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Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

Press Releases Crypto News Cointelegraph Chainlink leads the market with 61% weekly gain — What’s driving LINK price?

Chainlink’s LINK (LINK) token surged by a substantial 61.3% from Oct. 20 to Oct. 25, reaching a peak of $11.78 and marking its highest point since May 2022. LINK’s price then stabilized around $10.50, prompting investors to question the sustainability of this new level.

*Chainlink (LINK) token price, 12-hour, USD. Source: TradingView*

It’s worth noting that this surge coincided with Bitcoin’s (BTC) 23% gain during the same period. However, LINK’s performance stands out compared with Ether’s (ETH) 14% increase and SOL’s (SOL) 28% rally, suggesting increased bullish sentiment toward Chainlink’s leading oracle and decentralized computing solutions.

Chainlink partnerships and integrations back the rally

Several recent developments have contributed to LINK’s outperformance of its peers. Notably, the announcement of Chainlink’s upcoming native staking upgrade set for release in the next couple of months garnered significant attention. The initial staking pool was a resounding success, filling up in less than three hours, and the planned expansion promises greater flexibility through staking withdrawals, improved security guarantees and dynamic rewards.

Additionally, Chainlink’s integration into various blockchain networks has fueled optimism among LINK investors. For instance, on Oct. 15, Chainlink revealed its provision of services to Advanced Crypto Strategies DAO, a multichain yield optimizer and automated liquidity manager, and Equilibria, a yield booster for Pendle Finance.

By Oct. 22, Chainlink services had been integrated into Cobo Global, an institutional-grade digital custody solution, StaFi Protocol’s liquid staking solution for proof-of-stake chains, Ethereum’s o

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Author: Marcel Pechman

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