One of those coins, and one that has been making front-page news ever since the rise of De-Fi projects, is Chainlink. Its coin LINK amassed a large group of enthusiastic followers, including celebrities, industry experts, and tech futurists. the altcoin has grown rapidly and is one of the top-ranked cryptocurrencies by market capitalization.
The altcoin has enjoyed an exciting rise to the top, but what are its prospects for the remainder of 2021? In this article, we will discuss the Chainlink price prediction and Market Analysis.
As Chainlink has strong fundamentals, investors believe that LINK Price is bound to pump eventually.
|Market cap||$ 10,418,363,182.0000|
|Circulating Supply||$ 443,009,553.9175|
|Trading Volume||$ 902,791,641.0000|
|All time high||$ 52.7000 May 10, 2021|
|All time low||$ 0.1482 November 29, 2017|
What is Chainlink (LINK)?
Chainlink is unique compared to other blockchain projects. The business model is solely focused on the creation of smart contracts for the outside world. Chainlink hopes to decentralize the Internet to bridge the gap between blockchains and the applications that exist in the real world.
The Chainlink system has a decentralized network of Oracles, so that smart contracts can safely interact with off-chain platforms. Founded in September 2014 by its CEO Sergey Nazarov and CTO Steve Ellis.
Chainlink node operators extract data from off-chain systems and convert it into blockchain compatible formats. They are awarded LINK cryptocurrency – an ERC-20 token based on Ethereum. According to the developers, the price of LINK is closely correlated to the number of node operators.
Since both Oracle and Chainlink work simultaneously for data conversion, the working might sound arduous. But in reality, it involves just 3 steps! Beginning the process, a smart contract requests data when required. The LINK protocol receives the request and generates a Chainlink Service level Agreement.
Meanwhile, the agreement will further generate 3 other contracts. One for reputation, which will check the Oracle and verify it. Secondly, the next contract acts as a bridge between the request contract and the nodes that take the requests.
The translation of off-chain to on-chain data and vice versa is taken care of by the Chainlink Core. The request is first converted to an off-chain form so that the real-time information can read the request and easily fetch the required data via an API. After the accurate information is at the nodes, they are further transcribed to on-chain language and delivered to the nodes! Thus, the Chainlink protocol increases transparency and improves the reliability and accuracy of the data that enters the blockchain!
The LINK token powers the entire process and acts as the network’s fueling agent. That is, Chainlink nodes are paid in LINK tokens for lending their services in fetching the real-time data into the blockchain. But before that, each node must stake LINK tokens in the network promising to offer accurate services.
Chainlink Price Prediction 2021
Chainlink continued to trade at $11.45 during January. Surprisingly, the price spiked to $51.17 to hit a new high on May 2nd. When the market collapsed on May 19, the LINK price wiped down from $36.8 to $21. However, post this point, the price has been gradually surging.
It has drawn a lot of attention and attracted new users to their project. The fundamentals look healthy for many analysts. The altcoin has been proactive in launching its products and developments well within time, growing consistently. Partnering with prominent companies like Google Cloud, the LINK price may soar significantly to blow at $37.008 by the year-end.
On the other hand, considering all market sentiments and news playing hide and seek, major setbacks can arise. If any other unforeseen circumstances or competitor coins give a tough road ahead, the altcoin price might plummet to support levels at $15.988.
However, the regular buying and selling pressures may put LINK at an average range of $25.174 to $30.063.
Chainlink Price Prediction 2022
If the altcoin closes this year hitting the highs, then 2022 might start bullish at $37.114. On the other hand, if a bearish trap engulfs, then the 2022 trade might resume at a similar trend at $16.029.
If the network boosts the reward levels for its nodes, then it might grab new nodes staking their tokens, leading to a pump in the price. In such a case, by the end of 2022, the LINK price might smash a new high of $64.883. However, being a highly transparent protocol, the average price of its token can hit between $31.44 and $40.005 on an average.
On the flipside, possible data manipulation is being debated by many critics. If the network does not work to improvise this, then the price can bounce down to $24.869.
5 Years LINK Price Prediction
In 5 years, with more partnerships, a large treasury of reserve funds, and an in-demand service, it seems that the platform is well-poised to handle any challenges that may crop up in time. With new updates in connections to APIs, the utility token can be on cards with a maximum of $121.07 by the end of the next five years.
On the other hand, if the market crashes due to controversies on conventional cryptos and blockchain, following other currencies, LINK may also dip to $99.731. If smart contracts can seamlessly process over the years, then the altcoin might move at an average of $112.99.
According to trading beasts, the LINK price may trade around $24.081 by the end of 2021 and by the end of 2024, the price may reach $33.223.
It rates Chainlink as a solid investment with expectations of soaring prices for years to come. Digitalcoin expects that Chainlink (LINK) could be trading at $32.48 at the end of 2021.
Wallet Investor’s algorithm-based forecast is highly bullish about the future price of Chainlink. They think the LINK price can go up to $56.834 in one year. Based on the current market situation, they project the rate jumping to $226.161 by the end of 2026.
As per Longforecasts, Link price may trade in between $25.39 to $31.51 by the end of 2021, and by mid-2025, the price may rally and cross $51.00.
Our Chainlink (LINK) Price Predictions
Chainlink has the inherent capability to expand smart contracts, allowing data accessibility for events, transactions, and going in the same trend. Optimism seems to be catching up with the heat on a long-term price forecast for the platform. According to Coinpedia’s formulated prediction, if the network updates in cryptography and starts new partnerships, the LINK price might surge up to $37.00 as the year ends.
On the flip side, many critics have begun questioning the purpose of LINK tokens in the project. If it persists, and other celebrities indicate a supporting statement, the price might get afflicted and plunge to $16.03.
|Year||Potential High||Potential Low|
LINK Price Historic Analysis
LINK was funded with an ICO and managed to raise USD 32 million in September 2017. During its private token sale campaign LINK cost USD 0.09 per token and USD 0.11 during its public sale.
Then in the year 2018, the coin had a nice start doubling from $0.15 to $0.43 per coin. It had several price hikes, which increased the price of the currency to $1.
In June 2019, news broke on Twitter about potential cooperation with Chainlink and Google Cloud. As a result, the price of LINK jumped from $1.19 to $1.93. Later, the coin grew further to $2.24 when it was listed on Coinbase.
By the time LINK appeared on the exchange, it had reached $4.45. By the end of August, the price of ChainLink had again decreased to $1.61.
ChainLink saw a significant price movement in January 2020 and ended in February. During this period, the coin managed to grow from $1.74 to $4.60 in a short time frame.
In March, it crucially fell back to its previous price point of $1.74. In April, it managed to recover, climbing back to $3.
Then on July 7, 2020, the LINK price underwent an impressive surge as China’s national blockchain network, the Blockchain Service Network (BSN) was activated with 135 nodes integrated with Chainlink price oracles.
The news saw the LINK price surge from around $4.87 USD to an all-time high of $5.60 USD, with gains of 15 percent on the day
Chainlink continued an ascending trendline into mid-August, gaining bullish momentum. Into late September 2020, it saw sudden bearish activity before beginning its climb once again into October.
With the continuation of the bearish trend LINK’s price was trading at $11.17 and further plunged to $10.57. Later, the price started to grow steadily to hit $16.08 at the end of November. At the end of 2020, Chainlink was trading at $11.14.
Is Chainlink (LINK) a good investment?
Chainlink might be a good investment if you plan to invest for a long time.Who created Chainlink?
Chainlink was created by Sergey Nazarov.Will Chainlink hit $1000 USD?
For now, though, considering the current Chainlink price of $22.05, it’s unfeasible to expect Chainlink to cross $1,000 USD any time soon.What are Chainlink Oracles?
These are bridges that allow several blockchains to interact with off-chain resources such as market data.Is Chainlink Worth Investing?
Yes, it is worth investing. Chainlink (LINK) is showing tremendous growth and it’s one of the most prominent cryptocurrencies.
Chainlink Whales Now Hold Almost 25% of Supply: Here’s Why It Might Be Concerning
The number of Chainlink whales is on the rise in accordance with the price
Chainlink’s 14% run on the market did not end with price action only. Following the price increase, the number of whale-tier wallets also increased and reached a four-year high, according to Santiment. While the supply is tied more to whale-tier addresses, in the correction period, retail traders and investors may face significant losses due to increased potential selling pressure.
According to the chart provided, we can clearly see a negative correlation between the increasing number of whales and the negative price action that took place from May to July and September.
Previously, Chainlink’s prices stayed at the $52 peak with whale-tier addresses staying at 23.9%. After the sell-off on the cryptocurrency market, LINK lost close to 70% of its value with whale-tier addresses dropping 8% of their total holdings.
With the progressive increase in the number of whales on the market, in periods of correction, the market faces increased selling pressure incoming from the aforementioned wallets. The same might be present on the market whenever a more significant correction hits the market.
According to data from various exchanges, Chainlink is becoming a “victim” of large-volume sell-offs, which lead to a 50% correction inside of one daily candle. Such a trend in the number of whale-tier addresses may raise concerns among investors.
Associated Press (AP) Will Run a Chainlink Node To Guarantee The Reliabitliy Of Its Data
The Associated Press (AP) is running a Chainlink node, providing smart contract developers with on demand verifiable data from a reputable source.
The challenge of getting a reliable source of data has been a perennial problem in the journalism business. Ever since the first information broadcast media was born, the world has had to rely on the integrity of those who provide the data. But that could change now that Chainlink is harnessing the power of decentralization, and the Associated Press (AP), one of the world’s largest news agencies, is beginning to move in that direction.
AP is running a Chainlink node and will begin uploading a significant set of data, leveraging Chainlink’s technology to guarantee the reliability of its information.
Chainlink and AP News: A Partnership That Makes Sense
According to information shared by AP in a press release, the agency will share data related to U.S. race calls, economic facts, sports game outcomes, and business financials. The data will be cryptographically signed to verify its authenticity.
This is not the first time AP has used blockchain technology to ensure the integrity of its data with the world. Already last year, AP collaborated with Everipedia to upload the U.S. presidential election results on Ethereum’s blockchain.
Also, AP issued an NFT in early 2021 and is doing multiple experiments on the application of decentralized technologies in the art scene.
Dwayne Desaulniers, AP director of blockchain and data licensing, said in the Press Release that the technology developed by Chainlink was ideal for AP’s vision of broadcasting reliable data across the world.
“Chainlink technology is the ideal way to provide smart contract developers anywhere in the world with direct, on-demand access to AP’s trusted economic, sports, and race call data. Working with Chainlink allows this information to be compatible with any blockchain. The open-source software is reliable, secure, and widely used across leading blockchain networks.”
William Herkelrath, managing director at Chainlink Labs, also applauded the decision, saying it made sense for AP to launch a Chainlink oracle node, considering its level of influence and the amount of information it provides to the world constantly.
Why Does It Matter?
AP is a news agency that has been in continuous operation since 1846. It is a reliable source of information worldwide with prestige and reach comparable to other agencies of the likes of Reuters, BBC, or EFE.
Chainlink is a global provider of decentralized oracles. Chainlink’s vision is to ensure that information circulating outside the blockchain can be transmitted on-chain via smart contracts, rewarding the veracity of the nodes and sources similar to how the Bitcoin network rewards good miners. Any information can circulate via Chainlink, from price feeds to the results of a soccer game.
My god how the years fly by, from 28 ecosystem participants to now over 870+ integrations (31x growth) with over 90% oracle market share 32 months later
— ChainLinkGod.eth 2.0 (@ChainLinkGod) October 20, 2021
With AP running a Chainlink node, the information it uploads and digitally signs is verifiable by any other participant in the network and can be used to make decisions almost instantly. For example, a betting website could use AP data to guarantee the results of games on which its customers bet, or a political analyst could change election strategies depending on the results of a particular poll.
Chainlink [LINK] gets fresh boost from Associated Press; here’s how
Chainlink announced the launch of a node on its network by Associated Press for delivering real-world data to smart contracts. The famous news outlet will provide high-quality economic data, sports outcomes, and business financials to blockchain projects that use Chainlink.
It’s a very big announcement for Chainlink because of the importance of data that AP can provide to the customers and can be considered as one of the most crucial bridges between the two worlds.
Connecting the Worlds More
Accessing data from off-chain networks is always attractive. When blockchains can interact with other networks in the form of sending and receiving data and processing it, they can claim to provide real-world solutions.
This approach is among the top for connecting the traditional networks to the innovative world of smart contracts and blockchains. Chainlink is one of the best solutions for this connection with the largest decentralized network of oracles.
Many big blockchains in the industry use Chainlink for accessing off-chain data. It’s the reason that a famous news outlet like Associated Press decided to work with this network for providing its data to blockchains.
According to the latest announcement, AP will make its datasets available to blockchains via Chainlin oracles. The datasets include economic, sports, and race calls. The data will be provided and sold to blockchains that need to interact and process for further use-cases.
The off-chain data can be used for various goals in blockchains. For example, smart contracts can be triggered when something happens in real-world data like election race calls.
Another example is when a trade is triggered on a smart contract when a business releases its quarterly report.
Chainlink execs believe that AP can help many blockchains by running a node and providing data. William Herkelrath, managing director at Chainlink Labs, said:
“AP has established itself as one of the most trusted independent news organizations in the world for real-time news in all formats. Given its large and continually growing repository of facts and data, combined with Chainlink’s proven oracle infrastructure for providing reliable data feeds across leading blockchain networks, it makes sense for the AP to launch a Chainlink oracle node and support innovation within emerging smart contract industries.”
The latest announcement from AP is a step they have started for some time. The famous news outlet is among the most active ones in embracing blockchain technology and moving toward its world.
Some of the previous works are collaborating with Everipedia to publish U.S. race calls on Ethereum and issuing the first media NFT in early 2021.