Chainlink rose by as much as 20% earlier in today’s session, as markets reacted to the release of its Chainlink Cross-Chain Interoperability Protocol (CCIP). Traders were buoyed by the news, pushing the token to its highest level since April in the process. Stellar rose to a one-week high today.
Chainlink (LINK)
Chainlink (LINK) was one of Thursday’s most notable gainers, as the token surged nearly 20% higher.
After falling to a low of $6.88 on Wednesday, LINK/USD rallied to an intraday peak of $8.32 earlier in the day.
The move pushed price to its strongest point since last April, when the token hit a high above $8.60.
Looking at the chart, the latest rally took place as the relative strength index (RSI) broke out of its ceiling at 72.00.
At the time of writing, the index is at 73.03, with an upcoming resistance point of 77.00 a possible destination for bulls.
In the likely event it reaches this point, LINK could surpass last Thursday’s peak.
Stellar (XLM)
In addition to LINK, stellar (XLM) was another big mover during today’s session, as it also rose by nearly 20%
XLM/USD recorded a high of $0.1793 earlier in the day, which comes following yesterday’s low of $0.1414.
Similar to chainlink, this peak pushed stellar to its highest point since last Thursday, when the token hit a then 15-month high.
As a result of this gain, price strength in XLM is now overbought, which could spell a soon end for the current uptrend.
The RSI is tracking at a reading of 71.87, but is fast approaching a resistance zone at the 73.00 mark.
Traders may already be considering securing profits as price strength heads to this point.
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Could stellar bulls extend the rally in the coming days? Let us know your thoughts in the comments.