- Chainlink price faces resistance at the upper Bollinger band.
- The RSI shows that LINK still has space to grow.
The Chainlink price bounced up from the lower Bollinger band and climbed from $24.80 to $33.75, as of writing – gaining almost $9 in overall valuation. The buyers have managed to string together a hattrick of bullish days.
Chainlink Price Faces Weak Resistance Upfront
As things stand, the Chainlink price has two resistance barriers upfront – the upper Bollinger band and the $35 resistance barrier. These two obstacles are currently holding LINK down. However, the relative strength index (RSI) indicates that a further rise in valuation is on the cards.
Image: LINK/USD daily chart
The IOMAP tells us that there is a lack of strong resistance barriers up top. Previously, at $35, 2,800 addresses had purchased almost 272,000 LINK tokens. This level doesn’t seem robust enough to hold down Chainlink price for too long.
Saffron Finance Will Integrate Chainlink Oracles To Settle And Manage Tranches
Saffron.finance recently announced that it has integrated Chainlink on the Ethereum mainnet to access secure and reliable on-chain reference prices. The protocol uses these reference prices to settle and manage liquidity for various tranches. The firm noted that the initial integration involves reading Chainlink’s decentralized price feeds for WBTC/USD and that it would add ETH/USD, BTC/USD, and DAI/USD in the future.
Saffron is a decentralized application (dApp) that allows liquidity providers (LP) to get various degrees of exposure. The protocol operates as a liquidity aggregator where users tokenize their underlying assets for a certain period (an epoch). These assets then get dynamically deployed into various lending protocols to earn interest.
Liquidity providers can choose between various LP deployment strategies called “tranches." Users can trade their tokenized tranches with others, developing an interest rate swap market for the DeFi community.
A secure and reliable oracle system is needed to ensure these tranches operate as coded in the smart contract. Saffron said that it chose Chainlink as it found the company to be “the most secure, reliable, and precise decentralized price oracle network in the industry.”
By integrating Chainlink, Saffron users can enjoy proper settlement and liquidity provisioning of tranches. Additionally, they can leverage Chainlink’s established Price Feed framework to quickly and easily launch support for more assets in the future. The saffron team said:
By using Chainlink for the settlement and management of tranches, Saffron users now have a more secure and decentralized mechanism for deploying liquidity based on well-defined risk/reward strategies. Backed by high-quality data and robust oracle infrastructure, Chainlink Price Feeds offer both an immediate solution for our current markets and a future solution for expanding the number of markets and adding innovative features to the platform.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price will probably reach the $35 resistance barrier if it continues the upward trend.