Traders are turning bullish on Chainlink again, but what’s driving the price move?
Chainlink’s LINK (LINK) token experienced a 7% surge on Jan. 17 to trade at $16, a level last seen on Dec. 29, 2023. This solidified its position as the 11th largest cryptocurrency (excluding stablecoins) by market capitalization.
It is worth noting that as LINK gains value, Bitcoin’s (BTC) price trades 2% down over the same period. LINK’s performance also stands out compared with Ether’s (ETH) 0.65% decrease and SOL’s (SOL) 5.5% increase.
A quick flip through the news and Chainlink’s roadmap shows that the project’s oracle and decentralized computing solutions are driven by expectations of real-world asset (RWA) tokenization and signs of institutional adoption.
