The post Chainlink (LINK) Tests $18 Resistance After $17.3T Milestone appeared on BitcoinEthereumNews.com.

TLDR Chainlink surpassed $17.3 trillion in total transaction value, exceeding Visa’s metrics Currently trading at $18, showing 10.31% increase over 30 days New partnership with WLFI Protocol demonstrates growing institutional adoption Technical indicators (MACD, Parabolic SAR) suggest continued bullish momentum Exchange reserves decreased by 0.13%, indicating reduced selling pressure Chainlink, the leading blockchain oracle network, has achieved a remarkable milestone by processing over $17.3 trillion in total transaction value, surpassing traditional financial giant Visa’s metrics. The platform’s native token, LINK, is currently trading at $18, reflecting growing market confidence in the network’s fundamental strength. Recent data shows LINK maintaining steady upward momentum, with a 10.31% increase over the past 30 days. Trading volume has remained robust, reaching $1 billion in the last 24 hours, while the token’s market capitalization stands at $11 billion, securing its position as the 16th largest cryptocurrency by market value. Technical indicators paint an optimistic picture for LINK’s near-term price action. The Parabolic SAR indicator displays dots below the price line, traditionally interpreted as a bullish signal. This technical formation suggests the potential for continued upward movement, particularly if the token can maintain its position above the crucial $18 level. The MACD (Moving Average Convergence Divergence) indicator provides additional support for the bullish case. Current readings show the MACD line (1.394) maintaining a healthy gap above the signal line (1.014), indicating strong buying pressure in the market. Exchange data reveals a noteworthy trend in LINK’s market dynamics. Exchange reserves have decreased by 0.13% over the past 24 hours, dropping to 161.37 million tokens. This reduction in available supply on exchanges typically suggests decreased selling pressure, as fewer tokens are positioned for immediate trading. Network activity metrics demonstrate growing adoption of Chainlink’s oracle services. Daily active addresses reached 7,417 on November 23, highlighting increased user engagement with…

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Filed under: News - @ November 25, 2024 5:23 pm