Chainlink Scores New Partnerships, Sending Whales Into Buying Spree

10 months ago 20

ARTICLE AD BOX

Chainlink (LINK) has recently made headlines with its strategic new partnerships, sparking a significant buying spree among crypto whales.

Does the flurry of activity highlight the growing confidence in Chainlink’s long-term potential and its expanding ecosystem?

Chainlink New Partnerships

SingularityDAO, a decentralized platform renowned for AI-enhanced crypto asset management, joined forces with Chainlink Labs to support Chainlink BUILD members. Eventually, this collaboration is set to offer expanded opportunities through SingularityDAO’s launchpad, incubation services, and other innovative avenues.

Members of Chainlink’s BUILD program, designed to accelerate promising early-stage startups in its ecosystem, stand to benefit from this collaboration. SingularityDAO’s mentorship, training sessions, and incubation services will propel these projects forward.

Meanwhile, Redacted’s integration of Chainlink CCIP for cross-chain transfers of Pirex ETH (pxETH) further underscores Chainlink’s growing influence in the Web3 space. Redacted, a builder of DeFi products, has chosen Chainlink CCIP for its high security and reliability standards, crucial in the volatile cryptocurrency market.

The integration aims to make pxETH accessible across various blockchains for cross-chain interoperability.

“We’re excited to integrate the industry-leading Chainlink CCIP to help power secure cross-chain transfers of our liquid staking token, pxETH. As it’s underpinned by Chainlink’s battle-tested infrastructure and features a future-proof design, selecting CCIP as our exclusive cross-chain solution was an easy choice,” Redacted Co-Founder Sami said.

Whales Accumulate LINK

The market has responded positively to these developments. Recent insights from Lookonchain reveal substantial acquisition of LINK tokens by a whale or institution, with over 1.2 million LINK tokens moved from Binance.

Despite the broader market fluctuations, Chainlink’s price has remained relatively stable, trading around $13. BeInCrypto Global Head of News, Ali Martinez, identified this as a potential buy signal, suggesting that Chainlink could soon see a significant price surge.

“The TD Sequential presents a buy signal on the 12-hour chart as LINK trades around the lower boundary of a parallel channel. If validated, LINK could rebound toward $15.2 or $17.3,” Martinez said.