Grayscale adds Chainlink to its large-cap crypto fund, providing tailwind to LINK price


  • Chainlink is now included as an offering in Grayscale’s Digital Large Cap fund.
  • Chainlink oracles are now being used by dYdX protocol and Ether Cards to create dynamic NFTs.
  • LINK price has confirmed a bullish breakout and has room for a 20% upswing.

Chainlink adoption gains traction due to multiple oracle integrations and significant development in the institutional realm. LINK price affirms these growing fundamentals and hints at a bullish outlook.

Grayscale welcomes LINK

In a recent announcement, Grayscale Investment Company revealed a change to their Digital Large Cap fund (GDLC) as it included Chainlink’s native token LINK. This step marks the oracle token’s entry alongside other prominent cryptocurrencies like Bitcoin, Ethereum, Litecoin and more.

This move follows the freshly launched Grayscale Chainlink Trust, which opens LINK up to interested institutional investors. At the time of writing, 0.9% of the GDLC’s portfolio is allocated to the oracle token.

The investment company now holds 115,570 LINK tokens, which is a 131% increase since March 31.

Other developments include the integration of Chainlink oracles by StarkWare, a blockchain company that creates L2 scaling solutions. This development will help the company extend the oracle functions to high-performance Layer 2 solutions.

A crucial step for Chainlink’s adoption was its entry into the Non-Fungible Token (NFT) space through the Ether Cards company. The blog stated,

In order to bring about the unlimited potential of dynamic NFTs, we are working intimately with Chainlink as the go-to oracle solution for Ether Cards. We have already begun integrating Chainlink VRF as a means of providing developers with access to verifiable randomness on-chain. 

With this integration, dynamic NFTs, equipped with smart contracts, or other NFTs, are one step closer to reality.

LINK price eyes new all-time highs

The Chainlink price created multiple lower highs and higher lows, which evolve into a pennant when the swing points are connected using trend lines. A 115% surge that precedes this consolidation is known as the flagpole.

Together, they form a bullish pennant pattern. This technical formation forecasts a 53% rally, equivalent to the flag pole’s height added to the breakout point at $29.41.

April 1 marked a successful breach of this setup, which kick-started an uptrend toward $45.19. At the time of writing, this uptrend faces resistance around its previous all-time high at $36.93.

This barrier is portrayed by the Momentum Reversal Indicator’s breakout lines that extend from $37.2 to $39.2. Hence, a decisive close above this level on the daily chart provides a secondary confirmation toward the target at $45.19.

LINK/USDT 1-day chart

LINK/USDT 1-day chart

It would be fatal for the oracle token if the buyers fail to push past the area of resistance mentioned above. Suppose the Chainlink price slices through the 50 Simple Moving Average (SMA) at $29.21, a 13% drop to the 100 SMA at $25.25 could most likely ensue.

However, if the sellers manage to keep the LINK price below $24 for an extended period, it would create a lower low and invalidate the bullish outlook.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum bulls eye $2,500 after shattering crucial resistance level

Ethereum price closed well above the MRI's breakout line at $2,345, suggesting a massive bullish momentum in play. Whales are accumulating non-stop, which hints at their interest in ETH at current price levels. A bullish divergence between the number of daily active addresses and exchange deposits reveals a move to $2,500 shortly.

More Ethereum news

Chainlink adoption soars, but LINK price may retrace before setting up new all-time highs

Chainlink Network will now receive high-quality price feeds from traditional markets via data provider New Change FX. LINK price shows signs of exhaustion as the MRI flashed a cycle top signal. A minor retracement will arrive before a climb to record levels.

More Chainlink news

Algorand vies for 85% advance upon the breach of its consolidation

Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83. A decisive close above $1.53 will signal a breach of the pennant’s upper trend line. ALGO will kick-start a new downtrend if it slices through the 50% Fibonacci retracement level at $1.03.

More Algorand news

Bitcoin on-chain data shows BTC is reaching “peak hype,” signaling short-term consolidation

Bitcoin’s on-chain data suggest a short-term correction may be needed before Bitcoin could continue its price rally.  Market sentiment toward Bitcoin poses a major concern for the cryptocurrency, indicating it is approaching “peak hype.”

More Bitcoin news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP