Chainlink price has gone vertical, becoming one of the top-performing cryptocurrencies in the industry. LINK token surged to a high of $11.70 on Tuesday, the highest point since April 2022. It has more than doubled from its lowest level this year.
Chainlink staking news
Chainlink has done well in the past few weeks as investors embrace its role in the industry. The network has grown to become the biggest player in the oracle network. Oracles are tools that simplify the building process by connecting off-chain information to the on-chain.
Chainlink has the biggest share in the sector, securing 350 dApps and having over $11.47 billion in total value locked (TVL). Its closest competitors are WINKLink, Chronicle, Pyth, and TWAP.
Chainlink, as I have written before, has a pole position in the fast-growing industry known as tokenization. Because of its technology, Chainlink is helping companies convert Real World Assets (RWA) into tokens.
There are other reasons why the LINK price is surging. For one, the developers have launched more tools to monetize the platform, which is a positive thing for holders because of staking. The developers are now working on Payment Abstraction, which is a major part of Univesal Billing.
Most importantly, they are about to launch Chainlink Staking v0.2 upgrade as the network continues to secure more oracles. This launch comes a year after the developers launched the first version of staking in the network. The current staker reward rate stands at 4.75%.
Chainlink price is also soaring because of the ongoing hopes that the Securities and Exchange Commission (SEC) will approve a Bitcoin ETF. This is important because such a move will lead to more inflows into BTC.
Most importantly, the approval will open the possibility of companies launching Chainlink ETFs.
Chainlink price forecast
The daily chart shows that the LINK crypto price has made a strong recovery recently. Along the way, the token jumped above the crucial resistance point at $8.78, the highest point on April 18th. Chainlink has also soared above the 50-day and 100-day exponential moving averages (EMA).
Most importantly, LINK price has gotten quite overbought. The Relative Strength Index (RSI) stands at 80 while the two lines of the Stochastic Oscillator have moved to almost 100. There are also signs that Chainlink is about to enter the distribution phase of the Wyckoff Method.
Therefore, while Chainlink is a good coin with more more upside, it makes sense to start taking profits for now. I suspect that it will have a small pull back and retest the support at $10 and then continue its comeback.
