Chainlink Targets Rally to $27 After Breaking Through $23

Key Insights:

• Chainlink’s price could surge to $27 if it surpasses the $23 resistance level.
• Chainlink’s TVS hits an all-time high, signaling strong on-chain growth.
• Chainlink partners with BNB Chain to integrate U.S. government data on-chain.

Chainlink ($LINK) could be on the verge of a significant price rally, with analysts expecting the cryptocurrency to break through the crucial $23 resistance level. If this occurs, the price could rise as high as $27. 

Chainlink’s Price Surge Potential

Chainlink has recently surpassed the $23 resistance level, sparking optimism in the market. Ali_charts has projected that Chainlink ($LINK) may experience significant upward movement if it breaks the $23 level. Based on his analysis, the price could potentially rise to $27, driven by a breakout from the descending channel seen in the chart.

The analyst highlighted key Fibonacci retracement levels as critical resistance and support zones. Ali’s forecast suggests a surge in price should the $23 mark be breached, which could trigger an upswing toward the $27 target. As of the time of writing, Chainlink is trading at $22.35, with a 24-hour trading volume of $ 813.5 million. The cryptocurrency has seen a slight decrease of 0.91% over the past 24 hours. 

Chainlink On-Chain Metrics and New All-Time High

The total value secured (TVS) by Chainlink has recently hit a new all-time high. This indicates an increase in the value of assets secured by the Chainlink network, which could contribute to boosting investor confidence. Prices tend to catch up with on-chain metrics shortly, and re-pricing to fair valuations could occur in the next few days.

The increase in Chainlink’s TVS suggests that more assets are being integrated into its ecosystem, improving the platform’s long-term prospects. This positive on-chain data supports the idea that Chainlink’s price could rise significantly in the near future.

Chainlink’s Partnership with BNB Chain

Chainlink has recently partnered with BNB Chain to make official U.S. Department of Commerce data available on-chain. This partnership enables BNB Chain developers to access critical government economic data, including GDP and the PCE Price Index, via Chainlink’s decentralized oracle network.

Based on Chainlink, Developers can now leverage this data to unlock innovative use cases. The collaboration opens up opportunities for new types of digital assets, prediction markets, and DeFi protocol risk management. This partnership is expected to boost further Chainlink’s reputation and use case within the blockchain ecosystem.