Chainlink price slightly increased by 0.3% to $10.5 on Saturday. The slowdown in recovery momentum can be attributed to Bitcoin pullback to $60000 and most major altcoins stabilizing after a mid-week rally. However, the aggressive expansion of the Chainlink network with new integrations could uplift its adoption and drive demand for LINK tokens.

Chainlink Expands DeFi Footprint with Key Integrations

The Synthetix Spartan Council unanimously voted in favor of integrating Chainlink Data Streams into Synthetix V3 on Arbitrum. This integration is set to enhance the performance, security, and reliability of markets on the Synthetix protocol. The decision marks a pivotal step forward for both Chainlink and Synthetix, highlighting the growing importance of reliable data streams in the DeFi ecosystem.

The @synthetix_io Spartan Council just voted unanimously in favor of integrating #Chainlink Data Streams into Synthetix V3 on @arbitrum.

Data Streams significantly enhances the performance, security, and reliability of markets on the Synthetix protocol.https://t.co/5T47MpIxce pic.twitter.com/1bTeXekj0u

— Chainlink (@chainlink) August 9, 2024

Moreover, Beefy Finance has recently upgraded to Chainlink Price Feeds to bolster the security of its Cowcentrated Liquidity Manager across multiple blockchain networks. This strategic move aims to protect users from flash loan exploits, market inefficiencies, and other potential vulnerabilities. 

.@beefyfinance has upgraded to #Chainlink Price Feeds to help secure its Cowcentrated Liquidity Manager across multiple chains.

Price Feeds help safeguard users against flash loan exploits, market inefficiencies, and more. pic.twitter.com/H22lqeu2uf

— Chainlink (@chainlink) August 9, 2024

These partnerships underscore the confidence of other Web3 projects in Chainlink for its ability to provide secure and reliable data services. The aggressive expansion into the Defi market should drive a natural growth of the LINK token.

Chainlink Price Hints Prolong Recovery

This week, the cryptocurrency market showcased a relief rally as a cool-off from the recent sell-off. Along with the BTC price jump above $60000, most major altcoins, including LINK, spark bottom formation to regain recovery momentum.

The Chainlink price rebounded from $9.44 to $10.6, registering a 12.38% growth, while the market cap boosted to $6.43 Billion. An analysis of the daily chart shows that the recent upswing forms another bull cycle within the long-coming wedge pattern.

The MACD (blue) and signal (orange) lines nearing a bullish crossover would signal the recuperating bullish momentum.

This chart setup is defined by converging trendlines, which generally indicate diminishing bearish momentum. With sustained buying, the recent reversal could push the LINK price 30% up to challenge the overhead trendline at $13.7.

LINK/USDT Chart

On the contrary, the lower boundary of the Bollinger Band indicator in a down trajectory hints that it remains a dominant force in this asset. If the correction concern persists in the broader market, the Chainlink price prediction could signal a 15% downside risk to revisit $9 support.

The post Chainlink Price Set for 30% Comeback as New Data Stream Integrations Drive Growth appeared first on CoinGape.

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Filed under: News - @ August 10, 2024 8:20 pm