Chainlink Price Forecast: LINK Rebounds as Bitget Integrates Chainlink Proof of Reserve for BGBTC - Bullish Momentum Building
Chainlink surges as Bitget adopts its Proof of Reserve protocol for BGBTC—validating real-world asset backing in a space where 'trust me bro' usually suffices.
Integration Impact
The move injects serious credibility into Bitget's Bitcoin-pegged offering. Chainlink's oracle network now independently verifies BGBTC's collateralization—something traditional finance regulators would kill for, but crypto just builds.
Market Reaction
LINK immediately bounced on the news, proving institutional adoption still moves needles. Traders flock to assets with actual utility beyond speculative gambling—a novel concept in this ecosystem.
Proof of Reserve: Why It Matters
Transparency separates serious projects from vaporware. Chainlink's tech provides real-time attestations that reserves actually exist—unlike certain exchanges that famously operated on fractional reserve magic.
Price Outlook
With major platforms integrating Chainlink's verification standards, LINK's utility token model demonstrates real value beyond pure speculation. The rebound suggests traders recognize infrastructure plays matter more than meme coins when real money gets involved.
Another day, another step toward legitimacy in an industry that still thinks 'audited' means a Twitter thread from some anonymous developer.
Chainlink’s growing adoption hints at a bullish picture
Bitget, a cryptocurrency exchange, announced on Tuesday the adoption of Chainlink Proof of Reserve on Ethereum to provide real-time transparency for BGBTC. The adoption by Bitget utilizes decentralized oracle networks to verify the reserve balances backing tokenized assets autonomously, ensuring that BGBTC’s backing is independently audited without relying on manual disclosures.
“Transparency is essential in the digital asset industry,” said Gracy Chen, CEO of Bitget. Chen continued: “By adopting Chainlink’s industry-leading Proof of Reserve, we’re giving our users and institutional partners the assurance they deserve, knowing that BGBTC is always verifiably backed. This is another step in our mission to deliver secure, transparent, and innovative products for the Web3 space.”
Apart from the announcement, Chainlink’s expanding partnerships and increasing adoption highlight the network’s broader use cases and strengthen its long-term growth potential. On Wednesday, Lendr.fi, a Liquid-Staked Real World Asset Tokens Web3 company, has adopted the Cross-Chain Token (CCT) standard, enabling its native token, RWAL, to be natively transferable across chains via chainlink CCIP.
Earlier this week, DeFi protocol Pendle_fi adopted the Chainlink data standard on Arbitrum and Base to power its newly launched futures platform, Boros. Last week, Chainlink announced a partnership with ICE Markets to bring high-quality derived forex and precious metals data onchain, and accelerate mainstream adoption of onchain finance.
Derivatives data hints at an upward trend ahead
Futures’ Open Interest (OI) in Chainlink at exchanges, which has been constantly rising since early August, rose to an all-time high of $1.75 billion on Tuesday and currently stands at $1.48 billion. Rising OI represents new or additional money entering the market and new buying, which could fuel the current LINK price rally.
LINK Open Interest chart. Source: Coinglass
Chainlink’s Coinglass long-to-short ratio data indicate that the bullish bet among traders is also rising, nearing its monthly high, which reflects bullish sentiment in the markets.
LINK long-to-short ratio chart. Source: Coinglass
Chainlink Price Forecast: LINK bulls aim for higher leg
Chainlink price surged to reach the January 31 high of $26.37 on Monday, and declined 8.61% the next day. At the time of writing on Wednesday, it recovers over 4%, trading at $24.63.
If LINK continues its recovery, it could extend the rally toward its key resistance at $26.37. A successful close above this level could extend the gains toward the December 13 high of $30.94.
The Relative Strength Index (RSI) stands at 63 and points upward on the daily chart, indicating bullish momentum. Meanwhile, the Moving Average Convergence (MACD) bullish crossover since August 8 still holds, suggesting continuation of the upward trend, but the fading green histogram bars hint at vanishing bullish strength.
LINK/USDT daily chart
However, if LINK faces a correction, it could extend the decline toward its daily support at $22.05.
