After consolidating above $20 for a prolonged period of time, Chainlink has finally managed to breach the $30-price level, checking off another valuation target for the year 2021. In fact, in the year 2021 alone, Chainlink has surged by close to 172%, with the crypto recording YTD returns of 132%, at press time.
In the last six hours alone, LINK climbed by over 8% on the price charts.
LINK first gained significant traction in mid-2020, with the crypto-asset becoming one of the cryptos leading the altcoin season soon after.
Chainlink breached massive bullish pattern before $30-breach
Interestingly, the writing was already on the wall since Chainlink’s price only recently successfully breached an ascending channel on the price charts. In fact, the resistance just above $26 was tested four times before the eventual rally to $30, with the pattern briefly broken in the previous instance as well.
At the time of writing, market indicators were bullish for LINK. However, a possible correction may also take place, pulling the crypto’s value down to the support at $24.
Development activity spike for LINK
One of the major advantages of supporting Chainlink’s hike is the consistent development from a technological perspective. Just a few days back, Kraken integrated a Chainlink node to bring spot price data to DeFi. Chainlink’s price reference data is one of the most widely-used decentralized oracle solutions in the DeFi space, and it remains credible to the fact its activity