News - Chainlink: double-digit day winner
With a 20% jump, Chainlink is one of the strongest altcoins of the day. The Chainlink project is finally making jumps after a long lull.
The price of Oracle provider Chainlink (LINK) has rebounded significantly recently. With a 20 percent price increase, the project is one of the biggest risers among the top 100 altcoins in the past 24 hours. LINK's share price is benefiting from the activation of a new cross-chain protocol. The Cross-Chain Interoperability Protocol (CCIP) aims to improve interoperability between different blockchains and reduce the likelihood of cross-chain exploits.
According to Santiment, interest in Chainlink has increased significantly recently, which is currently reflected in the price. At 8.03 US dollars, the LINK price broke through the resistance of 7.62 US dollars in the last trading hours and thus is trading not far from the next relevant resistance at 8.31 US dollars. If this price level is also broken, the price could rise above April's 8.79 US dollars towards the top of the trading range of the past 14 months, which is 9.32 US dollars.
If buyers manage to break through this area as well, the LINK price could aim for the break-off point of US$10.80. Only when this price level is also broken through will investors target the maximum price target of US$12.22. On the other hand, if the Chainlink fails at the resistance area around US$8.31 and then drops below the resistance of US$7.62, US$6.78 comes into view as a realistic target.
If, contrary to expectations, this zone does not hold and the LINK price continues its correction, a pullback towards the June 23 breakout level of US$5.71 is conceivable.
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