- Chainlink’s Cross-Chain Interoperability Protocol (CCIP) v1.5 and Chainlink Runtime Environment (CRE) introduced scalable, flexible frameworks for developers.
- 60.06% of LINK holdings are currently “In the Money,” showing strong holder profitability.
- The analyst anticipates a 53% rally based on the symmetrical triangle pattern.
In October, the Chainlink price tested the $12 resistance level to recoup losses from a dip in late July. The crypto has shown resilience with a monthly gain of around 21.5%, moving toward the 200-day EMA range.
In the past 24 hours, LINK surged 6%, surpassing $12.38. This level has drawn substantial attention over the last three days.
This momentum has seen the Chainlink price surpass the 20-day and 50-day EMA bands. That transformed previous resistance into supportive levels that strengthened its upward trend.
This rally was fueled by increased market optimism. This happened as Bitcoin surged past $72,500, alongside critical updates in Chainlink Crypto’s ecosystem. With renewed investor interest, LINK may be on the verge of a notable breakout.
Read on to learn more about recent ecosystem developments, analyst insights, and what could be next for Chainlink price.
Chainlink’s Scalability Will Improve With New Upgrades & Ecosystem Improvements
Chainlink crypto has made strides with the launch of its Cross-Chain Interoperability Protocol (CCIP) v1.5 upgrade. It is now live on the mainnet.
This decentralized Oracle service upgrade aims to revolutionize cross-protocol data sharing. It offers a more streamlined experience that developers can easily adapt to.
One of the new features introduced with CCIP v1.5 is the Token Developer Attestation. It is now available in a private beta, which helps developers verify the accuracy of their work.
Introducing the CCIP v1.5 upgrade.
— Chainlink (@chainlink) October 30, 2024
🪙 Cross-Chain Token (CCT) standard
💻 Self-serve token onboarding
🏗️ CCIP SDK & Token Manager
🛡️ Security & privacy enhancements
Here's why #Chainlink CCIP is the #1 choice for building cross-chain 🧵⬇️https://t.co/mO24Gp1jr9
On the same day as the CCIP update, Chainlink introduced a significant architectural enhancement. It is known as the Chainlink Runtime Environment (CRE).
This modular framework is designed to support financial-grade decentralized applications (dApps). It also helps in streamlining cross-blockchain integrations.
The previous versions only provided fixed services. Unlike those, the CRE’s modular design allows developers greater flexibility. It enables multiple workflows to run concurrently and reduces development time and maintenance needs.
With CRE, developers can compose capabilities directly on the Chainlink Platform without having to add Chainlink-specific code to their core onchain app logic.
— Chainlink (@chainlink) October 30, 2024
As a result, devs can leverage self-serve capabilities regardless of which blockchains their app is deployed to. pic.twitter.com/khj8ZTdyP7
The announcement drove a 6% increase in the LINK price. The investor sentiment suggests a positive outlook for further growth.
LTH Are Choosing to Retain Their Holdings In Chainlink
Despite price fluctuations, market sentiment around Chainlink has stayed strong. Its Mean Coin Age (MCA) is steadily increasing.
This trend suggested that long-term holders (LTHs) opt to retain their LINK rather than moving or selling. This showed confidence in the token’s future prospects.
Such behavior from LTHs highlighted their commitment to Chainlink’s long-term potential. They choose to overlook short-term volatility.
This rising MCA points to a steady accumulation phase among holders. It strengthens Chainlink’s foundation and signals promising growth ahead.
Holders Financial Data Shows Majority In Green
Recent LINK On-chain analysis revealed that 60.06% of LINK holdings are “In the Money” within a price range of $4.04 to $6.79. These are valued at $7.15 Billion.
Meanwhile, 35.41% of holdings, worth $4.21 Billion, are “Out of the Money,” with an additional 4.53% considered “At the Money.” This data provides insight into holder profitability and price distribution within the Chainlink crypto market.
MCA Spurred High Hopes & Analyst Thinks 53% Growth Is Likely Ahead In Chainlink Price
The rising MCA aligns with predictions from analyst The Moon on X (Twitter), who anticipates a 53% rally for Chainlink price. According to his analysis, LINK price’s current symmetrical triangle pattern hints at a potential breakout that could drive its price to $19.
#Chainlink is trading within this massive Symmetrical Triangle! If it breaks to the upside, it could be the start of a ~50% pump! pic.twitter.com/MeY9vmvH6M
— The Moon (@TheMoonCarl) October 30, 2024
However, to achieve this target, LINK must first establish $13 as a solid support level.
LINK Price Prediction Seems Like Headed For Securing A Support
Chainlink’s price has risen by 6% in the past 24 hours, now eyeing a crucial close above $12.38. This level has been a significant resistance for LINK, and surpassing it could reinforce bullish momentum. A successful close here would signal a more optimistic outlook for the altcoin.
Analysts’ projections of a potential beyond 50% rally are based on longer-term indicators. Breaking through this resistance zone could accelerate Chainlink’s upward movement. This would bring it closer to a more significant rally.
However, per LINK price prediction, if it cannot clear the $12-$13 range, it could face a pullback to $11. That could drop further to $10, weakening the current bullish outlook.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.