Canton Network price has rebounded in the past few days after the company raised money from top Wall Street giants and after the network selected RedStone as its oracle provider. The CC token was trading at $0.075, up by ~40% above the lowest level this month.
Canton Network Price Rises After Selecting RedStone
There are three main reasons why the Canton Network price has rebounded in the past few days.
First, Digital Asset, the developer, received funding from some of the biggest players on Wall Street, including companies like BNY, Nasdaq, S&P Global, and JPMorgan. Altogether, these companies hold trillions of dollars in assets, and it is a sign of validation go its business.
Second, the Canton Network price rose after the developers skipped Chainlink, the biggest oracle provider network in the crypto industry. Instead, the network selected RedStone, one of the fastest-growing players in the sector.
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RedStone will now become the primary oracle provider for the network, following its entry into the Canton Foundation. This growth means that RedStone will enable institutions to access gas-efficient, on-chain data without compromising privacy and security. In a note, Marcin Kazmierczak, RedStone’s founder, said:
“By integrating RedStone’s modular oracles, we’re adding the real-time data layer needed to support complex institutional workflows and unlock a new era of smart contract automation in global finance.”
Third, Canton Network is gaining market share in the fast-growing real-world asset (RWA) industry. Data compiled by RWA shows that the network has over $372 billion in represented asset value, much higher than other networks like Provenance, Ethereum, and Solana.
Canton price is also rising as the crypto market rally continues ahead of the Federal Reserve interest rate decision scheduled on Wednesday this week. Bitcoin and most other tokens like Solana, Zcash, and Dash have all risen in the past few days.
Canton Price Technical Analysis
The eight-hour chart shows that the CC price has rebounded in the past few days, moving from a low of $0.053 on December 6 to the current $0.075.
Canton token rose after forming a hammer candlestick pattern, which is made up of a body and a long lower shadow. It has moved above the upper side of the descending trendline, which connects the highest swings since November 14.
Therefore, the token will likely continue rising as bulls target the next key resistance level at $0.10, which is 35% above the current level. However, a drop below the support at $0.060 will invalidate the bullish outlook.
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