Originally published on: December 03, 2024
Chainlink’s LINK token has stunned the crypto market with a remarkable 27% surge on December 3rd after partnering with a European Union-based firm to introduce a tokenized asset settlement system.
In the past week alone, LINK has soared by 50%, showing an impressive 125% increase over the last 30 days.
Witnessing a significant uptrend, LINK experienced what is known in the trading world as a “god candle” on December 3rd. The token started at $18.58 and surged by as much as 45% to reach a two-year high of $26.92.
Momentum has been picking up, with LINK’s spot trading volumes reaching over $8.6 billion on the same day, marking a massive 271% surge from the previous day. With a current market capitalization of $15.52 billion, LINK now holds the 15th spot on the cryptocurrency ranking list.
The recent price rally in LINK follows the partnership announcement between Chainlink and 21X. This collaboration aims to launch Europe’s first EU-regulated tokenized securities market, further boosting the excitement among the cryptocurrency community.
By leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP), 21X will integrate assets from various chains, enabling seamless asset settlement. The platform will focus on stablecoins and tokenized assets onboarded from multiple chains, enhancing accessibility for clients.
With this groundbreaking technology, 21X can integrate real-time market data and facilitate asset transfers across different blockchains, paving the way for a more interconnected and efficient ecosystem.
As Chainlink’s network activity surges in line with LINK’s price surge, market intelligence firm CryptoQuant reports a 286% increase in daily transactions, hitting a two-year high of 24,901 on December 2nd. The number of active addresses has also risen by 179% during the same period, indicating a growing adoption of the Chainlink ecosystem.
While the relative strength index suggests that the upward momentum may be reaching its peak, the appearance of a “golden cross” on the daily chart could fuel further gains. This bullish technical pattern typically occurs when a shorter-term moving average crosses above a longer-term moving average, signaling a potential upward trend.
Market analysts are optimistic about LINK’s future trajectory, with projections pointing towards $30 as the next target. Some experts even anticipate LINK prices to exceed $50 in the near future.
It’s important to note that this article does not offer investment advice, and readers are advised to conduct their own research before making any financial decisions. Stay tuned for more updates on the exciting developments in the crypto market!
