- Chainlink adoption is steadily increasing with new projects integrating its Oracle solutions.
- Recently, Glitch Finance and Lever integrated Chainlink Price Feeds to accelerate development.
- LINK’s price has fallen below critical levels and is showing signs of recovering losses with a 22% rise to $ 21.65.
Chainlink powers most DeFi projects with its reliable and accurate price data. Glitch Finance and Lever are two recent additions that will take advantage of its Oracle solutions. While the former focuses on improving the DeFi and dApps landscape, the latter will use it to secure its lending and margin trading platform.
On the other hand, the LINK price is looking to retest swing highs after the recent sell-off.
Chainlink Price Feeds receives two new users
Glitch Finance, a blockchain-independent protocol, announced its integration with Chainlink Price Feeds to accelerate the development of “fully interoperable DeFi applications and a secure decentralized governance model”.
Chainlink Price Feeds provides “price data” for various cryptocurrencies in a decentralized and secure manner. This information is then validated on-chain to ensure broad market coverage and resistance to market volatility.
the ad mentioned that,
GLITCH blockchain protocol provides developers with a highly scalable, low-cost Proof of Stake (DPoS) network to start building the next generation of smart contracts.
In addition, Chainlink also secures GLITCH’s governance model facilitating the exchange of price-referenced tokens for dole payments from dApps to network participants. With the launch of Glitch’s decentralized exchange, Chainlink’s oracle solutions will play a central role in providing a proven infrastructure to leverage off-chain data and compute.
Likewise, Lever, a decentralized margin trading platform based on an Automated Market Maker (AMM), reported the integration of Chainlink Price Feeds to secure its loan protocol and its margin trading platform.
This collaboration allows Lever to issue loans, verify the conditions of limit orders, verify open margin positions and assist with collateral.
On their Chainlink price feed selection, Lever mentioned that it is,
both accurate and reliable under extreme conditions, ensuring users are protected against exchange downtime, flash failures, and data manipulation like flash loan attacks.
LINK price braces for uptrend
The LINK price paves the way for takeoff after a 32% crash between June 20 and June 22. Despite rising 27% from the bottom, Chainlink price retreats to create lower potential which starts a new uptrend.
If that happened, the price of LINK would likely rise 22% to test again the 70.5% Fibonacci retracement level at $ 21.02 and the resistance level of $ 21.65. The $ 21.59 breach will pave the way for the Chainlink bulls to push towards the next supply barrier at $ 24.10 and the 50% Fibonacci retracement level at $ 25.21.
6 hour LINK / USDT chart
Regardless of the optimism surrounding the adoption of Chainlink, if the price of LINK does not break above the 79% Fibonacci retracement level at $ 19.29, it will signal weak buying pressure.
A sudden spike in bearish momentum at this position, leading to a convincing break from the June 22 low at $ 15, will invalidate the bullish scenario.
In this case, Chainlink’s price could retest the January 13 low at $ 13.37.