Chainlink positions LINK as a universal gas token, fueling price growth with increasing adoption
ecosystem continues to expand, driving adoption and price growth. As the token gains traction, the 2024 high of $22.87 could be broken soon.The token provides flexible options for users to pay network fees across blockchain services, either directly in LINK or by converting other assets through decentralized exchanges .Chainlink’s new approach allows users to pay fees in LINK and receive a 10% discount, incentivizing high-volume users. The Chainlink CCIP v1.
As the universal gas token, LINK is becoming central to Chainlink’s future growth, increasing its demand across the blockchain space.Chainlink’s price has recently fluctuated, with the token trading slightly down around $14 on Monday, 11th November, after a 6% rally on Sunday. Despite the small pullback, the token continues to show strong upward momentum, driven by the growing adoption of LINK as a universal gas token.faces immediate resistance at $15 with the potential for further price gains if it breaks above this level. A surge past $15 could see the token test its projected yearly high of $22.87, with further room for growth in 2024.On the downside, LINK has support at $12.04, a level that may act as a safety net in case of a pullback.
However, as long as the token stays above $12.04, the bullish trend remains intact, and the path toward $22.87 is clear.As of 11th November, the 7-day average open interest stood at $434.08 million, showing strong engagement in the futures market. The spike in open interest, particularly on 8th November, when it reached $478.4 million, indicates heightened trading activity and confidence in Chainlink’s future potential.This surge in open interest aligns with the broader trend of increasing demand for LINK, fueled by the token’s growing use in blockchain services.Ann is a News Editor at AMBCrypto. After getting a Masters in International Relations, Ann worked at Reuters News for 4 years as a Breaking News correspondent.
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