Chainlink (LINK) Price Rises as Real World Assets Gain Prominence
Chainlink (LINK) has experienced a 17% price increase in the past week, approaching the $7 mark on September 19. This surge in price seems to be linked to the growing popularity of Real World Assets (RWA). The RWA sector integrates offline data into blockchain networks using Chainlink’s price feeds and Oracle infrastructure. The sector recently reached a valuation of $3.1 billion, which could potentially drive a sustained LINK price rally.
New Users Joining the Chainlink Ecosystem
There has been a significant increase in new users joining the Chainlink ecosystem, coinciding with the rise of Real World Asset projects. On September 17, Chainlink recorded 865 new wallet addresses, the highest since August 16. This indicates organic growth driven by genuine interest rather than speculative trading.
Whale Investors Capitalizing on RWA Trend
While retail investors are entering the Chainlink ecosystem, whale investors are also taking advantage of the Real World Asset trend. Crypto whales holding between 100,000 and 1 million LINK tokens have added 2 million LINK tokens to their balances since August 30. This buying pattern from whale investors has historically correlated with price rallies.
Predicting a Bullish Future for LINK Price
From an on-chain perspective, it appears that Chainlink’s price is poised to reclaim the $10 mark if the demand for Real World Asset projects continues to grow and whale investors maintain their bullish disposition. However, there may be strong resistance at the $8.50 mark due to 62,480 addresses purchasing LINK tokens at an average price of $8.54.
Hot Take: Chainlink’s Price Rally Hinges on Real World Asset Adoption
The recent surge in Chainlink’s price can be attributed to the increasing adoption of Real World Asset projects. As these projects continue to integrate Chainlink’s services, the demand for LINK tokens and Oracle infrastructure is expected to rise. This growing demand, combined with the involvement of whale investors, could potentially propel Chainlink’s price rally even further in the future.
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