At the time of writing, the price of LINK Coin is reaching $11 and experiencing a daily increase of 6%. With a nearly 60% increase in the last 6 months, the price has surged by 49.95% weekly. The popularity of Chainlink is growing, especially with the increasing popularity of Real World Assets (RWA) tokenization. Supported by reputable partners such as Swift, the rally began a month before the increase in BTC.
Chainlink (LINK)
The increasing demand for asset tokenization and Real World Assets (RWA) should not be underestimated. This is one of the main reasons why the TRB Coin price surpassed the $100 threshold we mentioned days ago. Chainlink is the largest project in the RWA field. The biggest smart contracts in the blockchain-based oracle solutions rely on Chainlink’s services. Swift is already conducting test processes with Chainlink. Moreover, with CCIP, Chainlink offers the opportunity for trillion-dollar giants to start working with them immediately.
All of these are clear indicators that the surge is not baseless. So, is there any tangible evidence that supports this story and shows that the recent rally is solid? Yes, there is, and examining on-chain data is sufficient for this. The number of transactions on the Chainlink network has been steadily increasing since October 18th. And as of October 23rd, the highest point in 9 months was reached with 16,068 LINK transactions.
Technically, the increase in the number of transactions on the network indirectly reflects the interest in the token. It is also a fact that the increase in market volume pulls up the demand in the protocols it serves. I will not go into details about the expansion of the LINK Coin stake pool or the efforts to increase token utility as I recently covered this part.
LINK Coin Price Prediction
According to the data provided by IntoTheBlock, the Chainlink network recorded 544 and 406 Whale Transactions on October 23rd and 24th, respectively. This means that Chainlink has conducted 950 whale transactions in the last two days. The whale interest reaching unprecedented levels since the crash in November also supports the price increase of LINK Coin.
However, despite the rise in BTC price and the factors supporting LINK Coin, the $14 range is the cost point for approximately 26 million tokens. If the majority of investors do not share the expectation of a medium to long-term increase, we may see that the price reverses from $14 in the coming days.
On the other hand, after surpassing the $14 resistance area, the LINK Coin price can reach up to $20. To continue the upward trend, closures above $10.6 are expected.
