Markets by Trading view

Is Chainlink (LINK) About To Start A Bull Run?


Sergey Nazarov and Steve Ellis developed Chainlink. It began as in 2014 with the goal of bridging blockchain-based smart contracts with external data. Officially launched in 2017, Chainlink raised $32 million through a successful ICO, during which its native token, LINK, was introduced to incentivize data providers and ensure the network’s security and reliability.

The mainnet went live on Ethereum in 2018, and Chainlink quickly formed significant partnerships with companies like Google, Oracle, and SWIFT, gaining credibility and expanding its ecosystem. By 2019, Chainlink had established itself as a leader in decentralized oracles, with integrations across various blockchains and numerous DeFi projects utilizing its technology.

From 2020 onwards, Chainlink introduced features like the Off-Chain Reporting protocol and announced Chainlink 2.0, focusing on enhancing security, scalability, and economic models. Its adoption continued to grow across sectors like insurance, gaming, and NFTs. Key features of Chainlink include decentralized oracles, data aggregation for accuracy, cross-chain compatibility, and a Verifiable Randomness Function for applications requiring provably fair randomness.

The LINK token plays a crucial role in the ecosystem, serving as a means of payment for services and as an incentive for maintaining the network’s integrity. Today, Chainlink remains a pivotal player in the blockchain space, enhancing smart contract functionality by providing secure and reliable data feeds.

Chainlink (LINK) runs on the Ethereum platform. With a supply of 1 billion tokens, there are approximately 587 million currently in circulation. The latest price of Chainlink is $17.16, showing a 0.40% decrease in the past 24 hours. Also, it is actively traded on 1,770 markets, with a trading volume of $690,454,640.28 over the last day.

Chainlink (LINK) is currently priced at $17.31 USD, with projections suggesting a 6.07% increase to $18.36 by May 26, 2024. Technical indicators show a bullish market sentiment (81%), and the Fear & Greed Index stands at 74 (Greed). Over the past month, Chainlink had 57% positive trading days and an 8.13% volatility rate. Presently, Chainlink is ranked 16th in the crypto ecosystem with a market cap of $9.85 billion and 587 million LINK in circulation. The price has risen by $0.33 in the last 24 hours and 29.14% over the past week.

Looking ahead, forecasts for Chainlink in 2024 suggest a minimum price of $14.07 and a maximum of $19.08, with an average trading price around $24.08. Specific monthly predictions for 2024 indicate potential growth, with estimates such as $18.94 in May, $21.88 in June, and $23.92 in October. By 2025, Chainlink’s price is expected to range between $24.74 and $28.99, with an average of $25.60. These projections indicate significant potential for Chainlink as a solid investment.

Author: Makinde Adeniyi

The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organisations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.

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