Chainlink Price Prediction: Will LINK Continue to Correct?

History of Chainlink

Chainlink is an open-source, decentralized, permissionless network that securely connects smart contracts with off-chain data and services. Chainlink ecosystem was created in 2017, and the Mainnet was officially launched in 2019. In 2014, Sergey Nazarov and Steve Ellis co-founded ‘SmartContracts,’ which integrates smart contracts with external data, later converted to Chainlink labs.

In April 2021, the Chainlink team published a whitepaper on Chainlink protocol 2.0. According to the team, Chainlink will evolve to contribute to the blockchain ecosystem. Chainlink network stands to enhance reliability, speed, confidentiality, preserving universal connectivity and computation for hybrid smart contracts. Team vision to add high-integrity-blockchain-grade data to systems.

The protocol acts as secure middleware for developing and executing a decentralized Oracle network (DON). Oracle is a third-party service that provides real-world data, and DONs supply smart contracts with trusted data and computation not available on-chain. In addition to that, Chainlink Oracles offer benefits like delivering external data, sending commands to external networks, and executing off-chain codes. Chainlink works with EVM chains, Solana, and Terra blockchains and functions towards a better cross-chain interoperability protocol for bringing a multichain ecosystem.

As of now, more than 1170 projects rely upon the LINK ecosystem, and the network supports more than 700 Oracle networks. Chainlink offers weather data, sports data, price feeds, other market data, and many more real-world data to associated projects and enterprises.

What is Chainlink (LINK)?

Chainlink, a decentralized platform with Oracle networks, allows hybrid smart contracts that integrate the security and transparency of the blockchain, the scalability, and privacy of Oracle computation to deliver state-of-the-art decentralized applications. LINK is an ERC-677 native cryptocurrency token of the Chainlink platform.

It is used to pay for all the Oracle services in the network. LINK inherits functionality from the ERC-20 token. Chainlink tokens have a fixed supply of one billion tokens distributed via initial coin offering, and holders cannot stake Chainlink. It uses Proof-of-Stake consensus for the verification of transactions. Holders pay node operators using LINK tokens.

The ICO price of Chainlink was $0.11, and 370 million tokens were sold. Based on ICO data, 35% of the total supply is devoted to node operators and the incentivization in the ecosystem. Another 35% of the token is distributed in public sale events. The remaining 30% token is reserved for the company and the future expansion of the network.

How Does Chainlink Work?

Chainlink network links smart contracts with external sources of information, and Oracle is the information channel that provides data for smart contracts. The communication process of the Chainlink smart contract with data suppliers is divided into three steps.

1. Oracle selection is how Chainlink drafts a service level agreement (SLA) with desired data requirements. After setting parameters, the user submits SLA and deposits LINK tokens in the Order Matching Contract. Blockchain selects the Oracle network based on the exact parameters requested by the smart contract.
2. In the next step, Oracle connects with exact data sources which match SLA to access real-world data. After collecting data, it will be reverted to smart contracts running in the LINK network.
3. Data collected using Oracle services will be tallied and returned to an aggregation contract in the final step. Oracle reputation system will aggregate, analyze and pass it to the user.

Chainlink network connects smart contracts with other smart contracts, APIs, bank payment systems, and external sources for collecting data. Data providers block a percentage of LINK as a guarantee when they publish an offer for the data.
Chainlink has two main components to collect data, a blockchain and an off-chain to provide reliable and accurate data. If every step of the operation is executed successfully, information providers will receive their payment, and users will receive their required data.

Features of Chainlink

• Chainlink enables blockchain application developers to use Oracle that connects smart contracts with off-chain data like price feeds. Oracle helps DeFi protocol, NFT, and gaming apps to provide new features and scalability.
• Chainlink is the most famous Oracle solution across major smart-contract areas such as DeFi, NFT, blockchain, gaming, and insurance. It is used to expand smart contracts, provide data access, and help secure projects.
• Chainlink can support any blockchain or layer two solutions at its native working conditions and cost. Chainlink is integrated across Ethereum, Avalanche, Solana, BSC, Polygon, Arbitrum, Optimism, Polkadot, and many more blockchains.
• Chainlink is infinitely scalable and fully customizable to include any type of data, computation, and security configuration.
• Chainlink is secure middleware that empowers enterprises and traditional data contributors to participate in on-chain markets. Chainlink can easily connect backend infrastructure to smart contracts on any blockchain and permission control.

Chainlink has five different products that help cryptocurrency projects and blockchain technology companies.

• Market and data feed: Accurate, quality-assured, decentralized data feeds for DeFi, sports and weather.
• VRF: Verifiable tamper-proof random number generator for NFTs and the gaming industry.
• Keepers: Cost-efficient DevOps automation and off-chain computation for enhancing smart contracts development.
• Proof of Reserve: On-chain and off-chain reserves for reliable and timely audits.
• Cross-chain bridging is an open-source standard for secure cross-chain applications and bridges.

Further, the Chainlink market is a resource hub for smart contract developers, node operators, and data givers. The network provides a data visualization tool named ‘Chainlink Oracle reputation’ (COR), by which users can display complete Oracle reports. ‘Fiews’ is a Chainlink tool that provides ‘Ethereum as a Service’ (EaaS) for Chainlink nodes. Users can find the latest news reports and partnership updates in the ecosystem.

Use Cases of Chainlink

Besides the standard Oracle services, Chainlink offers additional services to the crypto and blockchain industry.

DeFi

Chainlink furnishes multiple decentralized services such as data feeds, Proof of reserve, Keepers, Verifiable randomness function, and cross-chain interoperability. Solutions spread across money markets, decentralized exchanges, Stablecoins, options and futures, insurance, and yield farming.

Chainlink fuels the decentralized financial ecosystem with the Chainlink decentralized Oracle network. ODN is secured by node operators running security audited software. The software is validated to operate at scale without downtime and breakdown.

Chainlink collects data from multiple premium authenticated APIs, and it removes all data outliers during aggregation to make a final answer. Prebuilt and reliable decentralized services of Chainlink enable developers to build and test advanced DeFi applications.

The platform provides external information access and computation facility across all leading smart contract-enabled blockchain networks to support multichain development for DeFi application developers.

Enterprise

Chainlink allows Enterprises to connect their existing systems to all major blockchain networks. Any private or public network can connect its network with Chainlink and leverage the advantages of enterprise-grade Oracle infrastructure. Enterprise can operate a critical smart contract structure in the form of Chainlinknode.

It provides hybrid smart contract access to a secure source of real-time data and off-chain computation. Organizations can read and write data in smart contracts using Chainlink tools. Tools and development kits permit enterprises to securely digitize workflows, reduce intermediary overhead, mitigate counterparty risk and ensure consumer protections. Chainlink Oracle enables secure interoperability across the different blockchains.
Additionally, Chainlink acts as a future-proof middleware that permits enterprise backends to integrate support for blockchains. Chainlink node operators can earn revenue by incorporating smart contracts with external resources. Moreover, Chainlink Oracles facilitate parametric insurance products that automate payouts to policyholders. This helps in reducing fraud by insurance providers.

Insurance

Chainlink platform offers blockchain-based insurance products. It helps automate insurance claims quickly by reducing operating costs, making insurance companies provide more excellent coverage to global markets. Chainlink network delivers high-quality data and infrastructure to build new insurance products. This helps large insurance companies to serve their retail clients with all types of insurance offerings.

NFT and Gaming

Chainlink provides secure minting and distribution of NFT. It enables games to randomize in chain parameters ranging from character distribution to map generation to create genuinely unique gameplay for the gaming industry. Chainlink helps gaming platforms conduct fair lucky draws, Defi gamification, and yield farming rewards with random proof of randomness.

Besides, it assists with random rewards and giveaways for event participants. NFT marketplaces and gaming companies will benefit from Chainlinks, fair participant selection in high-demand events, onboarding new DAO members, and tamper-proof governance decisions.

Latest News on Chainlink

The latest news from Chainlink shows the first decentralized NFT museum, Musee Dezentral, integrated Chainlink VRF to mint unique frames. Randomness is necessary to NFT art because it introduces rarity, entropy, and materiality to digital realms; hence Chainlink will help the Chainlink VRF tamper-proof of randomness.

Chainlink also announced its service to Etherisc, an open-source, decentralized insurance protocol, a blockchain-based insurance product-making company. It relies on Chainlink for accurate data collection.

Chainlink Recent Partnerships

Chainlink’s technology is evolving every day, and they have 1200+ partnered projects. Chainlink integrated with 121 new partners in 2022. Partners are divided based on the service. KuCoin global cryptocurrency exchange uses Chainlink price feed to set floating rates for its over-the-counter markets. KuCoin ensured fair market rates with transparency and accuracy after the partnership. Some of the recent partnerships in 2022 include:
GalaxyWar, an NFT gaming market from Galaxy Studio, has partnered with Chainlink VRF for tamper-proof and auditable random number generators, providing appropriate loot boxes for GalaxyWar mystery boxes. Phala Network, a web 3.0 cloud for trustless, secure, and generic computation, initiated a partnership with Chainlink price feeds to speed up ecosystem developments. Price feeds automatically adjust tokenomics parameters and deal with accurate transaction fee calculations.

GAUGECASH combines keepers into the network to decentralize the automation of a novel liquidity pool called GAUGEFIELD. Chainlink will automate and stabilize the GAUGECASH liquidity pool, and it also helps keep GAUF independent without much affecting the fluctuation in the market.

Price History of Chainlink

Past performance data shows that Chainlink cryptocurrency was launched at around $0.169 and traded sideways between $0.16 and $0.475 in 2017. The first spike was noted at $1.37 on Jan 08, 2018. The following upward trend resulted in a price hike towards $3.5 by June 2019 and gave significant returns to holders within a month. The subsequent withdrawal resulted in a price swing between $1 to $5 for more than a year.

In Aug 2020, LINK surged to $19, giving a 4X return to investors within a short time. Chainlink cryptocurrency gave numerous swing opportunities to traders throughout 2020. A noticeable upward momentum started from January 2021, which hit $34 and tested resistance.

LINK had formed higher highs on the daily chart with enormous volume support, excluding slight pullbacks. The surge catapulted LINK to mark its all-time high at $52.88 in May 2021. Every value addition of the project is not reflected in Chainlink’s price.

LINK lost momentum at the highest price and started falling, the typical breakdown after a hike. Sharp fell from $52 to $19 and took support at $19. After taking support at $19, the price further fell to $14 levels. However, it immediately started an up-move, and the price went up to $16 levels.
LINK has formed a triple top pattern on the daily chart and traded sideways in the range of $13 to $35 from July 2021 onwards. Chainlink’s price range is substantial, and LINK faces an emphatic rejection at $35, which has been tested by four swing highs but failed to cross.

Will LINK Price Go Up?

LINK has solid fundamentals and a worldwide presence in business. Analyzing the historical data, LINK is not a token that has given plenty of return within a short term; instead, it has given good swing opportunities for short-term gains.

Is Chainlink a kind of crypto that can be added to retail investor accounts? The Chainlink price is not expected to grow at a high-speed rate. However, whether traders should buy Chainlink depends on their investment goals.

LINK has a strong community and expanding business ground, but it is not reflected in the value of tokens. So LINK is not a highly bullish coin for future investment. Based on current indicators, it will go up but is not expected to support a bullish momentum throughout the journey.

Yearly Chainlink Price Predictions

Technical Analysis of Chainlink

The cryptocurrency market had initiated a bullish momentum after the economic disruption; the Russia-Ukraine war was a primary reason for global market volatility. Total market capitalization had plunged with significant selling volume during the downfall. The severe downfall had made crypto lovers lose a huge part of their invested capital in the market.

LINK is trading at $7.47, with a 24-hour volume of $432,897,140 while writing. The current market capitalization is $3,490,855,156 and ranks 25th in the market. The current price is 85.70% less than the all-time high.

After the high of Nov 10, the price has been continuously falling. From $38, the price gradually fell to $15 in just 25 days. After that, the price started to recover and reached $25 resistance but failed to cross it. The coin has touched the $12.6 support level multiple times and was able to sustain it until a few days back. The price broke its long-time crucial support of $12 and has moved below it. After looking at the global status of the crypto market, the coin may continue the downtrend it started on Apr 04, 2022.

LINK shows a bearish signal on technical analysis charts. Immediate resistance is noticed at $13.4, and if bulls are strong, LINK may be pushed towards crucial resistance of $16 from the immediate resistance. Once the LINK price climbs above $16, it will face major resistance at $21 and $23. Bulls need to kick a potent price action supported by huge volume to leap over the decisive hurdle at $29 before tackling the all-time high.

On the opposite side, the immediate support is placed at $6.25. If the bulls fail to push the price from the previous support range, traders can sell Chainlink below the first support level because it is eyeing the $5 zone after that. Significant support is placed at $3.48, but the price reaching such a low level is not expected anytime soon.

LINK is trading below 20 EMA, 50 EMA, and 200 EMA, showing that the coin does not have much strength. The MACD line is trading below the Signal Line, demonstrating a negative momentum. The Relative Strength Index (RSI) is 31, also indicating bearish momentum.

Currently, the volatility is moderate as per the Bollinger Bands. ADX is at 42, strengthening the bull’s hand. The F&G is at 4, indicating extreme fear in the market amongst investors and traders.

Chainlink technical analysis indicates that investors may hold their coins for at least some time. However, new investors should not buy at this moment and wait for a clear trend indication. High-risk takers can check for an entry above the primary support levels but be aware of strict stop loss.

Chainlink Price Prediction: 2022-2030

Historical data displays LINK has failed to give returns to investors. It lost around 40% last year and 53% within six months. Swing buyers suffered a 24% loss within a week, and investors lost money rapidly. Chainlink price movement is not supported by volume to break the psychological resistance levels of the token.

Experts in the cryptocurrency market have issued different Chainlink price predictions, and most of them are neutral, neither bullish nor bearish, but moving almost in the same range. Let us look at LINK’s future price predictions.

Chainlink Price Prediction 2022

The current price of LINK is $15.13. As per the Chainlink price prediction, the coin may fall to the lowest price of $8 by March 2022. It will be a complex task for the LINK price to find support below $11. The Chainlink prediction indicates that the LINK price may reach $18.097 within the initial half but expects a brutal breakdown to $7 in the third quarter. The coin price may surge to $13 within three months, giving a swing opportunity to short-term holders.

Chainlink Price Prediction 2023

Chainlink price predictions are not giving much hope for 2023. It may open at $14 but is anticipated to slip to $10 within six months. It may trade between the $14 to $9 price range for six months. LINK price may extend to $15 in the third quarter and $19 by year-end.

Chainlink Price Prediction 2024

Chainlink price forecast suggests the price may open at $13, and it may unhurriedly move to $18 in the initial half. The Chainlink price may plunge towards $14 in the third quarter and may rush towards $20 by Dec 2024.

Chainlink Price Prediction 2025

Chainlink prediction indicates coin value may begin at $22, slightly higher than the previous year’s close. LINK is highly volatile and may hurt back to $17 in the third quarter. There may be a tug war between bulls and bears, and bears may win and drag the coin to $19. Chainlink (LINK) foreknows hitting $24 at the year-end.

Chainlink Price Prediction 2026

Chainlink (LINK) price predictions anticipate the value may begin at $21. Bearish Chainlink price predictions suggest price lowering down to $17 in the first half and $15 in the third quarter. Chainlink (LINK) is cautiously volatile towards $18 at the year-end.

Chainlink Price Prediction 2027

Chainlink price prediction anticipates the price may open at $24, slightly higher than the previous year. It may rise to $26 in the first half. Nevertheless, the second half is bearish, and Chainlink (LINK) may fall to $22 but finally rise to $28 before crossing the level.

Chainlink Price Prediction 2028

According to the LINK price prediction, the coin may begin at $30 and may rise to $34 within six months. It may trade between $32 and $34 in the third quarter. Chainlink forecast foresees LINK may rise to $39 in 2028.

Chainlink Price Prediction 2029

Chainlink tokens envisaged beginning at $40. It may rise to $42 within six months. Chainlink cryptocurrency is anticipated to pull back to $37 in the third quarter but may expect to bounce back to $47 before the year-end.

Chainlink Price Prediction 2030

Chainlink price prediction suggests the coin may begin at $48. LINK’s price forms higher highs in each quarter than in previous years. Excluding pullbacks, Chainlink may grow to $49 within six months. Chainlink may be a profitable investment in the long term.

Though it cannot be considered a significant uprise, still better than previous years, LINK may hit $51 in the third quarter and $55 before the closing of the year. Based on the Chainlink prediction, Chainlink is expected to tackle an all-time high in 2030. However, it cannot be considered a really good investment in the long term as it may only give small profits.

FAQs

Is Chainlink a good investment?

Future prices show Chainlink coin is not a profitable investment for the short-term based on our analysis, but a cryptocurrency price may change at any time, and LINK coin’s price may vary from our predictions. Moreover, the crypto market is highly volatile, so own research and proper investment advice are necessary before investment.

How high can Chainlink’s price go in 2022?

The current price of Chainlink is $15.13. Chainlink’s price is expected to catch $18 by 2022, and the coin may give moderate profits in the year 2022.

Where to buy Chainlink?

Chainlink (LINK) is trading on significant cryptocurrency exchanges such as Binance, Okex, Digifinex, KuCoin, Huobi Global, Binance smart chain, and many more. You may use any of these exchange platforms to trade Chainlink.

How to buy Chainlink?

Find out a cryptocurrency exchange where Chainlink token is listed. Register on the exchange and complete KYC procedures associated with the exchange. Connect your wallet or directly deposit funds using net banking, Debit/ Credit card. Search for ‘LINK’ in the search button. Enter the amount or number of LINK tokens required. Tap and push the buy button. Now LINK tokens are added to your wallet.

Will the LINK surpass its current ATH?

Yes, Chainlink tokens may expect to cross an all-time high by 2030. However, there is no universal consensus that the price predictions will move as expected. Thus, investors must conduct their own research before investing in digital currencies.

What will the LINK be worth in 2025?

Chainlink coin may be worth an average price of $24. It can go to a maximum price of $28.

What will Chainlink be worth in 5 years?

Chainlink’s future price shows that it will hit $28 within the next five years.