Is $15 Next For Chainlink Price After Proof of Reserves Integration?

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As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The recent surge in Chainlink (LINK) price has caught my attention, and the latest integration with 21.co is undeniably a significant step forward for the project.

The price of Chainlink is steadily climbing and appears poised to hit a significant milestone. Beyond the rebound in the broader crypto market, Chainlink has been diligently pursuing partnerships. One such recent partnership is with 21.co, which should bolster their holdings. For Chainlink, each partnership translates into increased demand for LINK tokens as they are compensated with them. The question remains whether the price can reach $15 given this accelerating adoption.

What Next for Chainlink Price after 21.co Integration

On September 23rd, the firm responsible for 21Shares, namely 21.co, incorporated Chainlink’s Proof of Reserves (PoR) into their Wrapped Bitcoin (21BTC) across both Solana and Ethereum blockchains. To clarify, 21Shares manages approximately $2 billion in assets, demonstrating its significant size. This integration is intended to offer real-time confirmation of the Bitcoin reserves supporting 21BTC.

21Coins has incorporated the Chainlink Proof of Reserve feature on Ethereum and Solana networks to boost the transparency of reserves associated with 21BTC, their wrapped Bitcoin version.
21BTC, within the Ethereum and Solana networks, is guaranteed a one-to-one correspondence with actual Bitcoin (BTC) through the PoR (Proof of Reserves) system. This means that for every unit of 21BTC, an equivalent amount of BTC is held in reserve.
— Chainlink (@chainlink) September 23, 2024

The Chainlink PoR brings reserve data on-chain, enabling protocols to build automated logic around the data backing the asset. This improves security by preventing malicious infinite mint attacks.

Link price has increased by 0.7% in the last 24 hours and is trading at $11.51. 

LINK Price Analysis: Volume Confirms 22% Breakout Imminent

The price of Chainlink has just surpassed its trendline, yet it exhibits indications of volatility, as it oscillates near this line. The significance of this trendline is becoming uncertain due to these fluctuations.

On the chart, the double-bottom reversal pattern, flipped upwards, suggests a positive outlook, and it’s noticeable that the neckline lies approximately at $12.35.

Key Support and Resistance Levels

  • $11: immediate support lies around $11 (neckline of the inverse head-and-shoulders pattern).
  • $10: The next strong lower support zone is around.
  • $15: Major resistance is at $15, where the price might face heavy selling pressure, aligning with the top of the projected breakout target.

Should the value of Chainlink exceed $12.35, there’s a possibility it might climb to $15, hinting at a robust upward trend that may extend to $19.50. But for this to happen, it needs a continuous rise above the $12.35 mark.

The volume is gradually growing a bit more as the price gets closer to the neckline, suggesting that a potential breakout may occur soon if the upward buying pressure persists.

Is $15 Next For Chainlink Price After Proof of Reserves Integration?

Chainlink price prediction shows that if the asset movement fails to break above $12.35, it could lead to further declines to $9 and even $8. Additionally, Chainlink continues to top the chart among projects with the highest development activity. The integration of of 21.co is just another addition to the over 1,000 integration the Oracle service provider has offered on its platform. The LINK price could surge not just to $15, but 10–15X, and it would still remain undervalued, given the immense capability of the technology.

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2024-09-24 15:12