Key takeaways
- Chainlink (LINK) is one of the best performers in the top 20, up 12% in the last 24 hours.
- The coin is rallying on the back of recent partnerships.
Chainlink overtakes Hyperliquid on the market cap list
LINK, the native coin of the Chainlink blockchain, is one of the best performers among the top 20 cryptocurrencies by market cap. The coin is up 12% in the last 24 hours and is now trading above $23.
This positive performance means that Chainlink’s market cap now stands at $16 billion, surpassing Hyperliqudi’s $14 billion. This means that LINK has become the 11th-largest cryptocurrency by market cap.
The rally comes after Chainlink launched the Chainlink Reserve last week. The Reserve aims to convert revenue from Chainlink’s services and enterprise integrations into LINK tokens, establishing persistent buying momentum.
In addition to that, Chainlink announced its partnership with Intercontinental Exchange, the parent company of the New York Stock Exchange, earlier this week. This will see the two entities work together to bring foreign exchange and precious metals pricing data on-chain. The partnership showcases Chainlink’s expanding role as a bridge between traditional finance and blockchain rails.
LINK eyes $30 as bullish momentum grows
The LINK/USD 4-hour chart is one of the most bullish, thanks to the coin’s ongoing rally. The technical indicators are also bullish, with the RSI of 63 underscoring the immense buying pressure. The MACD lines also crossed over into positive territory since last month, suggesting a bullish bias.
At press time, LINK is trading at $24. If the positive momentum continues, LINK could break above the first major resistance level at $26.9 over the next few hours. An extended rally would allow LINK to test the $30 mark for the first time since December 2024.
However, if the market undergoes a correction, LINK could retest the TLQ and support level at $21.075. The bulls would defend this level, as failure to do so could see LINK drop to the monthly low of $15.5.
