By acting as a stepping stone towards the interaction between real-world data and blockchain entities, Chainlink (LINK) continues to gain steam as a decentralized oracle network.
As a result, LINK’s technical analysis has become of significant interest in the crypto space. The altcoin is forming a massive cup and handle pattern, which signals a possible bullish continuation.
Having set its eyes on the $92 zone, Chainlink will experience at least an 8x increase from its current price level of $11.31 if a breakout from this formation sees the light of day.
The cup-and-handle pattern usually indicates that the market is gearing up for another rally after witnessing a minor retracement or consolidation.
Heavy accumulation by whales has also been a notable trend in the Chainlink ecosystem, which is deemed bullish for a parabolic rally.
Meanwhile, Chainlink is walking with its head high because its groundbreaking technology, Cross-Chain Interoperability Protocol (CCIP), is making major strides in the finance scene.
CCIP is designed to permit the seamless, reliable, and secure communication of distinctive blockchains. It is tackling the challenge of fragmented ecosystems.
As a result, the Visa Tokenized Asset Platform (VTAP) has already revolutionized interbank transfers using CCIP. Therefore, Chainlink remains a major player in the decentralized finance (DeFi) sector.