Chainlink (LINK) price analysis for April

Chainlink (LINK) price has extended its bullish run above the $40 mark this week as institutional investors, such as Graph Blockchain, continued to invest in popular digital assets.

Fundamental analysis: Graph Blockchain allocates $500,000 into LINK

Graph Blockchain Inc. has announced it has deployed the final tranche into Chainlink’s token LINK, marking its third token acquisition. After announcing the $2 million deployments on April 6, Graph has invested the final tranche of half a million dollars into LINK. 

Before buying LINK, Graph had deployed $1 million of its staking capital into the Polkadot (DOT) and $500,000 into the Cardano (ADA) through its wholly-owned cryptocurrency division Babbage Mining Corp.

Graph Blockchain is a company that develops high-performance blockchain solutions including consulting services and data analysis. Chainlink, on the other hand, is a decentralized oracle network that sends off-blockchain data to smart contracts. In other words, it serves as a bridge between smart contracts and external data or the outside world.

Technical analysis: New all-time highs

Chainlink price has erupted about 25% this week to comfortably trade above the $40 handle. This week marks the third consecutive week of gains for LINK with the market cap of the digital asset nearly doubling since the end of March.

Going forward, crypto traders looking to buy LINK tokens are likely to target the 161.8% Fibonacci extension line at $46.80. On the downside, the former record high at $36.90 will provide support if the price action pulls back from these levels. 

Summary

Graph Blockchain said it allocated $500,000 of its staking capital into LINK token, after deploying $1.5 million into DOT and ADA several days ago. LINK price has continued to gain in recent days to print new record highs above the $44 mark.