BNB Price Hits $1,240 Record High: Partners With Chainlink For On-Chain US Economic Data
The BNB worth continues to defy broader market traits, reaching a powerful new peak of $1,240 to kick off the week and solidifying its standing as one of many high performers within the cryptocurrency business.
BNB Chain Partners With Chainlink
Over the previous 30 days, the BNB worth has recorded a powerful 41% achieve, pushed partly by a latest collaboration between BNB Chain and Chainlink (LINK), dubbed as one of many market’s main oracle suppliers.
This partnership was publicly announced on Monday on social media platform X (previously Twitter), the place Chainlink revealed that BNB Chain had adopted its information customary to make official US Department of Commerce information out there on-chain.
The information sourced from the Bureau of Economic Analysis will allow Chainlink Price Feeds to ship crucial macroeconomic indicators on to BNB Chain.
These indicators embrace key metrics like Gross Domestic Product (GDP), the Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers.
Chainlink asserts that the provision of such information opens up a collection of latest potentialities for builders, permitting for the creation of latest varieties of digital property, prediction markets that leverage clear financial inputs, and perpetual futures markets grounded in official authorities statistics.
Furthermore, decentralized finance (DeFi) protocols can enhance their threat administration methods by aligning them with real-world financial situations.
BNB Price Target Raised To $1,500
Market knowledgeable Crypto King has been vocal in regards to the BNB worth trajectory, asserting that the token is demonstrating a transparent development of upward momentum.
He recognized three vital breakout phases: one in July that sparked a robust rally, a second in September, and the present breakout, which he believes is constructing towards new highs. Crypto King has set an bold goal of $1,500 for Binance Coin, suggesting that this structural climb is something however random.
However, not all market analysts share the identical optimism. Another knowledgeable, often called Crypto Claws on X, has issued a cautionary word, warning that if the present momentum fizzles, a correction towards the $700 vary by December might be on the horizon.
This situation would indicate a possible 43% decline for the BNB worth, elevating issues in regards to the token’s technical construction and the probability of a crucial pullback earlier than the subsequent vital bullish leg.
In addition to the BNB worth efficiency, different cryptocurrencies are additionally following the token’s lead. Bitcoin (BTC) has surged previous the $125,000 mark, attaining a brand new report, whereas Ethereum (ETH) is simply 5% shy of breaking its earlier high.
Meanwhile, Chainlink’s native token, LINK, stays properly beneath its all-time high of $52.70, at the moment buying and selling just below $23—a niche of almost 57% that implies room for development.
Featured picture from DALL-E, chart from TradingView.com
