Chainlink’s Recovery and Decoupling
Chainlink’s native token, LINK, has bounced back after a significant decline, briefly dropping below the important $13 support level. This drop was due to speculation about the potential rejection of a Bitcoin ETF by the US Securities and Exchange Commission (SEC).
Recent data shows that LINK is experiencing a “mild decoupling” from other altcoins, as its ratio on crypto exchanges has reached a 4-year low.
Chainlink’s Weekend Breakout
Over the weekend, LINK experienced a breakout, surging to $15.82 for the first time since April 6, 2022.
This positive momentum was supported by a decrease in the supply of LINK on exchanges, falling below 15% for the first time in four years. This indicates a reduced willingness to sell and suggests that investors are optimistic about further gains.
Chainlink’s Focus on Real World Assets
Chainlink has announced its intention to support the tokenization of Real World Assets (RWAs) on the blockchain. This move builds on their Cross Chain Interoperability Protocol (CCIP), which facilitates cross-chain transactions and integration of capital markets and RWAs into the blockchain.
Hot Take: Chainlink’s Recovery Signals Bullish Sentiment
Chainlink’s recovery and weekend breakout, coupled with its decreasing supply on exchanges, indicate bullish sentiment among investors. The “mild decoupling” from other altcoins also suggests that LINK may be gaining more independence in the market. With its focus on supporting real-world asset tokenization, Chainlink continues to expand its capabilities and attract attention in the crypto space.
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