Chainlink News: 37.03M Open Interest Teases Make Or Break Moment

Recent Chainlink news has seen signs of a price breakout after LINK recorded significant development in the crypto market over the last 24 hours.

LINK paints a positive futures outlook as the asset has seen a 1.97% surge in Open Interest within this time frame.

Investors Bet Big as LINK Retests Critical Levels

CoinGlass data reveal that 37.30 million LINK have been committed in Open Interest by the token’s investors.

The volume translates to approximately $467.19 million invested by futures traders in the asset as they anticipated a bullish rally.

The renewed interest in LINK came as the coin rebounded from a low of $10.19 within the last seven days to its current level.

As of this writing, Chainlink’s price was $12.44, up by 2.7%. LINK had reached $12.59 but faced rejection as it attempted to breach the $12.60 level for the higher climb.

This bullish tease might have ignited the increase in Open Interest among investors.

Notably, the interest in top exchanges such as Bitget, Gate.io, and Binance aligns with bullish sentiments that a LINK price breakout might occur soon.

The ecosystem’s positive outlook could rekindle market participants’ interest in trading LINK.

At this time, the trading volume has dropped by 31.22% to $392.34 million.

Chainlink News: Ronin Network Migration Highlights Utility

A partnership between Chainlink and Ronin Network is unfolding in the broader ecosystem.

Starting today, April 11, Ronin Network has commenced migrating its bridge to Chainlink’s CCIP, a cross-chain protocol.

The move enhances security for the transfer of tokens like USDC, WETH, and AXS between Ethereum and Ronin.

As per the schedule, all tokens should have been fully transitioned by April 25, 2025. This development resulted from a validator voting outcome last year.

This standard gained adoption on that occasion. Chainlink’s CCIP is considered the “gold standard” for secure and reliable cross-chain communication, which has led to many adoptions, like Libre Capital‘s recent move.

The Ronin migration will connect it to the broader blockchain ecosystem, with links to over 46 major chains.

This will essentially increase Ronin’s interoperability and allow for the support of more tokens.

In addition to this partnership with the Ronin Network, Chainlink has also inked a deal with Abu Dhabi Global Market (ADGM).

The collaboration is part of Chainlink’s drive to establish its presence in the United Arab Emirates and promote tokenization. It will also likely drive further adoption of LINK in the UAE.

This deal will allow ADGM to access Chainlink’s blockchain tools and infrastructure suite to enhance regional tokenization.

Other focus areas include cross-chain interoperability, emerging blockchain standards, and proof of reserves.

Will Chainlink Price Attempt Higher Levels?

With these Chainlink news developments in the ecosystem, users remain optimistic about a rally.

However, at the moment, LINK is about 75% down from its all-time high (ATH) of $52.88, which it achieved in May 2021.

Interestingly, LINK price has a history of resilience despite its volatility. At the current price of $12.60, if it stabilizes and breaks the $14.50 resistance, it could trigger a rally between $20 and $30 in 2025.

On the other hand, failure to sustain its momentum could cause it to plunge between $10 and $11.

A renowned on-chain analyst, Ali Martinez, believes LINK is re-establishing its “breakout zone.” Ali maintains that the price could continue upward if the established resistance holds and more buyers step in.

The coming days will reveal if LINK will leverage the positive sentiments to climb higher levels.

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