Chainlink’s price briefly reached $25 on September 13, marking a notable increase of 15% over the week. This surge came in tandem with the announcement that Polymarket has officially integrated Chainlink’s data feed on the Polygon mainnet. The partnership was revealed in a press release on Friday, indicating that this integration allows for the creation of secure and real-time prediction markets across a wide array of crypto trading pairs.
The integration enhances the prediction markets by leveraging Chainlink’s established oracle infrastructure, significantly improving the quality of the data used for market settlements. According to Sergey Nazarov, Co-Founder of Chainlink, this collaboration represents a crucial milestone that transforms prediction markets into reliable signals through high-quality data and tamper-proof computations. The upgrade also reduces reliance on social voting for market resolution, thereby mitigating resolution risks.
By using Chainlink’s data streams, Polymarket benefits from low-latency and verifiable price reports, enabling automated on-chain settlements. This ensures near-instantaneous resolutions, which is especially advantageous for markets with deterministic outcomes, such as predictions regarding Bitcoin or Ethereum prices.
Despite the positive sentiments surrounding the integration, market indicators suggest some caution. Chainlink’s open interest saw a minor dip, holding steady at $1.7 billion, down 0.02% intraday, even as trading volumes rose by 7.3%. This trend implies that many traders might have been closing LINK futures positions rather than opening new ones, hinting at a potential peak in market sentiment.
From a technical standpoint, the daily price chart for Chainlink indicates a substantial 15.9% rally over the past week, bouncing back from the support level of $22 and briefly peaking around $25. The recent crossover of the 5-day and 8-day Simple Moving Averages above the 13-day average creates a “Golden Cross” pattern at the $24 level. The Relative Strength Index (RSI) currently sits at 65, indicating there may still be room for further upside, but is just shy of the overbought territory.
If Chainlink’s price closes decisively above the $25 threshold, analysts are eyeing a next target in the vicinity of $28, particularly given that previous bullish movements were capped around this level following a data partnership with the U.S. government in August. Conversely, if the price fails to maintain momentum above $24, the market may retest the $23.30 support level. A breakdown below this could invalidate the positive momentum indicated by the Golden Cross, potentially sending Chainlink’s price towards the psychological support level at $20.
In parallel with Chainlink’s developments, early-stage projects like SUBBD are gaining traction amid growing interest in corporate adoption of blockchain technologies. SUBBD aims to blend creator-fan engagement with real-world applications, empowered by AI-driven content personalization. The presale of SUBBD is currently active, priced at $0.05625, and has already raised $1.13 million towards its $1.4 million goal, with limited discounted tiers still available for prospective investors.
As the cryptocurrency market continues to evolve, both established names like Chainlink and innovative projects like SUBBD are showcasing the dynamic interplay of technology and market opportunities.
