Chainlink Sees 2,000 New Wallets as LINK Hovers Below $24
Chainlink, a prominent decentralized oracle network, experienced a notable increase in user adoption on Oct. 1, with nearly 2,000 new wallets joining the platform. Meanwhile, LINK, the native token of Chainlink, is trading just below the resistance level of $24, after a 10% weekly and 4% monthly decline, but with daily trading volume up by 6.1%.
The stock market today is displaying mixed signals, with fundamentals indicating an upward trend, while short-term momentum remains cautious. If LINK can push above $24, it may target the next resistance levels of $27 to $30. However, failure to maintain support at $22 could see it retreat to the $20 range.
Chainlink's recent achievements include securing a victory at the Swift Hackathon and launching DataLink, a tool for bringing real-time market data on-chain. This comes amidst growing institutional engagement, with Chainlink's reserve swelling by over 46,000 LINK in a single day. Derivatives data also shows a decrease in leveraged bets, which could help stabilize Chainlink's price. Furthermore, exchange balances are at six-year lows, suggesting a tightening supply backdrop that could support higher prices.
In Hong Kong, Chainlink, along with UBS and DigiFT, is part of a pilot project aimed at automating tokenized fund operations within the Cyberport Blockchain & Digital Asset Pilot Subsidy Scheme.
With nearly 2,000 new wallets added and growing institutional engagement, Chainlink's user adoption and market presence are strengthening. Despite recent price fluctuations, the fundamentals and supply dynamics suggest a bullish outlook for LINK, with key resistance levels at $24, $27, and $30.
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