Chainlink (LINK) price action in the last 18 months has been disappointing, to say the least. The price has remained stuck within a specific trading range without any breakout. This has shifted the focus of many crypto traders from LINK crypto to relatively new coins in a hunt for better gains.
After a 71.42% drop in 2022, LINK to USD rebounded strongly at the start of 2023. However, the cryptocurrency really struggled to break above the $8.4 resistance level, which has put another retest of the range lows on the cards. On a YTD basis, LINK is up 36% in 2023 as the crypto markets show a sluggish recovery before next year’s Bitcoin halving.
What Does Chainlink Do?
Since the blockchain networks are siloed systems, it is very difficult to feed them external data. Considering this problem, Chainlink emerged as the pioneering decentralized oracle system. Although the project was initially launched on Ethereum as an ICO in 2017, it has come a long way since then.
Chainlink oracle services have now transcended across numerous smart contract platforms, including but not limited to Ethereum, BSC, Polygon, Avalanche, Fantom, Arbitrum, and Optimism. The protocol feeds the external data, like prices, to the different DeFi protocols on these blockchains.
LINK is the native asset of the Chainlink oracle network, with a wide range of use cases across the whole ecosystem. Each oracle on the trustless network is required to deposit LINK, which can be slashed in the event of a wrongdoing or a malicious practice.
Latest Chainlink News
Since the dawn of the DeFi revolution, Chainlink has been at the forefront of innovation. In addition to improving its tech, the team is also exploring new avenues in the crypto industry. In one of the most significant developments in the whole crypto space, Chainlink launched the Cross Chain Interoperability Protocol (CCIP).
As the name suggests, CCIP allows developers to build cross-chain decentralized applications. These applications leverage the CCIP standard to send cross-chain messages, token transfers, and other similar actions.
In other major Chainlink news, the project has recently partnered with the Australia and New Zealand Banking Group (ANZ). The banking giant took part in a case study that involved the usage of the Cross Chain Interoperability Protocol (CCIP). The interest in the project by the traditional financial institutions is a major news for LINK coin holders.
LINK Crypto Chart
LINK is the 19th biggest crypto asset in terms of market capitalization. The cryptocurrency is down 85.5% since its 2021 all-time high. The price has also slipped below the 200 MA on the weekly chart, which is a line in the sand for many long-term investors. It has a market capitalization of $4.2 billion,
Chainlink Price Prediction 2024
The following LINK/USD chart shows one of the most beautiful examples of a sideways accumulation. Since June 2022, the price action has been stuck within the $5.5 to $9.6 trading range. The price has been also respecting a downward trendline since August 2022, which is visible as a blue line on the following chart.
Chainlink price prediction 2024 is still not looking bullish as there is a strong possibility of another retest of $5.5 in the coming days. While the holders are looking forward to next year’s Bitcoin halving, there is nothing on the LINK chart yet, which points towards a bullish reversal yet.
Chainlink Price Prediction 2025
Analysts expect the crypto markets to experience another bull run after the Bitcoin halving event. While there is no certainty of such a rally, history strongly supports these expectations. As Chainlink remains the ideal choice for blockchain developers for external data feeds, there can be a strong demand for LINK crypto in case of increased activity on major blockchains.
This puts a Chainlink price prediction 2025 of $100 on the cards. However, if the Bitcoin price fails to make a new all-time high by 2025, this price prediction will be very unlikely to be met.
How To Buy Chainlink (LINK)?
You can conveniently invest in any digital asset by signing up on any reputable crypto exchange. If you want to hold LINK for a long term, then the best way to buy the asset from a spot market exchange like Binance or Coinbase. It is always advisable to transfer your assets to a hardware wallet if you intend to hold it more than a couple of months.
Chainlink Price Prediction 2030
In a dynamic field of cryptocurrencies, it is very difficult to predict which assets will survive till the end of this decade. There are a lot of things that can go wrong with any blockchain project in such a long time. However, Chainlink price prediction 2030 may shock the current holders in a very pleasant way if the project retains the spot of the top oracle by then.
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