Chainlink ($LINK) has seen a notable 8% increase in value recently, bouncing back from near-2022 lows despite the broader cryptocurrency market showing weakness. The surge comes after the decentralized oracle protocol’s integration with Hedera’s Cross-Chain Interoperability Protocol (CCIP) and an increase in institutional backing, including from major players like PayPal, Ripple, and World Liberty Financial (WLFI).

Chainlink’s CCIP introduce on Hedera

On April 8, Chainlink declared that its CCIP had gone live on Hedera’s mainnet. This integration allows developers on the Hedera blockchain to build secure cross-chain applications and transfer tokens without the need for external bridges, marking a significant step in Chainlink’s growth.

CCIP enables seamless communication and token transfers between different blockchains, and the introduction on Hedera expands the utility of the protocol within the ecosystem. This marks another milestone in Chainlink’s journey toward becoming the standard for cross-chain interoperability, which is crucial for DeFi (decentralized finance) and beyond.

Growing Institutional Support

In addition to the technical integration, Chainlink is also gaining traction in traditional finance. On April 3, PayPal declared it would enable users in the U.S. to buy, sell, hold, and transfer Chainlink ($LINK) directly on its platform, eliminating the need for third-party services like MoonPay. This move opens the door for mainstream adoption of Chainlink by retail users.

Moreover, Ripple made waves earlier this year by adopting Chainlink’s CCIP standard to bring pricing data for its RLUSD stablecoin onto the blockchain. This move highlighted Chainlink’s growing influence within institutional-grade systems, further bolstering its reputation in the crypto space.

As of early April, Chainlink’s cross-chain transaction volume had surpassed $33 billion, and the total cumulative transfer volume across blockchains had more than doubled since December 2024, reaching $2 billion as of April 6.

Chainlink’s Price Analysis: Will $LINK Hold $11?

As of April 8, Chainlink’s price hovered around $11.80, reflecting a daily gain of 7.56%. The cryptocurrency has recently bounced from a crucial demand zone between $10.20 and $11.34, which had served as an accumulation base during the third quarter of 2024. Holding above the $11 support level is key for Chainlink’s potential price reversal.

However, $LINK faces resistance at the $15.46 level, which was previously a support level but has now become a ceiling. If Chainlink can break above this trendline, it could signal bullish momentum, with $18.50–$20.00 remaining a significant supply zone with historically substantial selling pressure.

The Relative Strength Index (RSI) for $LINK is currently at 41.34, still below neutral territory but showing signs of recovery from oversold conditions. This suggests that there could be a short-term bounce, though bearish momentum still lingers.

Conclusion

Chainlink’s recent surge, driven by its CCIP introduce on Hedera and growing institutional interest, highlights the potential for the cryptocurrency to regain upward momentum. The integration with major platforms like PayPal and Ripple further reinforces Chainlink’s role as a key player in the blockchain and DeFi space.

For now, the key support at $11 will be crucial for sustaining any potential rally. If $LINK can hold this level and break above the $15 resistance, it could pave the way for further gains in the coming weeks.