- Chainlink bullish run could lead to it selling at an all-time high
- The oracle has also recorded loads of development and partnership in recent times.
Chainlink, since selling at an all-time high of $20, has reached a market cap that is very close to $7 billion. Many analysts have deduced that the LINK is very bullish presently, and it would continue to be so in the short and long run.
Presently, according to the market capitalization rate, Coinmarketcap ranks Chainlink as number 6.
As of October 22, Link’s price had broken out of the day’s chart’s triangular pattern. By precedence, it showed that this could continue.
Usually, when a breakout like this type happens, there would always be a re-test of the resistance level, which in this situation was at $11.31.
LINK is headed towards maintaining its current trading of above its support level of $11.31. It is currently being traded for $11.76, which coincidentally meets the 100-SMA of the daily chart.
Considering the level of momentum LINK has gathered lately and the little to no resistance it is currently facing, the crypto asset could just be able to sell for another record-breaking price. This becomes plausible if its current bullish trend continues.
Compared to other projects of the same use, the level of Chainlink adoption has exponentially grown lately.
A Twitter user had tweeted how Chainlink’s development and adoption rate has left every other oracle in its wake. He noted that only LINK has been able to sustain any form of hype and usage after the “new oracle” hype busted. He noted that investors have found the oracle useful because of its adaptability to real-world delivery.
The oracle has also garnered loads of partnerships this year with notable institutions like Google Cloud, Binance, IOST, Matic Network, etc. partnering with the oracle.
Not only that, a recent hack of Harvest Finance has also made Chainlink price feed invaluable. The recent attack on Harvest wouldn’t have been possible if the price feed was in place.