Chainlink price took a hit in the last week, dropping more than 10% as the whole market cap shrank. Nevertheless, the fintech company has been expanding its reach in the crypto space, with the latest integration being Sonic (previously Fantom). Link price is currently in a bullish market structure that may resolve in an upward swing that may catapult Chainlink price to $15.
Sonic Labs Integrates Chainlink CCIP, LINK Price to Follow Next?
Sonic Labs, a leading blockchain company, has integrated Chainlink Cross-Chain Interoperability Protocol (CCIP) and data feeds. The integration is expected to enhance the functionality of decentralized applications (dApps) on Sonic, further increasing the value and legitimacy of the LINK token.
.@0xSonicLabs (formerly Fantom) has officially joined the #ChainlinkScale program.
As part of this collaboration, Sonic Labs is integrating Chainlink Data Feeds and CCIP to enable its ecosystem devs to create feature-rich onchain apps.https://t.co/ojKfERN1sn pic.twitter.com/BlLxd6sd87
— Chainlink (@chainlink) September 3, 2024
Sonic Labs’ integration of Chainlink’s CCIP is one of the many integrations in 2024. Increased integrations positively impact Chainlink’s price as more projects and platforms drive up demand for its services and native token, used to pay for the data and services provided.
Leading financial institutions, including 21Shares and Colombia’s largest bank, Bancolombia Group, also trust Chainlink’s Proof of Reserve (PoR), one of its key services.
Chainlink Price Could Surge to $15
Chainlink price continues to move within a falling wedge, which remains a bullish reversal pattern. The asset is consolidating within the wedge and seems to be forming a higher low near the $10.00 support area, indicating potential strength.
The LINK price key support zone lies around $9.80 – $10.00. This level has been tested multiple times in August and early September, showing resilience. On the other side, there is an immediate resistance zone near $12.00, which aligns with the upper wedge boundary. A breakout above this could push the Chainlink price toward the next resistance zone around $14.00 – $15.00.
The candlestick pattern around the support zone suggests indecision, but buyers are likely stepping in with long lower wicks forming near support. This hints at a possible rebound towards the upper wedge boundary.
The volume is relatively low but consistent, indicating consolidation. A breakout above $12.00, supported by increased volume, would confirm the end of the falling wedge pattern.
Chainlink price analysis chart
Chainlink price prediction shows the movement is completing a corrective phase (likely a retracement wave) before starting a new impulsive wave. This would align with the potential for a breakout toward $14.00.
A breakout above $12.00, confirmed by strong volume, would indicate a bullish reversal. The breakout could lead to a target of around $16.00 for long-term traders, with further resistance at $18.00 if market conditions remain favorable.
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