LINK Remains on the Bulls’ Side as More Investors Keep Seeking Utility Tokens

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The exponential growth of investment in utility tokens such as Chainlink has fostered the expansion of smart contract capabilities as well as the implementation of blockchain technology in different sectors. Owing to this exponential growth, LINK has been expanding in favor of the bulls in the past few weeks. One major reason for this exponential growth is the fact that LINK is a utility token.

When a token has a significant application and is capable of providing a solution to a real-world problem, it is said to be a utility token. According to John Kiguru, a reporter on blockchain technology and cryptocurrency markets, as a utility token, Chainlink has gained great popularity in the crypto market, and a return on investment on the token can be significantly high.

Key Chainlink Levels To Watch – May 23

Resistance Levels: $7.510, $8.800, $9.510
Support Levels: $6.750, $5.900, $5.390
The market has been in an uptrend since the beginning of this year. On March 12, 2023, LINKUSD expanded upward after hitting a breaker block at the $5.900 demand zone. This reaction at the breaker block occurred about three weeks after a swing high of $8.400 was created.

Since the beginning of the uptrend, a major trendline has been rising upward as it prevents price from experiencing a massive crash to the downside. As indicated by the Stochastic Oscillator, Chainlink is already oversold, and the uptrend needs to be resumed.

Chainlink Key Levels

Total Market Capitalization: $1.13T
Chainlink Market Capitalization: $3.36B
Chainlink Volume: $0.11B
Market Rank: #19

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