Chainlink (LINK), which has caught attention with its impressive rise, has become one of the most talked-about altcoins of the day. Over the past 24 hours, LINK has surged over 20%, surpassing $8, after Chainlink CEO Sergey Nazarov mentioned that banks and other financial institutions could use the newly launched CCIP protocol to build their own blockchains and connect them.
The Noteworthy Rise of LINK
According to data provided by CoinMarketCap, the native asset of the Chainlink network, LINK, is currently trading at $8.23, representing a 21.04% increase over the past 24 hours. The data also shows that LINK/BTC has increased by 19.84% to 0.0002725, while LINK/ETH has risen by 20.44% to 0.004297.
Renowned anonymous crypto analyst Rekt Capital noted on a shared graph that the LINK price has risen from the bottom of the consolidation range to the top and even beyond since May 2022. The analyst emphasized that this range is a consolidation zone for the altcoin, with its peak at $7.78. If the price closes above this range, it could indicate a strong continuation of the upward trend.
If the expected candlestick closure does not occur, the LINK price is expected to remain within the consolidation zone. The critical support level for the altcoin is $6.13. If the price falls below $6.13, a retreat to the range between $4.4 and $4 (green) could be anticipated.
Chainlink CEO’s Statement Accelerates the Rise of LINK
The rise in Chainlink, which has gained 62% in the past 30 days and 28% in the past 7 days, intensified following a recent statement by CEO Sergey Nazarov. Nazarov stated that banks and other financial institutions are expected to build their own blockchains, and they can use the newly launched CCIP protocol to connect them. According to Nazarov, this scenario will not only benefit Chainlink but also the entire cryptocurrency market, adding significant value to the sector.
