• Chainlink price broke out of a symmetrical triangle pattern and rose 15%.
  • Investors can expect LINK to retrace to $24.90 before rallying 24% to retest $30.85.
  • Newer projects continue to leverage VRF, indicating that the oracle adoption continues to progress.

Chainlink price broke out of its symmetrical triangle consolidation on October 1 and rose explosively. However, the momentum reduced around a crucial resistance barrier, leading to a pullback. LINK might need to bounce off a stable support floor to kick-start a new uptrend.

Chainlink VRF adoption finds new use

XYO Network revealed the integration of Chainlink’s Variable Random Function (VRF) in a recent announcement. The project will use the VRF and random number generator to provide a location-based giveaway smart contract to select random winners fairly and securely.

The XYO Network will use COIN, the project’s frontend, for these "giveaways by allowing its users to participate based on visits to selected special locations."

The announcement adds,

To choose the recipient fairly from this list of entrants, the XYO Network needed a verifiably tamper-proof source of randomness. After reviewing various mechanisms, we selected Chainlink VRF, the blockchain industry’s most time-tested and widely adopted solution for secure and verifiable RNG.

Additionally, Frenchie Network has also integrated Chainlink VRF for giveaways and airdrops. To prove a fair distribution, zero corruption from the developer team, the project will leverage VRFs as part of their tokenomics. 

LINK price prepares for the next leg-up

Chainlink price formed a symmetrical triangle pattern from September 21 to October 1. However, the sudden surge in buying pressure on October 1 pushed LINK to slice through the triangle’s upper trend line at $24.41 and rallied 15%.

However, the bulls lacked momentum, leading to a retracement. So far, the oracle token has dropped 6% from its local top at $28.16. Investors can expect the Chainlink price to continue its descent to the stable support floor at $24.90 or the 50% Fibonacci retracement level.

If the buyers decide to come back, Chainlink’s price will bounce off this barrier and start a new 24% uptrend to $30.79. However, to reach its target, LINK needs to shatter $28.39.

In some cases, Chainlink price might extend to the range high at $36.33, constituting a 46% ascent from the trading range’s midpoint.

LINK/USDT 1-day chart

LINK/USDT 1-day chart

On the other hand, if Chainlink price fails to hold above $24.90, it will invalidate the bullish thesis. Additionally, it will also indicate that the seller activity has increased. Regardless, such a development could knock Chainlink price down to retest the 62% Fibonacci retracement level at $22.15.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin recovers above $85,000 while institutional investors offload their holdings

Bitcoin recovers above $85,000 while institutional investors offload their holdings

Bitcoin (BTC) recovers slightly and trades around $86,000 at the time of writing on Thursday after falling nearly 15% at one point this week. US President Donald Trump’s ongoing tariff news and falling institutional demand fueled the BTC’s correction.

More Bitcoin News
ONDO Finance partners with Mastercard: Tokenized Real-World Assets to Multi-Token Network

ONDO Finance partners with Mastercard: Tokenized Real-World Assets to Multi-Token Network

Ondo Finance announces a partnership with Mastercard to bring tokenized Real-World Assets to Mastercard’s Multi-Token Network.. This integration will bring Ondo’s OUSG token to MTN, enabling businesses to access the benefits of tokenized treasuries seamlessly.

More Ondo News
Solana Price Forecast: DTCC lists first SOL futures ETF, will it avert $130 breakdown?

Solana Price Forecast: DTCC lists first SOL futures ETF, will it avert $130 breakdown?

Solana price edges higher and trades near $140 at the time of writing on Thursday after tumbling from $172 to $134 this week as FTX estate’s impending token unlock looms ahead despite early gains from a new SOL Exchange Traded Fund listing.

More Solana News
XRP remains in murky waters as SEC drags feet in dismissing its case against Ripple

XRP remains in murky waters as SEC drags feet in dismissing its case against Ripple

XRP has witnessed heavy losses since the beginning of the week, dropping nearly 15% as the crypto market stretches its losses. Ripple community members continue to expect an end to the SEC's multi-year lawsuit as the agency closes another investigation.

More Ripple News
Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin price has been consolidating between $94,000 and $100,000 since early February, hovering around $98,000 at the time of writing on Friday. Despite this consolidation, US Bitcoin spot ETFs data recorded a total net outflow of $489.60 million until Thursday, hinting signs of weakness among institutional investors. 

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP