Chainlink (LINK), the dominant Ethereum-based oracle protocol, is standing its ground against market bears at a time when the broader digital currency ecosystem is seeing a negative reversal. At the time of writing, CoinMarketCap data shows LINK is up by 3.18% in 23 hours to $18.54, a figure that compares to the 0.62% drop in the combined market cap.
While its daily growth rate is impressive compared to that of Bitcoin (BTC) and other top altcoins, Chainlink’s 14.74% surge in volume places it on the right path for more potential surges. A total of $445,393,986 in LINK has been shuffled in between exchanges lately, placing the token as the 21st most traded in the market.
The optimism surrounding Chainlink in the retail market suggests the sentiment to buy is impacted. If it is sustained, the decoupling from the bearish Bitcoin twist might help it extend its daily bullish candle. The LINK/USD 4H chart as seen on TradingView reveals that the token is trading above its 50, 100 and 200 moving averages, a bullish showcase.
Over the past month, market data reveals Chainlink has printed 36.46% growth. Many trends have contributed to this major uptick in Chainlink, and beyond regular whale shifts, this primarily hinges on its value addition and the niche it occupies in the industry.
As a dominant Oracle service provider, Chainlink powers the operational efficiencies of many decentralized applications (dApps). To further solidify its position in the industry, Chainlink has inked several partnerships with top protocols to power their interoperability reach.
Chainlink also benefited from its staking engine upgrade as the protocol now offers a more enhanced avenue to bet on LINK while also democratizing engagements across the board.
