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Recently, the price performance of Chainlink(LINK) has been remarkable, breaking through to a 7-month high. This breakthrough not only signifies an important technical breakout but also reflects the market's positive attitude towards LINK.
From a technical analysis perspective, LINK has broken through a triangular pattern that has lasted for years and has found support in the $16-17 range. If it can maintain this momentum, it is expected to attempt to reach the $35-100 range in the future.
It is worth noting that the supply of LINK on the exchange has dropped to an all-time low, indicating that large funds may be continuously accumulating, and the market selling pressure has significantly weakened. This change in supply and demand dynamics may provide upward momentum for the price of LINK.
In terms of institutional collaboration, Chainlink is conducting pilot projects with several well-known institutions, including SWIFT, JPMorgan Chase, Euroclear, Mastercard, and the Central Bank of Brazil. These collaborations not only highlight the value of Chainlink's technology but also provide a clear direction for its future practical application scenarios.
From the on-chain data, the chips of LINK are gradually concentrating, and there are obvious signs of long-term capital entering the market. This may indicate that investors are optimistic about LINK in the long run.
In the short term, the market will closely monitor the key resistance level of $24. If it successfully breaks through, LINK may experience a wave of accelerated growth. Some analysts believe that this surge could even challenge the $50 mark or higher.
Overall, Chainlink's technological breakthroughs, institutional partnerships, and changes in market supply and demand together form the basis for its potential rise. However, investors still need to be cautious, closely monitor market dynamics, and assess risks reasonably.