- Cryptex Finance has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) with Ethereum and Base.
- Chainlink’s LINK token has rebounded by 20% after a drop earlier this week, with increased network activity.
Cryptex Finance has announced its integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) across the Ethereum and Base networks. This move positions Cryptex Finance to leverage Chainlink’s industry-standard solution for seamless cross-chain transfers, enhancing accessibility and interoperability within the multi-chain ecosystem.
The integration is especially valuable for the MEEM token, which can now take advantage of the enhanced cross-chain capabilities.
DeFi platform @CryptexFinance has integrated #Chainlink CCIP across @base and @ethereum.
The industry standard enables cross-chain transfers for MEEM, expanding access across the multi-chain ecosystem. pic.twitter.com/CqMEJ56tVN
— Chainlink (@chainlink) August 7, 2024
This partnership is a strategic move for Cryptex Finance since it aligns with the current interoperability trend in the DeFi space. Cryptex Finance intends to provide a more convenient and efficient solution by integrating Chainlink’s CCIP, thus promoting DeFi protocols across different blockchain networks.
Increased Chainlink Network Activity Signals Potential Accumulation Phase
After a significant drop earlier this week, the price of Chainlink’s LINK token has risen by 20%. This recovery has been seen in tandem with an increase in network usage, suggesting that both investors and users are returning.
According to IntoTheBlock, an analytics platform, the number of active Chainlink addresses has increased. This rise is the highest since May and points to a new trend in the cryptocurrency market. The increased number of active addresses points to increased activity, with LINK holders remaining strong amidst market volatility. The recent uptick in active LINK addresses occurs when other assets are seeing outflows from exchanges. Typically, such movements signal a potential accumulation phase.
This has been quite evident, especially given the current market situation, which has been characterized by high volatility. Often, such periods of market stress cause an increase in active addresses as investors panic and try to move their funds. However, the case with Chainlink seems to be different. Contrary to mass panic selling, the data shows an overall outflow of LINK tokens from the exchanges.
Such outflows suggest that people could be stacking more LINK tokens and looking at the price decline as a good time to buy instead of sell. The rise in network activity combined with the token outflow from exchanges may signal an accumulation process among investors that may further enhance LINK’s standing in the market.
Analysts Forecast Significant Price Increase for LINK
An analyst on X forecasts that LINK could potentially increase fivefold beyond $50, signaling a possible new all-time high (ATH). As of the latest update, LINK’s price is $10.10, reflecting a 1% intraday surge. Over the past 48 hours, the cryptocurrency has risen 27% from a critical demand zone, following a notable decline at the start of August. This uptick follows a liquidity grab near the demand zone, indicating a shift in market dynamics.
The recent analysis by WorldOfCharts1 on X has amplified the optimism surrounding Chainlink. The analyst’s chart suggests that LINK is testing a key multi-year support area, with the potential for a significant price increase if this support is successfully retested. According to the forecast, LINK could potentially achieve a new ATH within the coming months if the bullish sentiment continues.
