Chainlink has been one of the most flourishing smart contract-based platforms, and it has been enticing many strategic integrations lately for power-packed user experience to contribute towards blockchain development and providing solutions with the help of blockchain in subjective domains.
One such recent integration that took place yesterday was Chainlink’s partnership with China’s national Blockchain Services Network, popularly known as BSN, along with IRITAchain and SNZ Holding. This robust partnership is aiming to build “Interchain Communication Hub” for the simple and expedient operation of all Dapps connected to the BSN network. The other two firms are likely to consider and work towards the network and technological support.
We welcome @chainlink,@IRITAchain and @snzholding to the BSN family. We will build “Interchain Communication Hub” of the BSN together to enable easy and convenient interoperability for all Dapps deployed on the BSN. https://t.co/KikW8hVBJB
— BSN (@bsnbase) June 23, 2020
Moreover, over the previous week Chainlink had marked a number of partnerships to encourage blockchain-based solutions in various sectors through unification with Bamboo Relay, Orchid VPN, Finscore, Wildcards World, Syncnode partnered as Chainlink node operator and Bancor has begun using BNT/USD Chainlink price feed live on the Ethereum Mainnet. These integrations with Chainlink have a visible difference in the price of the platform’s native token—LINK.
Moreover, as per the recent on-chain analysis, significant data is fetched where the daily network addresses have been static and not really rising. On the other hand, the transfer to non-exchange wallets has spiked. The study also showed that there is a growth in the top 100 non-exchange wallets, and the growing price has triggered massive addresses to invest in altcoins like Chainlink. No wonder Link appears to gain a similar position like Ethereum was a few years ago.
1) $LINK has been creating some separation room between its price and $BTC‘s on Tuesday, and our on-chain data is indicating that many transfers to non-exchange wallets have been occuring. There is steady growth in the top 100 non-exchange wallets tracked pic.twitter.com/2SnBpwTlOp
— Santiment (@santimentfeed) June 23, 2020
Chainlink Price Analysis
On the 8-hourly chart, Chainlink is hitting above the 20-day upper Bollinger Band with an amazing blow of momentum against the US Dollar. At the press time, LINK was trading at $4.87 and retained complete support from 50-day and 200-day daily MA. Moreover, on the above 3-hourly chart, we see that there is a “golden crossover” as 3 hour 50-day MA crosses above 200-day MA, and the complete result is seen on the price movement of the coin against the greenback.
The technicals are bullish yet drawing a volatile impact as the 20-day Bollinger Bands laid are seen widening while MACD of Chainlink is crossing above the signal line as the price retests long lost resistance at $4.9. The RSI of the coin is lying at 76.63 and is already hitting the overbought zone due to increased demand from the social interaction and price impetus.
On the 24-hourly chart, Link is utterly bullish yet exhibits expanding volatility as projected by 20-day Bollinger Bands. It was just in the early hours of the trading session today that the coin reclaimed a double top around $4.9 price area and is facing a stringent resistance at $5. However, like the 3-hourly chart, LINK/USD is retaining support from 24-hourly 50-day and 200-day MA. Here, as deduced from the long-term price movement, we see that the immediate support lies between $4.5 to $4, and the major resistance lies at $5, which is a YTD target price as well.