The Chainlink price has defied odds in the past few weeks. While most cryptocurrencies like Bitcoin, Ethereum, and Solana have slumped, LINK has jumped to the highest level since November 25th. It has jumped by over 75% from its lowest level in December last year.
Chainlink ecosystem growth
Chainlink is a blockchain project that is different from most high-flying platforms like Solana and Polygon. The network does not seek to compete with these Layer 1 and Layer 2 smart contract projects.
Instead, it provides smart oracles that help projects built in these smart contract platforms incorporate off-chain data in their networks. For example, a decentralized exchange (DEX) can use Chainlink’s price feeds to provide accurate data on key cryptocurrencies.
It has more uses than that. For example, if a blockchain project wants to use off-chain data like weather, they can turn to Chainlink for this role.
Chainlink also launched Keepers in 2021, a platform that has become popular among developers. It is a platform that helps smart contracts trigger or initiate their functions at arbitrary times or under arbitrary conditions. Keepers is now available in platforms like Ethereum, Polygon, and Binance Smart Chain (BSC).
Today, many blockchain platforms are building using Chainlink. For example, Accuweather, a company that provides weather forecasts uses Chainlink to provide its off-chain data to other blockchains. KuCoin, the giant blockchain platform is using Chainlink to power its over-the-counter (OTC) business. Other companies using Chainlink are Harmony and MinecryptoMC.
Since Chainlink does not compete with any other blockchain platform, there is a possibility that the LINK price will keep rising over the years. This is because its usage will continue rising as the industry does well.
Chainlink price prediction
The four-hour chart shows that the Chainlink price has been in a strong bullish trend in the past few weeks. Along the way, the coin has formed an ascending channel that is shown in blue. The current price is between this channel.
At the same time, the LINK price has moved above the 25-day and 50-day moving averages. It has also jumped above the 50% Fibonacci Retracement level.
Therefore, the coin will likely keep rising as bulls target the key resistance level at $30, which is along the 61.8% Fibonacci retracement level. A drop below the key support at $25 will invalidate this view.
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