As one of the renowned decentralized oracle networks, Chainlink’s price action continues to attract significant attention in the crypto sector.
According to Bit Guru, Chainlink is making a strong push with room to climb even further.
The market analyst pointed out, “After a brief cooldown, the price is now stabilizing around $15.70, suggesting buyers are still active.”
Even though LINK is witnessing a slight pullback to trade at $15.80, the sixteenth-largest cryptocurrency recently reclaimed the $16 price zone, thanks to heightened weekly exchange outflows worth a whopping $11.27 million.
Cryptocurrencies exiting crypto exchanges usually signal an intensified hodling trend because these coins are held for future purposes other than speculation.
As a result, selling pressure is tamed, as shown in Chainlink’s case, where more bullish momentum is expected.
Bit Guru added, “A move above $15.85 could trigger the next leg up, potentially retesting $16.20 and beyond. If bulls hold support at $15.50, the uptrend remains intact. Watch closely — LINK might be gearing up for a new short-term high.”
Chainlink’s Development Activity Goes Through the Roof
Chainlink continues to be a development haven, thanks to product innovations and technological advancements, such as its novel Cross-Chain Interoperability Protocol (CCIP), which enables seamless cross-chain transfers.
In the past month, Chainlink’s development activity skyrocketed by 50% more than that of Ethereum.
As Chainlink witnesses a bullish development trend, this altcoin is eyeing a Golden Pocket target of $23, which will play an instrumental role in strategic decision-making.