Chainlink’s coin $LINK traded in the red, falling over 5% on Tuesday despite the cryptocurrency and technology platform launching its new gaming platform. However, the fall in the price can just be read as dampened market conditions and reduced investor sentiment. Despite that, the question now arises if $LINK will see a rise in prices in the coming trading days.
Chainlink Introduces New Gaming Platform
Cryptocurrency and technology platform Chainlink on Tuesday introduced “Chainlink Galaxies”, its new Gaming platform powered by $LINK.
Chainlink has always served as a middleman between blockchain-based smart contracts and outside data sources, such as stock prices or baseball scores. The collateral for the network’s smart contract agreements and the means of payment for Chainlink network operators are provided by LINK Money.
Chainlink is a blockchain abstraction layer, often known as a decentralized oracle network. With the help of its cross-chain interoperability protocol and blockchain technology, Chainlink can safely facilitate computations both on and off the chain. This technology is known as hybrid smart contracts.
Will $LINK Price Go Up In the Future?
$LINK has garnered immense attention from investors lately. However, pressured trading has hurt the coin’s future trajectory, raising questions about the token’s next price rise. Most analysts predict that by July 11, 2024, the price of Chainlink will have increased to approximately $20.96. The Fear & Greed Index for the coin is currently reading 39% (Fear), indicating a bearish attitude based on technical indicators.
According to data from CoinMarketCap, the token is 10.8% up in the past month, seeing most trading days in green.
In a bull market in the future where there is substantial growth in the cryptocurrency market as a whole, Chainlink may see a rise in customer demand and acceptance of its services. Experts in the industry believe that under this scenario, Chainlink’s price may hit all-time highs.
The price of Chainlink might rise to $29.39 if the cryptocurrency market cap reaches $3 trillion and it maintains its present 0.54% dominance. The coin’s levels also might reach an astounding $97.97 in a more optimistic scenario where the cryptocurrency market soars to $10 trillion, potentially yielding a 7x return for investors.
