Since the introduction of smart contracts, they became one of the most trending topics in the community. The projects that operate with them are meant to speed up crypto adoption. As a decentralized oracle network Chainlink powers the smart contracts ecosystem. Its native token was following the downtrend in the last year, but the experts still believe in the future of the project. Read our Chainlink token price prediction and make your own thought-through investment decision.
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Chainlink Fundamental Analysis
Chainlink is a blockchain abstraction layer that allows the utilization of universally connected smart contracts. As a Decentralized Oracle Network, it powers a suite of services for smart contracts on any blockchain. For instance, it allows the networks to interact with the external data feeds, events, and payment systems. Thus it provides the basis for the massive adoption of complex smart contracts.
Chainlink is focused on guaranteeing that all the node operators and users can participate in the blockchain development. It has partnered with many organizations becoming one of the biggest players in the data processing field. The big data providers like Huobi, Brave New Coin, and Alpha Voltage sell the access to the data directly to Chainlink and monetize the information they own.
ChainLink was founded in 2017 by Sergey Nazarov and Steve Ellis with the idea to accelerate smart contracts innovation and adoption by empowering developers to create future-rich decentralized applications. The project also aspires to provide a universal gateway for all the blockchains to global enterprises. In April 2021, Chainlink has released a new Whitepaper called Chainlink 2.0 that outlines an ambitious vision for the future of smart contracts.
The users of Chainlink can become node operators and earn by running the infrastructure of the blockchain. Numerous node operators collectively power the Price Feed Oracle Networks. The platform has access to over a billion data points and secures over $75 billion by integrating over 100 projects with 700 oracle networks.
LINK is the native ERC-20 token of the platform. It has a max supply of a billion coins. Around 45% of it is in the current circulation.
Chainlink Live Price Chart
Since the jump to its all-time high of $52.88 on May 10, 2021, the LINK token has been following a downtrend. In just two weeks after reaching the milestone, the asset lost more than half of its price, dropping to $20.
LINK has recovered some of its value just before the bearish run of the crypto market approached. The token was continuously going down until July 20, when it dipped to $14.5 and then started to recover. By the beginning of September, it managed to reach $34 and then went to a downtrend again that lasted till the end of the month.
During October and the first part of November, the LINK coin was growing. In the middle of November, it reached the previous level of $34, sustained at this level for a few days, and then turned back to the downtrend.
The Link coin stayed bearish till the end of December, falling to the level of $18, but then started to show signs of recovery. The asset started 2022 bullish and on January 10 was traded for $27.8. But LINK couldn’t maintain this level for more than a week and then continued to fall.
On March 13 the price of the token dipped to $12.7, but from this point, LINK started to go up, though it couldn’t reach higher than $18. In the last 2 weeks, the token was bearish and the LINK price chart kept declining.
The analysts are not concerned about the future of the asset. The short-term Chainlink token price prediction is that it will keep losing value, finishing 2022 trading for about $18. But in the larger perspective, the experts believe that the asset will pump up.
Chainlink Technical Analysis
Chainlink’s price has been moving in a descending channel for most of the first half of July 2021. Note that the candles during that period have been quite short which may signal price consolidation, which in combination with the channel pattern may mean the price is going to break out as soon as the bulls gain a bit of confidence. On the other hand, the price went below the previous support zone of ~$15–$16, which, understandably, doesn’t bring much certainty about Chainlink’s future. This is further supported by the fact that until mid-July, the descending triangle pattern could be observed, but it failed to end in a breakout. There are opportunities for a LINK retracement yet, but it’s best to observe the market for a while longer. Meanwhile, as usual, the analysts are reminding the traders to put stop losses into their trades where appropriate.
Chainlink Price Prediction
As it can be clear from the analysis cited above, Chainlink (LINK) projections are rather contradictory. There is no universal consensus either about positive or negative future LINK price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Chainlink projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
What is Chainlink token?
Chainlink token (LINK) is a token used in the Chainlink blockchain oracle network. LINK is used to pay for the services provided by the network, such as data requests, as well as for securing the network.
Will Chainlink reach $100?
Yes, Chainlink can reach $100, according to some experts including Walletinvestor.com. Keep in mind that while this is a reachable goal, sources usually put it in their Chainlink price predictions for 2025 or later, so it’s definitely a long-term investment.
Why does Chainlink need a token?
Chainlink needs a token to facilitate the processes in the network — as most of the other crypto tokens, LINK is at the heart of the system. Without Chainlink coin, the network participants would have no incentive to contribute their work or keep it honest.
How do I get Chainlink tokens?
It’s easy to get Chainlink tokens as they are traded on many exchanges, since Chainlink is one of the most popular blockchain projects. You can get LINK in just a few simple steps right here on SwapSpace — we will help you get the best rate.
Is Chainlink a good investment?
Chainlink is definitely a good investment, according to various sources – especially long-term. It’s expected either to become a slowly but reliably growing asset, similar to the more traditional investments, or to explode in price – either way, forecasts are optimistic.
How much will Chainlink be worth?
According to some analysts, Chainlink will be worth more than $25 by the end of 2021. Chainlink price predictions for 2021–2025 mostly promise further growth, with some even saying it will break the $100 barrier by 2025.