The price of Chainlink (LINK) has seen a significant surge of 13.47% in just one day, with a total yearly gain exceeding 130%. This surge has been attributed to a successful pilot program with the Depository Trust and Clearing Corporation (DTCC), which has boosted efforts in tokenizing the LINK token.
The recent spike in LINK’s value has been part of a broader trend in the digital currency market, with Bitcoin leading the way and other altcoins following suit. The overall market sentiment has been positive, leading to a marked escalation in investor confidence and market valuation for LINK.
Currently trading at $15.82, the LINK token has become the 15th biggest cryptocurrency by market capitalization, with a valuation exceeding $9.26 billion. The trading volume for LINK has also surged, reflecting increased interest and trust in Chainlink’s prospects.
The recent joint initiative between DTCC and Chainlink has played a significant role in driving the positive market response to the LINK token. The pilot program aimed at boosting the tokenization of traditional financial funds has been successful in improving interoperability and streamlining data management for participating institutions.
From a technical perspective, the LINK token is encountering resistance on the 4-hour chart, but indicators such as the MACD and RSI suggest strong bullish sentiment in the short term. However, with an RSI value indicating overbought territory, a short-term correction could be on the horizon.
Overall, the recent surge in LINK’s price highlights the growing interest in blockchain oracles and the potential for Chainlink’s technology to streamline data management within the financial sector. While optimism remains high, a short-term correction is a possibility, and investors are advised to exercise caution.
Source: https://coinedition.com/link-gains-13-in-a-day-amid-dtcc-and-chainlink-joint-effort/
