Chainlink’s price has risen for four consecutive days, reaching a high of $12.97. The rise in price can be attributed to BlockTower Capital’s purchase of popular DeFi tokens such as Uniswap and AAVE, which indicates their bullish outlook on decentralized finance. Chainlink has experienced a 60% increase in value since its August lows.
BlockTower Capital, a reputable company in the crypto industry, has a crypto portfolio worth $446,987, with most of its holdings in coins like Blur, USD Coin, and Ethereum. While Chainlink was not included in their recent purchases, this move demonstrates their confidence in the DeFi industry’s ongoing success.
DeFi Call data shows that the total value locked in DeFi nears $100 billion, while the total value secured in Chainlink has soared to $27.7 billion. Chainlink’s price has also risen due to a Forbes article highlighting how companies are using its network to grow their businesses in the era of AI and blockchain.
The article emphasizes the role of Chainlink’s oracles in creating a unified golden record around corporate actions. The price of Chainlink has also been buoyed by its CEO’s appearance on CNBC where he discussed how President Trump’s policies on deregulation could be “extremely bullish for our industry.”
Chainlink’s price is expected to rebound and possibly retest its year-to-date high of $19.8.
Perpetual Trading noted that the coin has formed a falling wedge pattern on the weekly chart, which is considered a bullish chart pattern. On the daily chart, Chainlink has jumped and retested the important resistance level at $12.97, which was the highest swing in September and August. It is also approaching the 50% Fibonacci Retracement level at $13.6 and has jumped above the 200-day moving average.
If the price of Chainlink breaks cleanly above the resistance at $13, it could lead to further gains of up to $15, which is 15% above the current level. A break above that level would bring the year-to-date high of $19.20 into view, representing a 50% increase from the current level. However, if the price of Chainlink drops below the ascending trendline at $12, it could lead to a further sell-off, reaching $10.
