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Solana ecosystem’s new meme coin has brought hundreds of times profit to many investors today. These examples might be negatively affecting crypto investors’ long-term goals and curiosity about technology. However, the possibility of genuinely beneficial projects surviving for years and reaching significant market values is still enticing. So what about Chainlink?
Chainlink (LINK) Prospects
DeFi protocols almost entirely rely on Chainlink for price feeds. With last year’s surge in RWA enthusiasm, Chainlink took it a step further by serving corporations with CCIP. The motivation from the Swift partnership is well known to us all.
CCIP generated approximately $61,728 in revenue in the first month of this year. Although we are only in the first half of March, CCIP fee income has climbed to $174,000. Dune Analytics announced that the protocol’s total revenue since its launch in July 2023 is $380,818.
This rapid growth and potential in the RWA sector also support the long-term positive outlook for Chainlink. The Ethereum layer-2 protocol Arbitrum contributes the most to transaction fees. 28% of the revenue comes from here, and for CCIP, this is just the beginning.
At the core of CCIP is the facilitation of secure data access for smart contracts, connecting off-chain and blockchain through a decentralized Oracle network. This capability could greatly benefit traditional financial institutions looking to tokenize real-world assets.
LINK Coin Price
On March 11th, LINK Coin reached a two-year high of $22.86 but has not yet approached the ATH region despite significant technological advancements during the bear market. Currently, LINK is preparing to test the $18.26 region targeted by the inverse head and shoulders pattern on the weekly chart.
If the price can stay above this support, it may continue to rise slowly towards the highest level of $53 from May 2021. Moreover, during the ATH period, there was no LINK Coin stake pool, and the token’s contribution to network security and operation was almost nil. The CCIP product and Swift partnership also occurred after the ATH. Considering all these factors, it could be possible for the price to surpass $53 at the peak of a bull market.
