Key Takeaways
- Chainlink (LINK) stands out among the top 20 cryptocurrencies, rising 12% in the last 24 hours.
- The surge in price is attributed to recent partnerships.
Chainlink Surpasses Hyperliquid in Market Capitalization
LINK, the native token of the Chainlink blockchain, has emerged as one of the top-performing cryptocurrencies, boasting a 12% increase in value over the past day, now trading above $23.
This upward trend has elevated Chainlink’s market capitalization to $16 billion, surpassing Hyperliquid’s $14 billion, establishing LINK as the 11th largest cryptocurrency by market cap.
The increase follows the recent launch of the Chainlink Reserve, aimed at converting revenue from Chainlink services and enterprise integrations into LINK tokens, thereby creating sustained buying momentum.
Additionally, Chainlink announced a partnership with Intercontinental Exchange, the parent company of the New York Stock Exchange, earlier this week. This collaboration will focus on integrating price data for currencies and precious metals on the blockchain, underscoring Chainlink’s growing role as a bridge between traditional finance and blockchain technology.
LINK Aims for $30 as Bullish Momentum Strengthens
The LINK/USD four-hour chart displays a robust bullish trend amid the current price rally, supported by strong technical indicators. The Relative Strength Index (RSI) sits at 63, indicating significant buying pressure, while MACD lines have shifted into positive territory over the past month, suggesting an upward bias.
As of this report, LINK is trading at $24. If the positive momentum continues, it could surpass the significant resistance level at $26.9 in the coming hours. A sustained rally could see LINK test the $30 mark for the first time since December 2024.
However, should the market encounter a correction, LINK may retest its support level at $21.075. Bulls are likely to defend this level, as failure to do so could result in LINK sliding to a monthly low of $15.5.
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