• Chainlink recently announced its Cross-Chain Interoperability Protocol (CCIP) to connect traditional financial institutions to the blockchain.
• The LINK token has seen a strong bullish trend in the past few days, with prices reaching a high of $7.32 – the highest level since April 26th.
• DeFi Llama data shows that Chainlink has a total value secured (TVS) of over $21.85 billion, making it the biggest oracle provider in the world.
Chainlink recently announced its Cross-Chain Interoperability Protocol (CCIP), designed to connect traditional financial institutions to the blockchain, and as a result, the LINK token saw an increase in price, reaching its highest level since April 26th. Data from DeFi Llama also showed that Chainlink is currently the biggest oracle provider in the world with a total value secured (TVS) of over $21.85 billion.
Chainlink Expands Its Offerings
Chainlink is an oracle network providing off-chain data to on-chain applications and is widely used for price feeds in decentralized and centralized exchanges. In June, Chainlink began testing connecting banks to blockchain through partnering with Swift and then announced their CCIP on Tuesday which is designed to further this connection between traditional finance industry and blockchain technology. As a result of these developments, investors have been hopeful for more action within the network leading to an increase in LINK prices up by more than 53% from its lowest point back in June.
Data Showing Chainlinks Dominance
DeFi Llama’s data shows that Chainlink has become firmly established as one of the most dominant oracle providers with a TVS of over $21.85 billion compared other major players such as Chronicle, WINKLink, Pyth, TWAP and RedStone who are all trailing behind significantly.
LINK Price Prediction
On 4H chart LINK price has seen significant bullish trend moving above 25-period & 50-period moving averages while forming an ascending channel shown in black along with double top pattern at $7.30 where neckline was at around $6.50 signaling bearish breakouts however due to recent product launch these predictions can still be altered depending upon how investors respond towards new developments within chain link network .
Overall ChainLink’s new product launch will be crucial factor determining future performance of LINK token as current market conditions are favorable towards growth but bearish signals should not be ignored completely either so investors should remain cautious before investing into LINK tokens while keeping track of latest news related to project progress .