Chainlink Forms New Partnership and Attracts Whale Interest

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Chainlink (LINK) has recently made headlines in the cryptocurrency space due to a new partnership announcement and increased interest from whales. The partnership is with Blueberry, a platform that aims to unify the decentralized finance (DeFi) experience by automating top strategies. Blueberry has joined Chainlink BUILD to accelerate the adoption of automated LP strategies on Uniswap v3. This partnership will involve providing network fees and incentives to Chainlink service providers as part of Chainlink Economics 2.0.

In addition to the partnership, Chainlink has caught the attention of whales, as it was revealed that LINK was one of the top 10 most purchased tokens among the top 100 biggest ETH whales in the last 24 hours. This increased interest from whales is notable considering that LINK’s price has actually decreased by more than 3% in the last seven days.

Despite the recent price decrease, on-chain metrics suggest a potential price hike for LINK in the near future. The Relative Strength Index (RSI) and stochastic indicators are in oversold positions, which is considered bullish. Furthermore, LINK’s net deposits on exchanges are low compared to the 7-day average, indicating less selling pressure.

Other factors that may have contributed to the increased whale interest include positive sentiments regarding LINK, an elevated Binance funding rate, and relatively high interest from the derivatives market. However, it is worth noting that LINK’s development activity has decreased, which could be seen as a negative signal for the network.

Overall, the new partnership with Blueberry and the growing interest from whales suggest that Chainlink may be poised for a trend reversal and potential price hike in the coming days. Investors and traders will be closely watching the market to see if LINK can reach Bitcoin’s market cap, which could result in a significant increase in value.

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