Chainlink’s (LINK) price extended its bull run above $ 40 this week as institutional investors such as Graph Blockchain continue to invest in popular digital assets.
Fundamental Analysis: Graph Blockchain Awards $ 500,000 to LINK
Graph Blockchain Inc. announced that it has implemented the final milestone of Chainlink’s LINK token, marking its third token acquisition. After announcing the $ 2 million deployments on April 6, Graph invested the last half a million dollars in LINK.
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“We are very happy to deploy funds for our third token purchase. We strongly believe that Link will appreciate its value given that it has a substantial market cap of over $ 13 billion, a fixed supply and arguably the most important piece of infrastructure. Graph understands firsthand how valuable the bridge between on-chain and off-chain data sources is for smart contracts and Chainlink is the best solution out there, ”said Paul Haber, CEO of Graph Blockchain.
Prior to buying LINK, Graph had invested $ 1 million of its equity in Polkadot (DOT) and $ 500,000 in Cardano (ADA) through its 100% owned cryptocurrency division Babbage Mining Corp.
“As we expand the cryptocurrency portfolio, the added value of Graph will include the ability to leverage crypto acquisitions to build a diverse crypto company within a public company,” Haber said. .
Graph Blockchain is a company that develops high performance blockchain solutions that include consulting and data analysis services. Chainlink, on the other hand, is a decentralized Oracle network that sends data outside the blockchain to smart contracts. In other words, it serves as a bridge between smart contracts and external data or the outside world.
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Technical Analysis: New All-Time Highs
Chainlink’s price has risen around 25% this week to trade comfortably above the $ 40 level. This week marks the third consecutive week of results for LINK, as the market capitalization of digital assets has nearly doubled since the end of March.
Chainlink Daily Chart (LINK) (TradingView)
Going forward, cryptocurrency traders looking to buy LINK tokens should target the 161.8% Fibonacci extension line at $ 46.80. On the downside, the previous all-time high of $ 36.90 will provide support if price action returns from these levels.
Graph Blockchain said it has allocated $ 500,000 of its own funds to the LINK token, after deploying $ 1.5 million in DOT and ADA several days ago. LINK’s price has continued to rise in recent days reaching new all-time highs above the $ 44 mark.