As Chainlink’s daily trading volume skyrockets by 20.37% to the hit $551.62 million, the 12th-largest cryptocurrency based on market capitalization looks destined for the psychological price of $20.
Renowned crypto enthusiast Michael van de Poppe recently pointed out that Chainlink was about to run to $20.
Market analyst Stanley Crypto also shared similar sentiments and stated, “LINK is retesting the breakout zone from the ascending triangle. Price is holding above key support around $16.20. A bounce here could ignite a move toward the $22.85 target.”
What are the stakes of Chainlink hitting $20? Well, the altcoin will need to breach major resistance at $17.80 because this zone recently emerged as an impediment to Chainlink’s jump to $20. LINK will also need to hold the critical support zone at $16.20.
According to CoinGecko data, Chainlink was up by 34.9% in the past month to hit $15.52 when writing.
Chainlink is Calling the Shots in DeFi Development
When it comes to the top DeFi project in terms of development, Chainlink has emerged the victor per Santiment data.
Having risen to prominence as a blockchain abstraction layer that permits the universal connection of smart contracts, Chainlink continues to rank high in developer contributions and GitHub commits.
This explains why Chainlink was recently selected by top banking giant JPMorgan to settle tokenized U.S. Treasuries, whereby public and private blockchains were bridged.
Furthermore, Chainlink’s high development activity can be linked to the numerous integration of gaming, non-fungible token (NFT) and DeFi projects.
Meanwhile, bullish momentum is expected to continue engulfing the Chainlink ecosystem, thanks to the surfacing of an inverse head and shoulders pattern.