As LINK establishes itself as a widely accepted gas token, the Chainlink ecosystem is seeing continuous growth, fostering increased adoption and price appreciation. Given the momentum, the all-time high of $22.87 for 2024 could soon be surpassed.
Chainlink Boosts Demand for LINK
Chainlink is making notable progress in the realm of blockchain by positioning LINK as a universal gas token.
The token offers users flexible choices for paying network fees across various blockchain services, either by using LINK directly or by converting different assets through decentralized exchanges (DEXes).
Chainlink’s innovative approach enables users to pay fees in LINK while enjoying a 10% discount, encouraging high-volume users. Moreover, the Chainlink CCIP v1.6 Cross-Chain Billing solution streamlines the payment process for developers by consolidating various tokens into LINK.
As a universal gas token, LINK is becoming increasingly essential for Chainlink’s future development, thereby boosting its demand in the blockchain industry.
Steady Upward Trajectory of LINK
Chainlink’s price has experienced fluctuations recently, with the token trading slightly lower at around $14 on Monday, 11th November, following a 6% surge the previous day.
Despite this minor dip, LINK continues to exhibit a robust upward trend driven by the rising adoption of LINK as a universal gas token.
Chainlink is currently facing initial resistance at $15, and breaking past this level could pave the way for further price escalations. Surpassing $15 might lead to a test of the projected yearly high of $22.87, with potential for further growth in 2024.
On the downside, $12.04 acts as a crucial support level, offering a safety net in case of a pullback. A breach below this support might trigger more bearish sentiment, potentially leading to retesting of lower price levels.
However, maintaining levels above $12.04 would uphold the bullish trend, with a clear path towards the $22.87 target price.
Widespread Adoption of LINK Open Interest
As of 11th November, the 7-day average open interest amounted to $434.08 million, indicating substantial participation in the futures market.
The notable spike in open interest, particularly on 8th November when it reached $478.4 million, reflects heightened trading activity and confidence in Chainlink’s future potential.
This surge in open interest is aligned with the overarching trend of increasing demand for LINK, propelled by its expanding utility in blockchain services.
As the Chainlink ecosystem broadens, more traders are entering the market, showcasing optimism about the token’s future trajectory.