Trading volumes have increased significantly and currently account for 16% of the token’s total circulating supply at $2.7 billion. Data from CoinMarketCap shows that July volumes have already been the second-highest this year with $20 billion.
Meanwhile, August volumes could exceed this year’s record as they seem poised to surpass the $30 billion mark.
The narrative that’s fueling this recent rally seems to be associated with Chainlink’s success in getting its interoperability solution called CCIP adopted and implemented by top blockchain protocols.
Moreover, the project has also been securing key partnerships to connect on-chain data sources with off-chain platforms and vice versa as the real-world assets (RWA) continue to grow.
Chainlink is uniquely positioned to capitalize on this trend through solutions like CCIP and Data Feeds.
The developing team also announced the launch of the Chainlink Reserve, a program that will systematically acquire and hold LINK tokens by using off-chain revenue. According to the latest update, LINK has amassed 109,664 tokens already through this initiative with a dollar value of $2.8 million at today’s prices.
Looking at the weekly chart, LINK is about to hit a major resistance level at around $27.5. In our previous price prediction, we anticipated a move to $30 for LINK back when the token was trading at around $23.5.
