- Chainlink introduces LINK as a universal gas token for network costs.
- Chainlink CCIP enables cross-chain billing with LINK as the core token.
As LINK emerges as a universal gas token, the Chainlink ecosystem continues to expand, driving adoption and price growth. As the token gains traction, the 2024 high of $22.87 could soon be broken.
Chainlink drives demand from LINK
Chain link is making significant strides in the blockchain space by positioning LINK as a universal gas token.
The token provides users with flexible options to pay network fees through blockchain services, either directly in LINK or by converting other assets through decentralized exchanges (DEXs).
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Chainlink’s new approach allows users to pay fees in LINK and receive a 10% discount, incentivizing high-volume users. The Chainlink CCIP v1.6 Cross-Chain Billing solution also consolidates various tokens into LINK for payments, simplifying the reimbursement process for developers.
As the universal gas token, LINK will be crucial to Chainlink’s future growth, increasing demand in the blockchain space.
LINK’s steady upward momentum
Chainlink’s price has fluctuated recently, with the token falling slightly around $14 on Monday, November 11, after rallying 6% 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.
Chain link faces immediate resistance at $15, with the potential for further price gains if the price breaks above this level. A rise above $15 could see the token challenge its projected annual high of $22.87, with further room for growth in 2024.
Source: Tradingview
On the other hand, LINK has support at $12.04, a level that could act as a safety net in case of a pullback. A drop below this support level could indicate more bearish pressure, which could lead to a retest at lower levels.
However, as long as the token remains above $12.04, the bullish trend remains intact and the path to $22.87 is clear.
LINK Open Interest shows broad acceptance
As of November 11, the seven-day average open interest was $434.08 million, indicating strong involvement in the futures market.
The spike in open interest, especially on November 8 when it reached $478.4 million, indicates increased trading activity and confidence in Chainlink’s future potential.
Source: IntoTheBlock
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This rise in open interest aligns with the broader trend of increasing demand for LINK, fueled by the token’s growing use in blockchain services.
As Chainlink’s ecosystem expands, more traders are getting involved, showing optimism about the token’s future.
