Chainlinked (LINK) has been steadily climbing, showing year-to-date gains since 2023. Despite the slight retracement in the general crypto market, the token is still trading slightly above its 50-day and 200-day Simple Moving Averages (SMAs), a positive sign for the long-term. The indication of a bullish sentiment is supported further by the Moving Average Convergence/ Divergence (MACD) indicators which are still in the green and above their signal lines. Today, LINK is trading for $7.77, looking to break past the $8 mark.

This potential boost might come from the upcoming Chainlink Hackathon event. The Hackathon will take place from April 28 until June 9, 2023 and features categories such as NFTs and Gaming, Artificial Intelligence (AI), and DAO. The event also includes a grand prize of $25,000 and is reported to be a reward for crypto developers and the Chainlink community. Events such as these have become a fan favorite amongst coders and developers, bringing together great minds to work on improving the crypto sphere.

Another noteworthy trend is the concept of NFTFi (NFT and Decentralized Finance) which kicked off early in 2023 and enables holders of NFTs to have access to liquidity, allowing them to borrow digital assets in exchange for collateral. Its implementation in the Chainlink ecosystem is just one reason why the token has done so well, and why other investors have grown interested in the token. In conclusion, if those trends keep playing out, the price of LINK could go higher and surpass the $8 mark in the days to come.



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