After a month-long retreat, the Link Marines are on the offensive once again. Today, the native token of oracle protocol Chainlink (LINK) jumped from $7.50 to $9.20 in a matter of hours, recovering from a steep drop earlier this month after skyrocketing by 1,000% since the start of the year.
Chainlink’s recovery today follows the general trend of the markets—though LINK’s rise today is much more dramatic.
For instance, the market’s leading cryptocurrency, Bitcoin, started the day with a price of $10,237. It has since managed to climb about 3% to $10,673, providing an optimistic mood among crypto scalpers.
A quick view at the charts, however, suggests a healthy dose of caution should be mixed in with that optimism for LINK holders and traders.
After reaching its all-time high of nearly $20 per coin in mid-August, LINK embarked on a bearish channel that broke its strongest support prior to today. In other words, had LINK not recovered and instead suffered another bearish trading day, the next price point to test would have been under $4.00—and that would have meant a loss of all gains since the start of its bull run.
This recovery could be good news for traders, since Chainlink could be on its way to breaking the bearish channel. But Link Marines still have a lot of work to do to build up that momentum.
Chainlink fundamentals and market sentiment
One reason for Chainlink’s rise in price today could be a reaction to the market as Bitcoin trading picks up. And a price rally could boost trading for the LINK-BTC pair.
It’s also worth noting, however, that Chainlink nabbed yet another big “partner” today, adding to its list of announcements this year, which has helped boost excitement for the protocol, as well as its token’s price.
Travala, a platform focused on selling tourism services, announced this morning that it has added support for Chainlink payments. This means that seasoned Link Marines can now schedule their stays in over 2.2 million hotels and homes across the globe using LINK. The announcement was made just hours before today’s Chainlink rally.
"With cryptocurrency adoption on the rise, we want to ensure our users at Travala.com have access to the most popular payment choices. LINK has always been a token requested by members of our community, so we have responded to this request," said Travala CEO Juan Otero in a press release.
But considering the steady march up the price charts that Link Marines are currently undertaking, it’s probably not the best time to book a vacation.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.