In the last twenty-four hours, the price of Chainlink has decreased by 1.5%, falling to $19.01 on a day when the cryptocurrency market as a whole has achieved a very minor gain of 0.3%.
However, LINK has been doing very well as of late, with the alternative cryptocurrency recording a gain of 26% in a week and a gain of 41% in a month.
Additionally, it has increased by 172% over the course of the last year, highlighting the fact that Chainlink has had a very successful year. Chainlink had seen significant growth as a decentralized data network that serviced numerous blockchains.
As a result of the fact that several experts anticipate a bull market before the end of this year, the price of Chainlink may really see significant increases in the not too distant future.
Price Prediction for Chainlink as the Rally Continues to Reach a 22-Month High — Is LINK Capable of Reaching $100?
LINK's chart continues to appear highly bullish, with its indicators still signaling lots of momentum, despite the fact that the price has dropped to its lowest point today.
Although its current price has skyrocketed past both averages, its 30-day moving average (yellow) is still climbing significantly over its 200-day average (blue), which is still soaring above its current price.
Given that it continues to be at the 70 level, this shows that there is a significant amount of purchasing pressure. Additionally, the relative strength index (purple) for LINK also indicates that there is a strong degree of demand.
It is also reassuring to note that the trading volume of LINK continues to be more than one billion dollars, which indicates that investors continue to have a significant amount of interest in the token.
In point of fact, we continue to see significant transfers flowing to and from exchanges, despite the fact that some whales appear to be selling in order to take advantage of the present price of LINK.
LINK looks to be in the midst of a strong expansionary period, so it is probable that more gains will be forthcoming. This is despite the fact that some profit-taking has occurred.
Chainlink is presently garnering increased use as an oracle network, supplying data to and joining other chains. This is indicative of the fact that a significant portion of its power is derived from its principles.
By way of illustration, it entered into a partnership with Circle a month ago, and the two entities are now working on cross-chain USDC transactions.
Furthermore, in October, Chainlink formed a partnership with Vodafone, therefore showcasing the potential uses of blockchain technology in international commerce.
These kinds of advancements highlight the fact that Chainlink is likely one of the most fundamentally powerful platforms in the cryptocurrency industry.
Consequently, they indicate that the price of Chainlink will continue to progressively increase over the course of time, with LINK perhaps being on track to hit $50 by the end of the year.
