Chainlink's LINK token set a new record price early on Monday, and other altcoins are seeing solid gains.

The Bulls are breaking the bearish trend the price of ChainLink is appearing to follow the upward curve with a steady upward momentum. The bulls have exerted more efforts to break the bearish trend as the downward trend was crushing the investor’s hope. The bulls have brought new hope to the investors. The coin may regain its potential if the coin continues to follow the upward trend. The price of the coin started hitting a downward curve on the 30th of July and now the bulls have broken the bearish trend after a long period of time.

Chainlink price is currently trading at $13.69 inside a significant ascending parallel channel formed on the daily chart. So far, bulls have been able to defend the 12-EMA on the daily chart after a massive spike today that took Bitcoin down from $19,800 to $18,000 within 2 hours.

Chainlink is holding firmly above a confluence formed by the 200 SMA in the 1-hour range and the 50% Fibonacci retracement level of the last swing high of $17.74 to a swing low $13.49. Over the last few days, LINK traded a lower high pattern, especially with the upside capped under a descending trendline.

Chainlink is a decentralized oracle service provider based on the Ethereum network. It provides the opportunity to develop blockchain solutions for traditional real-world businesses, and it helps to create tamper-proof smart contracts to offer different services for the business.

Chainlink is in the news today after it recently announced a couple of updates that could help LINK in this crypto-market.

The altcoin known as Chainlink, or LINK, was last year’s top-performing crypto asset, even beating out Bitcoin by a large margin. The cryptocurrency also beats nearly the rest of the market, sans only Bitcoin, in true reported cryptocurrency trading volume, according to new data.

Interest Protocol announces that it has collaborated with Chainlink Labs to further its mission of bringing more capital efficiency to the DeFi ecosystem. The collaboration is strategic, including the integration of Chainlink Keepers, Chainlink Proof of Reserves, and go-to-market advice.

After a scary decline, the cryptocurrency market attempted to stabilize in a higher zone. As a result, most altcoins recovered over 40% in the last few days. Despite the bullish fact, the Chainlink token still seems to be slightly bullish near the recent bottom level (below the chart).

Chainlink price analysis for today is indicating a positive trend. Chainlink (LINK) has had a great bullish run over the last 24 hours. The coin is currently trading at $7.04 and is up by 3.16 percent. The market capitalization of the coin has also reached $3.3 billion while the 24-hour trading volume of the coin has also increased and is currently at $313 million. The coin started the day at $6.75 and reached a high of $7.11. The bulls have been able to push the prices higher and are currently facing resistance at $7.11.

ChainLink price analysis for September 4, 2022, reveals the market following a complete bullish movement, obtaining significant positive momentum, signifying a gain of positivity for the LINK market. The price of ChainLink has remained negative over the past few hours. On September 3, 2022, the price reached from $6.5 to $6.6. However, the market increased in value soon after and gained more value. Moreover, ChainLink has peaked and reached $6.8, just shying away from the $7 mark.