**LINK’s Partnership with Hedera Enhances Interoperability and Developer Accessibility for dApps**
Analysts are optimistic about a potential breakout for LINK, predicting it could surpass the $13 mark amid a wave of bullish sentiment.
In the last 24 hours, Chainlink (LINK) has seen a notable price increase, peaking at an eight-day high of $12.01 before settling around $11.99. This 5% rise in a single day has rekindled investor confidence, even in the face of a slight 1% dip in trading volume and a tough week that saw LINK’s price fall to $10.70. The recent surge is primarily linked to a market rebound observed over the past two days.
Additionally, this upward momentum aligns with Chainlink’s recent partnership with the HBAR Foundation, which aims to enhance interoperability for decentralized applications (dApps) on the Hedera network. This collaboration will see the integration of Chainlink’s Data Feeds and Cross-Chain Interoperability Protocol (CCIP) into the Hedera Testnet via Chainlink Scale, a framework designed to provide Hedera developers with trustworthy data and cross-chain functionalities. This partnership builds on the existing relationship established in 2021 when Chainlink became a member of the Hedera Governing Council. Johann Eid, Chief Business Officer at Chainlink Labs, emphasized that this integration will empower Hedera developers to construct “secure, scalable, and fully-featured dApps,” thereby fostering greater on-chain adoption.
**Could LINK Bulls Ignite a Rally?**
The market sentiment surrounding LINK remains firmly bullish, with around 86% of holders expressing optimism about its long-term prospects. Analysts have identified an ascending triangle pattern in LINK’s price movement, indicating a potential breakout if it can breach the $15 resistance level.
Crypto experts show confidence in LINK, suggesting that breaking through the $13 threshold could initiate a rally towards $18, which would represent a 40% increase from the breakout point.
*LINK Price Chart, Source: Sanbase*
Furthermore, the net outflow of LINK from exchanges over the past month signals a trend of long-term accumulation, despite some holders taking short-term profits. A net outflow of 662,220 LINK over 30 days underscores ongoing confidence in Chainlink’s future.
As Chainlink continues to forge partnerships, including recent collaborations with Swift and BNB Chain, its utility within the DeFi space and cross-chain capabilities position it for significant growth. Investors are now watching the $13 level closely, viewing it as a crucial resistance point for sustained upward momentum.
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