Is Chainlink Poised for a Breakout Above $13?

• LINK’s Hedera partnership boosts interoperability and developer access on dApps.
• Analysts predict potential LINK breakout above $13 amid bullish sentiment.

Chainlink (LINK) experienced a significant price surge in the past 24 hours, reaching an eight-day high of $12.01 before stabilizing around $11.99. This 5% daily increase has brought new investor confidence, despite a 1% decline in trading volume and a challenging week with LINK’s price dropping to $10.70. The recent uptick is largely attributed to market resurgence in the past 48 hours.

Moreover, it coincides with Chainlink’s collaboration with the HBAR Foundation, aiming to boost interoperability for decentralized applications (dApps) on the Hedera network. 

This partnership involves integrating Chainlink’s Data Feeds and Cross-Chain Interoperability Protocol (CCIP) into the Hedera Testnet via Chainlink Scale, a framework empowering Hedera developers with reliable data and cross-chain capabilities. The collaboration builds on a relationship established in 2021 when Chainlink joined the Hedera Governing Council. Johann Eid, Chief Business Officer at Chainlink Labs, remarked that this integration would allow Hedera developers to create “secure, scalable, and fully-featured dApps,” further promoting on-chain adoption.

LINK Bulls To Pull Rally?

Market sentiment around LINK remains bullish, with approximately 86% of holders optimistic about its long-term potential. Analysts note that LINK’s price has formed an ascending triangle pattern, suggesting a possible breakout if it can surpass the $15 resistance level. Crypto analysts express confidence in LINK, indicating that overcoming the $13 barrier could trigger a rally toward $18, representing a 40% increase from the breakout point.

Additionally, net outflows of LINK from exchanges over the past month suggest long-term accumulation, even as some holders take short-term profits. The net 30-day outflow of 662,220 LINK indicates sustained confidence in Chainlink’s future.

As Chainlink strengthens partnerships, including recent integrations with Swift and BNB Chain, its utility across DeFi and cross-chain functionality positions it for potential growth. Investors now eye the $13 mark as a critical resistance level for continued momentum.

Highlighted News Of The Day

Binance Unveils Pioneering Solution for Wealth Managers Via Binance Wealth