Chainlink’s price has been on a slow upward trend recently as its role in the blockchain industry grows stronger. The LINK price hit a high of $17.70, which is the highest since February 10 of this year. This price is about 55% above this year’s low, bringing its total market capitalization to more than $8.3 billion.
Chainlink is one of the most useful blockchain projects, even though most people don’t interact with it directly. Instead, most of them use it indirectly, especially when using decentralized finance (DeFi) tools such as Anchor Protocol, AAVE, Compound, Abracadabra, and Frax, among others. This helps keep this industry running smoothly.
Chainlink is the market leader in an industry known as smart oracles. Oracles are projects that help connect external data to on-chain protocols. For example, DeFi projects like Anchor and Uniswap use their oracles to provide accurate prices of other tokens. It can also be used to provide data in other sectors like weather and sports.
According to DeFi Llama, Chainlink has a Total Secured Value (TVS) of around $59 billion. This makes it significantly superior to other oracles like Maker, WINKLink, TWAP and Band. Moreover, this trend is expected to continue as the platform is increasingly adopted. For example, recently, its holder’s product became compatible with Polygonand Binance Smart Chain.
Chainlink Price Prediction
The LINK price has been on an upward trend lately. Along the way, the coin moved to the 38.2% Fibonacci retracement level. It also crossed above the 25 and 50 day moving averages. Moreover, the coin is above the green ascending trendline and the important support level at $15.83. This price was the highest on March 2.
Therefore, Chainlink price will likely maintain an uptrend as bulls target the 50% Fibonacci retracement level at $20. This view will be invalidated if the coin breaks below $15.83.