Chainlink, a decentralized blockchain oracle network built on Ethereum, has started to make headlines as the cryptocurrency has recently seen an impressive rise in its value along with healthy technicals.
As a result, Chainlink, which aims to facilitate tamper-proof data transfer from off-chain sources to on-chain smart contracts, saw its native cryptocurrency LINK surge by more than 35% in the past 30 days.
But investors are hoping that LINK, which has an all-time high of $52.88, at least cross the $50 mark once again. Currently, the LINK crypto coin is trading at around $11 apiece.
- Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis, with the smart contract network formally launched in 2019.
- The network acts as a bridge between blockchain and off-chain environments.
- Chainlink’s coin LINK is an Ethereum token. The maximum supply of LINK tokens is 1,000,000,000.
Chainlink Historical Data
In 2017, at the time of Chainlik’s launch, crypto markets were stagnant. At the time of its initial coin offering (ICO), LINK’s price was $0.11. A total of 350 million LINK tokens were sold at the time of its ICO.
In the following years, the coin witnessed a consistent rise in its price. It recorded its all-time high of $52.88 on 9 May 2021, on the back of an impressive rally in the overall cryptocurrency space. But soon, it went downhill like other cryptocurrencies. Chainlink now appears to be making a slow and steady recovery. The coin has already crossed the $10 mark and was trading very close to the $12 mark, showing marginally bullish sentiment.
Chainlink Technical Analysis
Chainlink has been performing consistently well in the past 30 days, barring a few time frames. In October, it recorded a growth of over 43%. It was clearly one of the best-performing coins last month.
Further, on Tuesday (31 October), Chainlink appeared to have come out of an ascending triangle pattern on the hourly chart, as pointed out by crypto market analyst Ali Martinez in his tweet.
Martinez said that the bullish formation created on Tuesday could help LINK gain further bullish sentiments. He also predicted a 14% price breakout for Coinlink, adding that this could take the coin towards $13, which would clearly be the record high for the token this calendar year. However, Wednesday came in as an anti-climax as the coin recorded a fall of close to 5%. But in the early morning hours, the coin against started climbing upwards, with a 24-hour loss down to 2.75%.
LINK, which has a circulating supply at present is $556.8 million and has a fully diluted market cap of $10.8 billion, is showing a bullish trend across the board. Even Google Trends suggest that more users are showing interest in Chainlink, which could give a further push to the coin.
Will Chainlink Reach $50?
Chainlink is currently hovering around the $11 mark. For it to reach $50, it will need to grow close to 5X. Considering the current market conditions, it could take a few years if the coin continues to move in the upward direction. However, at present, it appears to be a distant future. What will happen next? Only time could tell.
Chainlink has clearly started to make its recovery. There is massive room for growth in the coming times as the token is down nearly 78% from its all-time high. Coupled with Chainlink’s continuous efforts to form key partnerships and improvements in the tech stack, the coin could see a massive upside in the coming times.
What is Chainlink?
Chainlink is a decentralized blockchain oracle network which is used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
What is the Chainlink Network?
The Chainlink Network is a decentralized oracle network that connects blockchain smart contracts with real-world data. It uses multiple independent oracles to securely provide external information.
Which are Chainlink’s competitors?
A few of Chainlink’s competitors include Ethereum, CoinRabbit, Corda, and BlockFi.
What are the predictions for Chainlink’s future price movements?
Chainlink is likely to increase by 14% in the near future as it came out of an ascending triangle pattern on the hourly chart on 31 October.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.