Chainlink Gains Momentum with Major Investments in DeFi Market

Chainlink gains bullish momentum from substantial investments in the decentralized finance (DeFi) sector. Notable cryptocurrency figures have expressed confidence in Chainlink’s (LINK) bullish path. A significant investor recently bought 424,443 LINK tokens, injecting $3.25 million at $7.67 per token, boosting Chainlink’s value significantly. Just recently, two transactions involving 788,877 LINK tokens, totaling a $6 million investment at $7.62 per token, occurred.

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Whales Trigger $3.25M Buy, Fueling Chainlink’s 30% Surge#Chainlink’s recent rally gets a boost as a massive whale invests $3.25M, signaling #DeFi dominance. 🌐📈 #CryptoWhaleshttps://t.co/Q91Mgxj5jM

— Cryptonewsland (@cryptonewsland) October 8, 2023

These transactions, likely coordinated by the same entity, raised Chainlink’s price by 6.5%, showcasing its resilience amidst market fluctuations. This impressive rebound, exceeding 30%, underscores Chainlink’s unique position in DeFi. As a decentralized oracle network, Chainlink connects smart contracts with real-world data, ensuring DeFi platforms operate seamlessly. Consistent backing from influential investors underscores their enduring belief in Chainlink’s potential amid the evolving cryptocurrency landscape.

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Chainlink Critical Levels To Watch: October 9

The exuberant descent into the first half of 2023 across a diagonal resistance ended at $4.930. The market expanded upward after forming an inverse head-and-shoulder pattern at the $5.000 demand zone. The diagonal resistance eventually failed as the uptrend emerged.
The market’s overall trend is bullish, according to the MA Cross. However, a retracement is ongoing due to a minor resistance faced in the overbought region. LINKUSD is expected to resume its uptrend as the Stochastic Oscillator approaches the oversold region.

LINKUSD Critical Levels

Resistance Levels: $7.9100, $8.4400, and $8.8000
Support Levels: $6.4700, $5.7400, $5.0000

Chainlink Metrics

Total Market Capitalization: $1.11T
Chainlink Market Capitalization: $4.1B
Chainlink Volume: $0.32B
Market Rank: #18

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