Will Chainlink Hit the Golden Pocket at $23 as ‘Build on Solana’ Program Kicks Off?

Chainlink (LINK) continues to be a formidable force in developing Web3 applications by bridging the gap between the outside world and blockchain smart contracts.

This explains why Chainlink recently reclaimed the $16 price zone, thanks to heightened demand, with on-chain metrics provider OCT Trades stipulating, “Altcoins will follow Bitcoin soon. First ones will be the large caps like LINK. A trend reversal is clearly visible on the chart with a short term resistance at $19 and golden pocket at $23. Support at $15 makes the downside potential low as well.”

Based on this analysis, Chainlink will soar to the Golden Pocket target of $23 if resistance at $19 is breached, with major support at $15 remaining steadfast.

Golden Pocket is a notable Fibonacci retracement zone between the 61.8% and 65% levels where strategic decision-making happens across trading circles.

On the other hand, market analyst Stanley Crypto recently stipulated that Chainlink’s journey to $22.85 would happen if the fifteenth-largest cryptocurrency based on market capitalization remained above the key support zone of $16.20.

Per CoinGecko data, Chainlink was up by 25.1% in the past month to hit $16.72 at the time of writing.

Chainlink Rolls Out ‘Build on Solana’ Program

To enhance Web3 projects being developed on the Solana network through ecosystem incentives and structured technical support, Chainlink recently established the ‘Build on Solana’ program. 

This initiative is based on Chainlink’s expertise in secure, reliable, decentralized oracle services.

By combining Solana’s speed with Chainlink’s oracle power, this program intends to enhance the scalability and efficiency of applications, such as gaming, decentralized finance (DeFi) and non-fungible tokens (NFTs).