Chainlink (LINK) Price Surges 50% Amid Vodafone Collaboration

Paigambar Mohan Raj
Source: cryptoslate

Chainlink (LINK), the 13th largest crypto project by market cap, has surged 50.9% in the weekly charts. LINK is currently the second best-performing crypto over the last week among the top 100 projects. LINK is also the second best-performing crypto in the daily charts, surging 9.1% in the last 24 hours. The project’s market cap has also increased by 6.74%, currently sitting at $6.04 billion. Since the beginning of 2023, LINK has grown by almost 97%.

Source: CoinGecko

Also Read: Chainlink [LINK] Price Prediction: October End 2023

LINK is following the larger crypto market that has seen a surge in fund inflows. Bitcoin (BTC) is leading the pack, which reached a new yearly high, crossing $34k. Moreover, Chainlink (LINK) also plays an integral part in a recent collaboration between Vodafone’s Digital Asset Broker platform and Sumitomo, a global trading and business investment firm. LINK will act as a bridge between the smart contracts on the blockchain and real-world data, applications, and payments.

chainlink link

LINK could continue its rally if BTC can maintain its current trend. However, it should be noted that LINK has already faced a correction of over 3% in the hourly chart.

According to CoinCodex, LINK could surge to $14.37 by Nov. 6, 2023. The increase translates to a growth of 30.04% from current price levels.

Source: CoinCodex

Also Read: Chainlink [LINK] Surges 25% In Weekend Rally: What’s Behind This?

The machine learning algorithm from PricePredictions also predicts a bullish trajectory for LINK. However, the platform forecasts that LINK will continue trading in the $11 range on Nov. 6, 2023.

Source: PricePredictions

However, there is also a chance that Chainlink (LINK) will consolidate at current levels. Nonetheless, the renewed confidence in the crypto market could work in LINK’s favor. Investors anticipate a spot BTC ETF (Exchange Traded Fund) being approved in the U.S. very soon, which could fuel another bull run for the crypto market.