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LINK is ripe for a 15% jump

Chainlink’s price continued to rise on Tuesday as demand for decentralized finance (DeFi) tokens soared. LINK hit a high of $9, which was the highest point since June 10 of this year. It is up more than 66% from this year’s low, bringing the total market capitalization to over $4.1 billion.

DeFi resurgence

Chainlink is a leading blockchain project that plays an important role in the industry. It is an oracle network that helps serve hybrid smart contracts. The goal is to help developers access and implement off-chain data and services on their platforms.

The oracle industry is significantly crowded. Some of the major competitors in the industry are Maker, Band Protocol, WinkLink, and Pyth, among others. Still, Chainlink has the largest market share. According to DeFi Llama, there are over 190 DeFi projects in Chainlink. These applications have a Total Secure Value (TVS) of over $15 billion.

Chainlink has recently developed its ecosystem. For example, they launched a product known as VRF, which provides a verifiable source of randomness for smart contract developers. The product is used by the developers of Axie Infinity, Aavegotchi and PancakeSwap.

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Additionally, Chainlink launched Keepers, a decentralized smart contract automation for developers. Other products in its ecosystem are proof of reserve and cross-chain communication.

Chainlink price has done well in recent days as the DeFi industry has seen a strong recovery. A closer look shows that most DeFi projects like Aave, PancakeSwap, dYdX, and Uniswap have recently seen an increase in activity. According to DeFi Llama, the total value locked (TVL) in DeFi has reached over $69.1 billion.

This performance is likely due to investors believing that the worst has already happened following the collapse of platforms like Celsius and Voyager Digital. Additionally, the price of LINK surged due to the strong performance of other cryptocurrencies and US stocks.

Chainlink Price Prediction

The four-hour chart shows that the LINK price has been on a strong bullish trend over the past few months. The rally accelerated as the price broke above the important resistance point at $8.2015, which was the highest point on July 30.

Chainlink is supported by the 25 and 50 day moving averages and sits slightly above the 78.6% Fibonacci retracement level. Therefore, the uptrend is likely to continue as bulls target the next key resistance level at $10, which is around 15% above the current level.