- Chainlink coin price registered a new ATH during the current market session, surging past $22.00
- The tremendous bullish rally is supported by the partnership between Chainlink and Paxos, making an innovative step in the DeFi ecosystem
- The price levels surged around 25.00% during the market session entering new bullish regimes
Chainlink Coin Price Making New ATH On Price Chart
The intraday chart briefly reflects on the significant positive rally made by Chainlink’s bulls resulting in the achievement of new ATH around the price level of $22.00. The price levels hinted at the ongoing bullish trend by having a positive breakout above the significant resistance level of $15.00, after which a sharp positive divergence breaking above $20.00 was observed. The previous ATH for the crypto asset was registered around the level of $18.00. The CMP is placed at $21.89 with an overall gain of 21.05%, bringing the market capitalization to $8,800,912,501, causing an uptrend of 20.36%. The 24-hour volume traded has reached $8,173,125,250, resulting in a fresh surge of 118.45%.
Partnership With Paxos For Bringing Scalability on DeFi & Surge In Active Addresses
One of the fundamental reasons behind the ongoing bullish momentum of Chainlink can be the partnership with Paxos. The objective of this alliance is to make Paxos’s asset-backed tokens more scalable on DeFi. It has succeeded in Paxos Standard (PAX) and Paxos Gold (PAXG) availability on Chainlink’s oracle network. Chainlink protocol already operates for many DeFi projects for nurturing their background pricing and data infrastructure. Paxos’s stablecoin tokens have been emerging in the industry since the DeFi spike in 2020. Overall, one can say that the partnership can simplify the integration of news assets for each DeFi applications in the market. This will help to accelerate the adoption of Paxos on Chainlink oracles.
The metrics provided by Santiment highlights a sudden spike received in the total number of daily active addresses of Chainlink, creating a new high on a 5-months timeframe counting around 16.8K addresses. The reason behind this sudden spike can be the rising DeFi activity, as Chainlink found a solid-use case in the DeFi ecosystem with the partnership.
Chainlink Persists Rising Channel Pattern On Technical Chart
The technical chart of Chainlink coin price highlights the significant bullish momentum built, resulting in creating a new All-Time High for the crypto asset around the price level of $22.00. The levels can maintain sustainability above the trend line of the rising channel pattern and look for a positive breakout above the upper line of the retracement table.
Accumulation/Distribution (Bullish): The levels indicate that the crypto asset is still maintaining its accumulation phase, and there’s no significant negative divergence in the levels, which could be the inception of the distribution phase. The current level stands around 1.4M.
RSI (Bullish): The levels had multiple positive breakouts to the overbought region and showed no significant signs of retracement sustaining on the bullish level of 70.00
MACD (Bullish): The levels have climbed to the bullish regime with a significant concentration of positive sentiments prevailing for the coin in the market.