, which successfully bounced prior to reaching the 2022 low of $5.3. With significant room for maneuvering, LINK bulls successfully built a cascade of support levels that panicking investors could have bypassed in two days of trading.
With the bounce off of the $6.2 price level, Chainlink should be able to avoid a further downfall and consolidate around the pre-dump price level of $8. Prior to the FTX crash, LINK has been moving in the rangebound formed back in the summer. The positive price performance of the asset might also be a potential surge in Link-based solutions that will become handy during the process of reserves verification of various exchanges. The Merkle Tree proof of reserves will most likely become a new standard for the industry, and Chainlink may offer solutions that will solidify exchanges' financial stability in the eyes of their users and investors.on the market amid the crash is something most digital assets on the market might desire.
The main reason behind the high resilience of the asset is tied to a noteworthy spike in the burning rate and the successful absorption of most of the volume FTX injected on the market during its attempt to gain more liquidity to satisfy users' withdrawal orders. Additionally, the network saw a surge in the burning rate, making Ethereum deflationary, with the issuance of the asset reaching -0.029% per year. With the biggest competitor of the network going down and the demand for decentralized finance rising, Ethereum will solidify its place on the market in the foreseeable future.
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Source: Cointelegraph - 🏆 562. / 51 Read more »