Chainlink (LINK) has seen a notable uptick in its price, rising to $23.59 as it recorded a 2.7% increase on September 16. This surge was attributed to capital rotation dynamics ahead of an anticipated interest rate cut by the U.S. Federal Reserve, allowing LINK to outpace other cryptocurrencies such as Ethereum (ETH) and Tron (TRX).
LINK’s current metrics showcase a market capitalization of approximately $16.04 billion, with a 24-hour trading volume of $695.74 million. Despite only experiencing a volatility of 1.5% over the last day, the asset’s performance has captured investor attention.
On the same day, Chainlink made headlines with its announcement of joining the AethirCloud’s AI Unbundled Alliance, a coalition aimed at enhancing Web3 AI infrastructure. The announcement was made via X, confirming Chainlink’s commitment to developing its oracle platform and the Chainlink Runtime Environment (CRE), which will enable developers to create advanced AI-powered applications across various blockchain networks.
As part of this partnership, Chainlink Labs will be sponsoring hackathon bounties and offering targeted grants to participants of the AI Unbundled program. Those involved in the alliance will gain early access to the Chainlink Runtime Environment, which facilitates the creation of workflows across both blockchain and traditional systems.
Ash Nathan, the Strategic Innovations Lead at Chainlink Labs, expressed enthusiasm for the collaboration, highlighting how the integration of industry-standard infrastructure could empower developers while accelerating the development of reliable, scalable, and interoperable AI-driven Web3 applications. This move aligns with recent efforts by the Ethereum Foundation to enhance decentralized blockchain infrastructure for AI systems.
In terms of price performance, Chainlink’s technical analysis indicates a constructive setup, yet it faces a crucial resistance point at the $25 level. Currently trading around $23.7 and positioned above the $23.6 Keltner Channel midline, LINK’s resistance challenge at $25 could either propel it towards $26.1 or draw it back to the $23.1 lower-band support if bullish momentum fails to intensify.
The MACD indicator remains flat, suggesting indecision in the market, with a MACD line at 0.37 and a signal line at 0.41. A bullish crossover would greatly enhance the chances of a successful test of the $25 barrier, while ongoing seller activity, as indicated by a negative Volume Delta reading of –317,000, poses challenges to any bullish sentiment.
In addition, the crypto landscape is witnessing rising interest in community-driven projects such as Pepe Node, which allows users to create virtual meme coin mining rigs and earn tokenized bonuses. Currently priced at $0.0010, Pepe Node’s presale has raised over $1.19 million out of a $1.3 million target, signaling robust interest from investors.
As Chainlink develops its AI narrative and positions itself as a leader in the oracle space, market participants will be keenly watching for any movements that could either consolidate its gains or expose vulnerabilities amidst active market conditions.
