- Chainlink is up more than 100% since mid-September.
- The bullish sentiment behind it comes after a series of partnerships that show the true value of its technology.
- A renowned technical analyst says LINK could push for new all-time highs.
Chainlink, a decentralized oracle system, is making significant strides to push the adoption of its technology. The firm recently announced a number of partnerships that show the intrinsic value behind its native cryptocurrency, LINK.
Over the last few days, this cryptocurrency surged over 20% and now several technical indicators estimate a retracement before the continuation of the bullish trend.
A Bridge to Blockchain Technology
OpenLaw is an open-source protocol for commercial relationships. The firm is currently building a decentralized peer-to-peer protocol for creating legal agreements. On Aug. 14, 2018, OpenLaw teamed up with Chainlink to make its existing smart legal contracts simpler and more intuitive.
Assets (cryptocurrencies, tokens, etc.) transferred on OpenLaw can now be denominated in U.S. dollars. Then, using Chainlink’s middleware, we can calculate the equivalent amount of ETH at the moment of transfer
Now, after more than a year working together, OpenLaw published a video presenting the integration of Chainlink. The firm believes that both companies could transform the $12 trillion derivatives market using blockchain and smart contracts.
Additionally, Binance recently announced that it would be leveraging Chainlink’s technology to connect a wide variety of cryptocurrency data on the platform to blockchains. The idea is to support the growth of Decentralized Finance (DeFi).
The recent announcements are part of Chainlink’s effort to expand the adoption of its technology. The company is already working with Google and Oracle to create a bridge between legacy payment systems and databases with…