Chainlink recently executed more than $7 trillion in Transaction Value Enabled (TVE).
The price of LINK reacted positively by increasing in value by more than 4%.

In addition to Chainlink’s many other major announcements, the network recently unveiled a milestone it has reached. While the network’s popularity has grown thanks to its many collaborations and integrations, how has this affected the value of its native token, LINK?

Read the Chainlink (LINK) price forecast for 2023-24

The trillion dollar TVE

According to a recent report chainlink recently enabled a record number of transactions across various blockchains by the network. According to the report, Chainlink Oracle enabled this transaction on 12 separate blockchains, marking a milestone in the process. The report claims that Chainlink has enabled more than $7 trillion in transaction value (TVE).

Chainlink is a decentralized oracle network that links blockchain-based smart contracts to external data sources, APIs, and payment systems. It enables smart contracts to securely access off-chain data feeds, online APIs and conventional bank payments.

This makes it possible to build more advanced, data-driven decentralized applications and smart contracts can communicate with the outside world. Node operators are compensated for providing these oracle services using the Chainlink token (LINK).

Additionally, keep in mind that Chainlink will release staking features for LINK holders at the end of 2022. For the LINK token and its holders, the staking feature has increased its utility. Nevertheless, to what extent has the network’s potential usefulness to the token affected it?

LINK capitalizes on the latest success

Chainlink (LINK) reacted well to the news, as evidenced by the asset’s price movement on a daily timeframe chart. LINK was up more than 4% in value by the close of trading on January 25.

Although it may seem small, at the time of writing the increase had continued, albeit very slowly. As of the observed trading period, the asset changed hands at approximately $6.9.

Source: Trade View

In addition, the Relative Strength Index (RSI) indicated that LINK was currently in a bull trend. The RSI line on the daily period chart was above 60.

However, the Moving Average Convergence Divergence could indicate the strength of the bull trend (MACD). The MACD showed bullish sentiment as it was above zero.

However, according to the volume on the indicator, the MACD indicated that the mood was fairly strong. The fairly strong trend was further supported by the Plus DI (green line) of the Directional Movement Index, resting at 20.

How much are 1,10,100 LINKs worth today

Also, LINK’s price history showed that there has yet to be a commendable price hike in response to major news. This can be interpreted as the value of the token naturally increasing over time. Chainlink’s growing service offerings could position LINK for greater usability and even an increase in value.

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