How Chainlink’s partnership with Jupiter can positively impact LINK
Chainlink powers Jupiter prediction markets, while price consolidates below EMA with $12 resistance in focus.
The largest decentralized exchange on Solana [SOL] has taken a major step in expanding its prediction markets.
Jupiter Exchange has integrated Chainlink [LINK] to power its newly launched Jupiter Prediction Markets.
According to a recent community tweet, the platform’s 5-minute and 15-minute predictions for assets like BTC, ETH, and SOL will now rely on Chainlink Data Streams for fast and reliable market data.
The move strengthens Chainlink’s network position as a leading oracle provider in decentralized finance.
Network activity rises after the announcement
Chainlink’s trading activity started to react aggressively after the announcement. Notably, active addresses have increased significantly over the last 24 hours.
Usually, an aggressive surge in active addresses is generally considered to be a positive indicator of increased trading activity on the chain.
This can be interpreted as a positive signal for the LINK’s long-term utility.
Exchange inflows raise caution
Chainlink’s inflows into exchanges are sending mixed signals. AMBCrypto’s analysis of the Mean Exchange Inflow revealed a pronounced increase in the number of tokens moving to exchanges recently.
In most cases, significant inflows to exchanges indicate that holders are potentially getting ready to sell.
However, for LINK, this could signal a strategic repositioning among the network’s investors and institutional players as they anticipated a potential rally.
The technical structure suggests a period of consolidation
From a technical perspective, LINK is in a consolidation phase. On the daily chart, it is evident that token price action is in a wedge formation.
Despite all this buildup, LINK is still trading under its 50-day exponential moving average (EMA). This implies that bulls have not taken over the token’s price action completely.
If bulls can push LINK above its wedge formation and EMA, its price action may surge in no time.
$12 becomes the next key level
In the event of a successful breakout, the next major resistance level sits near $12. Liquidity often concentrates around these zones, making them natural targets during bullish expansions.
For now, LINK remains in a decisive phase. The combination of rising network activity, expanding real-world utility, and a tightening technical structure suggests that a larger move may be approaching.
Final Summary
- Trading activity surges as Chainlink powers the new Jupiter Prediction Markets.
- LINK consolidates below the 50-day EMA, with $12 emerging as the next key resistance if a wedge breakout occurs.
