Anyone familiar with cryptocurrencies knows how Chainlink has monopolized its field. Now, it’s back in the spotlight. After an impressive launch with CCIP, Chainlink caused a great deal of excitement among the masses, as it is already unrivaled in the Oracle space. We discussed the details in our recent article about Chainlink.
Chainlink (LINK) Review
In mid-June, the LINK price entered a rare uptrend that coincided with Blackrock’s first Bitcoin ETF application on June 15th. Prior to that, Chainlink’s price had dropped by 38% from its peak of $8.57 in April 2023.
As of July 21st, Chainlink reached its highest level in three months at $8.20 amidst increasing global demand for seamless interoperability between the DeFi and TradFi ecosystems. It’s worth noting that Chainlink already works with popular traditional financial solutions such as Swift, preparing for the “new things” that will become massive in the future, such as “new payment systems” and “tokenization of assets.”
Therefore, as long as CCIP and tokenization of assets remain on the agenda, it is likely that the price will continue to rise.
LINK Coin Price Prediction
On-chain data indicates that whales have been active following recent events. On May 31st, Chainlink had only seen 26 whale transactions. Since then, whales have gradually increased their trading activities, reaching 238 transactions as of the June 20th closing. This represents a significant increase of 815% in whale trading activity.
As seen above, the significant increase in whale transactions over a two-month period for Chainlink indicates several reasons for the uptrend. Firstly, institutional investors are investing in Chainlink in preparation for Bitcoin ETF approvals, triggering demand for information flow between the DeFi and TradFi sectors.
There has also been a notable increase in trading volume. The increased whale activity and trading volume indicate growth in the underlying value of the Chainlink network. This could potentially drive LINK price to new highs in 2023 in the coming weeks.
The factors outlined above indicate that LINK will likely reclaim the $10 milestone. However, bulls face significant resistance at the $9.50 level.