Analyst Ali Martinez recently shared his thoughts on the price trajectory of LINK, the native cryptocurrency of oracle network Chainlink. Writing on "X" (formerly Twitter), he said Chainlink is holding support between $6.63 and $6.88, and highlighted that 29,000 addresses bought 295 million LINK, worth more than $2 billion. Whales eager to hoard LINK appear to have recognized Chainlink's strength, acquiring more than $90 million worth of assets.

In his view, as long as LINK can stay above these levels, its prospects remain strong as there are few obstacles in its path. He added that traders may not be as happy as long-term holders, as “on-chain data shows a decrease in network activity over the past three weeks, with the number of large transactions falling from 527 to 118. Still, transaction volume remains There's a surge." indicator could indicate a breakout. "

Data analytics platform Santiment echoed the positivity, stating that “Chainlink’s GitHub development activity has increased significantly this summer, resulting in the asset moving into the top five most frequently developed assets,” further highlighting the bullish outlook.

CCIP has strong momentum

Of course, Chainlink has also had some promising developments, such as its partnership with SWIFT, with the bank transfer network currently testing the much-anticipated Cross-Chain Interoperability Protocol (CCIP). The partnership aims to connect financial institutions to blockchains using CCIP, which Chainlink co-founder Sergey Nazarov sees as a bridge between various chains, like TCP/IP in the financial sector.

CCIP's security model is rooted in Chainlink's reliable pricing oracle, which is known for preventing risks such as flash loan attacks. The availability of CCIP on testnets such as Ethereum and Polygon reflects that Chainlink has paved the way for CCIP's wider adoption on the mainnet. Chainlink was validated by Coinbase when Chainlink's second layer BASE will use Chainlink as a price source.

“Chainlink Price Feeds is one of the leading price data solutions for developers in terms of security, reliability, and usability,” said Jesse Pollak, Head of Protocol at Coinbase, who also created BASE.

Chainlink Price Feeds will allow developers to move their current applications to BASE, which is built on Ethereum, but with much lower gas fees and in a highly scalable environment. This will provide developers with the opportunity to enhance BASE’s functionality by providing reliable price data and expanding the potential applications that can be built on its advanced infrastructure.

Additionally, a project at Lendvest aims to integrate CCIP into its decentralized credit scoring system. CCIP allows secure communication between blockchains, allowing Lendvest to aggregate lending data from Ethereum and Avalanche. This integration will provide accurate credit scores through a secure and decentralized blockchain protocol, thereby improving transparency and lending mechanisms in DeFi.

“Currently, there is no established credit scoring framework that provides material benefits to cryptocurrency users,” Lendvest said in a statement. “Lendvest aggregates on-chain data to create a decentralized data source, forming a verifiable credit score for DeFi protocols.”