Chain link [LINK] its scope has expanded rapidly in the last few years of its existence as the need for its services becomes more apparent. The blockchain network revealed that it aims to keep up the pace at this year’s SmartCon convention.

Chainlink reaffirmed its interest in the NFT market, one of the rapidly developing Web3 segments. The blockchain network announced as part of its product keynote that it would provide NFT floor price feeds to NFT users.

Coinbase and Cryptex Finance will be among the first partners to use Chainlink’s Oracle data for NFT price feeds.

Along the same line of price feeds, Chainlink confirmed a partnership with CF Benchmarks. The partnership will facilitate the rollout of a Bitcoin interest rate benchmark, called CF Bitcoin Interest Rate Curve (CF BIRC), for a variety of securities.

The upcoming developments will be added to the growing list of Chainlink services. These are intended to collectively build more use cases and tools for ChainLink’s LINK token.

The latter traded at $7.52 at the time of writing, trading 3.2% below the September 30 price. In addition, September 30’s price was $7.69 after the altcoin witnessed a 9.65% retracement from its weekly high.

Source: TradingView

The pullback came after LINK retested its 0.236 Fibonacci level by the middle of the week. An unsurprising result after the 30% rise it achieved from last week’s lows.

The price did not rise above the same Fibonacci level on the previous two attempts earlier in September. This confirmed that LINK’s lower range became relatively stronger over the course of the month.

The realized cap has also more than doubled in the past four weeks from just 7.23 million to 18.22 million.

It fell slightly to 17.52 million on September 30, which was about 0.56% of LINK’s circulating supply.

Source: Santiment

The realized limit indicated a higher realized value for LINK since the last time they were moved.

The average dollar invested age (MDIA) statistic also registered an increase after a sharp crash in mid-September. This observation confirmed that investors have been piling up over the past two weeks.

Source: Santiment

A short-term profit-taking footprint

Well, LINK’s price action indicates a shift towards short term gains after each short period of accumulation.

However, on September 30, LINK’s Relative Strength Index (RSI) grew significantly over the past four weeks and this was observed as higher RSI lows.

LINK was still trading below the August highs even as relative strength took a boost. This could be a sign of more upside in the near term, in which case we should expect LINK to overcome the current resistance level.

Source: TradingView

In conclusion, LINK is still relatively close to the current lows of 2022. Nevertheless, there could be some risks ahead that could cause a price drop.

The other side of the coin looks favorable for the bulls, especially if market conditions permit.

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