Major news from Chainlink is driving bullish momentum for LINK, triggering an influx of $500M in trading volume and sparking a surge in its price.
This comes as the crypto markets adopt a bullish stance ahead of the US Election, with Bitcoin trading above $70,000 as anticipation builds for the presidential race outcome.
Amidst this heightened market activity, Chainlink is regaining prominence.
Recent significant developments have enhanced the fundamental outlook for this essential crypto oracle, spotlighting its critical role in the broader cryptocurrency ecosystem.
Smart money investors seem to sense profit on the horizon.
Yesterday’s substantial influx of over $500M in trading volume fueled a recovery, pushing the LINK price up by +7.7% over the past week.
Even amid the localized retracement in LINK price this morning, volume is strong, at a whopping $444M today, signaling continued market attention.
What’s The Major Chainlink News Exciting Investors?
October 30 and 31 mark Smartcon in Hong Kong, and as the Chainlink community gathers at the Kerry Hotel, huge Chainlink news is rocking the value proposition.
Last week, during a massive development in the industry, Chainlink revealed a new privacy focused institutional blockchain with SWIFT (the international payment network).
One of the early adopters of this technology is the Australia and New Zealand Banking Group (ANZ), which will pilot the capability under the Monetary Authority of Singapore’s (MAS) Project Guardian.
This project focuses on the cross-chain settlement of tokenized real-world assets (RWAs), highlighting a use case that aligns with regulatory standards such as GDPR and MiFID II.
Then, Yesterday, at a side event at SmartCon, Sergey Nazarov announced a new Chainlink RunTime Environment (CRE) blockchain aimed at enabling developers to build dApps on multiple chains through a single data processing environment.
Then, this morning on SmartCon Day 2, the Tron Network that Chainlink Data Feeds will become the official Oracle solution for its ecosystem.
Ultimately, this Chainlink news suggests a shift to Chainlink’s fundamental value proposition to investors, with increased exposure as an ecosystem of choice for traditional finance partners.
LINK Price Analysis: Can Chainlink Price Sustain 3 Days of Upside?
On the short-time frame Chainlink news is currently stalling against resistance from the upper trendline, with LINK trading at a market price of $11.84 (representing a 24-hour change of -4.6%).
This comes after LINK price rallied +16% over the past 48 hours amid the bullish sentiment from SmartCon, before a -5% local retracement from resistance send Chainlink tumbling from the trendline.
Bulls are now attempting to consolidate the recent gains at a higher support level above $11.70, and with bullish ascendance in the 20DMA, LINK price remains energetic.
Shifting attention to the RSI indicator, which currently reads at 36.75, LINK price is technically oversold at these levels, suggesting plenty of capacity for an upside breakout if Bitcoin makes a new all-time high.
Yet, for now, in current market conditions, Chainlink – seemingly as ever – remains in a predictable, gently ascendant range between $10.5 – $12.5.
In another exciting play in the market, viral attention is gathering around a meme coin layer-2, making huge inroads into the meme coin sector. Let’s check it out.
Pepe Unchained Skyrockets With Over $23.5M Raised in Community-Backed Meme Coin Layer-2 ICO
This mega-hyped presale is about to raise $24 million, as smart money seems to have chosen this project as the next big meme coin play.
The Pepe Unchained team is building a new Layer-2 (L2) network on top of Ethereum as an ecosystem for meme coins.
This network will offer all of Ethereum’s safety and security, coupled with extremely fast transactions and low-cost fees.
To ensure that the PEPU network has a thriving ecosystem from day one, the team has announced a grant initiative named ‘Frens With Benefits.’
Teams will soon be able to apply for funding to build on the network, which the PEPU Council will vote on.
Developers can use the grants to help fund the development of DeFi protocols, NFTs, GameFi products, etc., on the PEPU chain – ensuring high-octane growth alongside a new platform for meme coin deployment.
The idea is clearly a hit, with more than $23.5M raised at press time. The team is also letting you double down on rewards with a built-in staking mechanism for presale participants.
Once you’ve secured your bag of PEPU, simply begin staking for a juicy 98% APY in return – Wall Street can’t do that, can they?
So don’t miss out. Stay current by engaging with the Pepe Unchained community on X and Telegram.
Find Out More About PEPU Here
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