Chainlink price has risen modestly from its lowest point this month, with strong fundamentals and technical signals suggesting more potential gains.
Chainlink (LINK) rose to $15.5 on Monday, its highest level since March 9, and 26% above its lowest point on March 11.
The rebound may continue as Chainlink’s fundamentals strengthen. In a statement, the developers noted that Chainlink had surpassed the $20 trillion milestone in terms of transaction value enabled, a key indicator of network activity and adoption.
Chainlink has reached this milestone since 2022, and the upward trajectory continues. Some of the largest decentralized exchanges using Chainlink’s technology include Uniswap, SushiSwap, PancakeSwap, 1inch, and Curve Finance. Chainlink also powers major decentralized finance protocols like AAVE, Spark, Compound, and Venus.
Chainlink’s ecosystem continues to grow. The platform recently partnered with Abu Dhabi Global Market, a leading international financial center in the United Arab Emirates, to support dialogue on blockchain and artificial intelligence regulation.
Over the years, Chainlink has also secured agreements with some of the biggest names in the financial sector. It was selected as the oracle and tokenization blockchain by Emirates NBD, the largest bank in the UAE. Chainlink is also working with SWIFT, UBS, JPMorgan, and Coinbase, among others.
Chainlink price technical analysis
The daily chart shows that LINK may be on the cusp of a strong bullish breakout. It has already risen from a low of $11.87 on March 11 to the current $15.5.
Chainlink has formed a falling wedge pattern, a popular bullish reversal signal. A wedge is made of two descending and converging trendlines, indicating that downward momentum is fading, with a bullish breakout often occurring when the two lines converge.
Chainlink price has also moved above the 25-day moving average. Additionally, the Percentage Price Oscillator lines have pointed upwards, forming a bullish crossover.
The Relative Strength Index has moved above 50, signaling increased buying pressure. Therefore, Chainlink price could see further gains, with the next target at the psychological level of $25.
