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Crypto News

Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

The Chainlink’s (LINK) token surged by a substantial 61.3% from Oct. 20 to Oct. 25, reaching a peak of $11.78 and marking its highest point since May 2022. LINK price then stabilized around $10.50, prompting investors to question the sustainability of this new price level.

Chainlink (LINK) token price, 12-hour, USD. Source: TradingView

It’s worth noting that this surge coincided with Bitcoin’s (BTC) 23% gain during the same period. However, LINK’s performance stands out in comparison to Ether’s (ETH) 14% increase and Solana’s (SOL) 28% rally, suggesting increased bullish sentiment toward Chainlink’s leading oracle and decentralized computing solutions.

Chainlink partnerships and integrations back the rally

Several recent developments have contributed to LINK’s outperformance of its peers. Notably, the announcement of Chainlink’s upcoming native staking upgrade set for release in the next couple of months garnered significant attention. The initial staking pool was a resounding success, filling up in less than three hours, and the planned expansion promises greater flexibility through staking withdrawals, improved security guarantees, and dynamic rewards.

Additionally, Chainlink’s integration into various blockchain networks has fueled optimism among LINK investors. For instance, on Oct. 15, Chainlink revealed its provision of services to Advanced Crypto Strategies DAO, a multi-chain yield optimizer and automated liquidity manager, and Equilibria, a yield booster for Pendle Finance.

By Oct. 22, Chainlink services had been integrated into Cobo Global, an institutional-grade digital custody solution, StaFi Protocol’s liquid staking solution for Proof-of-Stake chains, Ethereum’s on-chain derivatives platform Thales Market, and Xena Finance, which offers 50x perpetual futures on Coinbase’s Base chain.

On Oct. 24, telecom giant Vodafone made a significant announcement, revealing its digital asset arm’s involvement in the Chainlink network as a node operator. This came after completing a proof-of-concept with the Japanese trading and investment company Sumitomo for the exchange of trade documents across platforms.

FTX and Alameda Research bankruptcy liquidation fear dissipates

The price of LINK came under pressure following the Delaware Bankruptcy Court’s approval of the sale of FTX and Alameda Research cryptocurrencies on September 13. Initially, there were concerns about the potential liquidation of $3.4 billion worth of digital assets, including LINK, which…

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