance can be considered the turning point in Chainlink’s position in the DeFi ecosystem. The Synthetix Spartan Council’s approval to integrate Chainlink Data Streams into Synthetix V3 on the Arbitrum network is a significant endorsement of Chainlink’s technology. This integration is expected to enhance the efficiency, security, and reliability of Synthetix’s markets, underpinning the need for secure real-time data in the DeFi ecosystem.
⬡ Chainlink Adoption Update ⬡
This week, there were 10 integrations of 4 #Chainlink services across 12 different chains: @arbitrum, @avax, @base, @BNBCHAIN, @ethereum, @LineaBuild, @MetisL2, @MoonbeamNetwork, @Optimism, @0xPolygon, @Starknet, and @zksync.
New integrations… pic.twitter.com/d3YgjvLwOc
— Chainlink (@chainlink) August 11, 2024
Chainlink’s Data Streams are an entirely new concept in the world of blockchain oracles. Unlike the ‘push-based’ oracles that broadcast data at regular intervals, Data Streams work on a ‘pull-based’ model. This approach enables the protocol to request and receive the verified on-chain data with higher frequency and lower latency that is important for performance of the decentralized derivatives exchanges like Synthetix.
In the same way, Beefy Finance has leveraged the use of Chainlink Price Feeds in an attempt to strengthen the security of its Cowcentrated Liquidity Manager across different blockchains. Through integrating with Chainlink’s data services, Beefy Finance plans to shield its users from risks such as flash loan attacks and market arbitrage opportunities.
Current Market Metrics Paint Mixed Picture for LINK
As of now, Chainlink is at $10. 7, with a market capitalization of over $6. 5 billion. However, there are a few signals that may suggest that the market is on the verge of a bullish reversal. According to IntoTheBlock, 35% of investors in LINK are in profit at the moment. Also, the number of wallets holding LINK for more than a year has been on the rise, which shows investors’ confidence.
Crypto analyst Crypto Tony has shown confidence in the token, saying that if LINK is to rise back to $12. 1, buying pressure may be initiated. This statement has put more focus on the on-chain metrics of LINK as traders try to find the signs of the rebound.
$12.10 reclaim and i will enter this one pic.twitter.com/tChibohzzu
— Crypto Tony (@CryptoTony__) August 10, 2024
According to data from Santiment, there has been an uptick in buying pressure for Chainlink. LINK’s supply on exchanges has been decreasing while the supply outside exchanges has been increasing, which is a positive trend that has often taken place before price surges. Another positive indicator is the Market Value to Realized Value (MVRV) ratio, which has risen in the past week. A higher MVRV ratio is usually a sign that the token is undervalued and may very soon be a candidate for a price surge.
