Chainlink has to be one of the best performing crypto assets in 2020 so far: new use cases and partnerships emerge, new price records are being registered. Among the top cryptocurrencies, it is a fairly new project, so obviously, everyone is curious about its prospects. In this article, ChangeHero team rounded up the opinions from experts on Chainlink price prediction for 2020 and the years to come, and gives our own insight into the future price of LINK tokens.
Chainlink is a decentralized network of oracles. An oracle is a program that can connect off-chain data with on-chain functionality like smart contracts by “translating” said data into a set of smart contracts and verifying it with other oracles.
The Chainlink network is finding a lot of use in DeFi: for instance, it can be used to feed the price data to the decentralized exchanges. Google Cloud is using Chainlink as a tool for developing blockchain applications, and the global financial operating system Hydrogen uses the network to make secure API calls.
The oracle operators in Chainlink are rewarded for their job in LINK tokens. They can serve as a collateral to improve the trust rating of their node, which in turn helps secure more jobs for it.
If you want to know more details about how exactly Chainlink works, we recommend referring to our Beginner’s Guide.
Chainlink testnet and LINK was launched in Q3 of 2017. In an ICO, LINK was sold for about $0.11, and at the same price it entered the market. Initially, LINK price stayed in the range of $0.15–0.45 for the first few months on the market, but in the end of 2017, following the market, it rose to over $1. And just like the market in 2018, it saw first a correction to $0.30, then a short recovery to $0.70, which was followed by a bear market in LINK as well.The closing price for LINK in 2018 was about $0.3.
2019 was the year when the Chainlink’s success truly began with the launch of mainnet. Not long before the mainnet went live, Google Cloud announced they will start developing hybrid blockchain-cloud solutions using Chainlink. In the graph above it is clear that soon after the mainnet launch on June 1st, in mid-2019 the rally began. Soon after the announcement, the price pumped to little short of $4. However, from July through August, the LINK that belonged to Smart Contract Limited (parent company of Chainlink) entered the market and drove the price down to below $2. Even though the year closed with the LINK price at $1.80, it ended up being one of the best performing assets in 2019.
Early in 2020, it rallied to over $4, beating the previous all-time high, but dropped back to the level of $1.27 on the day of the market-wide crash. The tempo of the token’s recovery is nothing but impressive, though: by the end of June it already beat the previous price record, and on July, 16 reached the current ATH — $8.80. It was mostly caused by the launch of the Chinese national blockchain network, which has Chainlink price oracles integrated.
Today, at the moment of writing the article, the LINK price is $8.45. There are currently 350,000,000 LINK on the market, and the market capitalization is equal to $2,957,024,813. In the CoinMarketCap rating it ranks 11th.
For Chainlink, the most value comes from the partners who use their product. The list expands almost on a daily basis, and the most recent additions include GET Protocol, KardiaChain, NEXO and KyberSwap. This is not to mention the existing collaborations with the large players such as Google, SWIFT or Intel.
Growing interest in DeFi
Decentralized finance as a whole lately is becoming increasingly developed and explored by all kinds of enterprises, both in the blockchain industry and more conventional businesses. And since the most utility of Chainlink comes from on-chain and off-chain communication, there are a plethora of use cases for Chainlink in DeFi. For this purpose, Chainlink is being integrated into such projects as Bancor v2, Celsius Network and Synthetix.
The Chainlink network is also seeing a considerable amount of recognition for its utility even from the government and financial institutions. Like it was mentioned in the previous paragraph, it is integrated in the Chinese national Blockchain Service Network which launched a couple of weeks ago and drove the Chainlink price through the roof. Partnerships and working use cases like this certainly increase the credibility and value of the project and, as a result, attract the interest of investors to the token as well.
Twitter on LINK Price
Independent expert group Weiss Crypto Ratings give a positive forecast for the future of Chainlink and LINK. They state the same reasons: advanced technology and DeFi.
Trader @Chainlinkjunkie follows up their price analysis of LINK with the more recent data: seems like they were right about LINK retracing but not as low as they expected. Moreover, a strong response makes them sure the movement in the short term will be bullish.
@TraderLenny comes to the same conclusion and also provides their opinion with the chart, where the breakout pattern is clearly seen. The price is already leaving this range, as they are showing. A new ATH for Chainlink price imminent?
Brave New Coin LINK price prediction: long-term bullish trend
Josh Olszewicz of Brave New Coin gives a very affirmative assessment of LINK in 2020. It shows very strong characteristics not only in search trends, developer activity and tokenomics but also in technicals. LINK/BTC and LINK/ETH hold above the 200-day exponential moving average (EMA, the trend line which averages the price for the previous 200 days but weighs in on the most recent data) and daily Ichimoku Cloud (technical indicator determined by the difference between price averages for different time frames) but do not enter the oversold area. This hints at a continuation of the present trend. At the same time, he warns that there is a possibility that the tokens Smart Contract Ltd holds may again be sold, as was the case in July through August 2019.
AMB Crypto LINK Price Prediction: resistance at $8.8
Jude Lopez of AMB Crypto in his price analysis from a few days ago hinted at the possibility of encountering resistance at the level of $8.8. At press time, this threshold is being tested. The technicals, such as moving averages convergence divergence (MACD, indicator that is showing the relationship between EMAs for different time frames) line and signal line (9-day EMA of MACD) going through a bearish crossover or relative strength indicator (RSI) cooling down suggest that LINK’s price might also slow down for a while.
PricePrediction.info LINK price forecast: $33.80
The info aggregation site PricePrediction.info at the moment of writing estimates the gains that LINK can see until the end of 2020 to be +300%. With the current price at $8.45, it means that it can come up to $33.80 in December. The growth estimate is given with the current fundamental tokenomics of LINK in mind.
There are a couple of predictions made by known community members for the incoming bull run. Such events usually unfold over the course of a year or more, so these predictions are made for the long term but not as long as five years.
Simon Dedic LINK Price Prediction: $200
In his Twitter, Simon Dedic, crypto analyst and co-founder of Blockfyre, wrote:
“In 2017, you could have bought literally any alt and it was a good investment. Imo this won’t happen again. However, I still believe that the bull run will return, pumping the few solid alts out there.”
Among the altcoins that Dedic thought will shoot up is LINK, and the estimate he gives to it is $200.
BitBoy Crypto LINK price prediction: $2,700
YouTuber BitBoy Crypto in his most recent video on Chainlink says that he amended his prediction up to $2,700 but on a few conditions. Firstly, Bitcoin has to be worth about $225 thousand dollars. Secondly, this price can happen if all coins rally, Bitcoin dominance drops to 30% and Ethereum is at 8% dominance, and LINK is at the third position with ~5% dominance. That would mean that the crypto market has to gain $18 trillion capitalization, and if 5% of it will be parked in LINK, with the current circulating supply of 350 million LINK, the price of a single token would be $2,700.
Of course, for this to happen, too many factors have to align. However, if we take that as an illustration of the potential of what LINK can achieve, then why not?
The Techly LINK Price Prediction: $16.493
Using the historical indices and technical analysis, The Techly media outlet predicts that in 5 years from now, a single LINK will be worth $16.493, and the revenue from a 5-year investment is estimated to be +309.35%.
DigitalCoinPrice LINK Price Prediction: up to $41.19
According to this prediction, LINK hodlers are in for a year of harsh volatility. The highest Chainlink price average will be seen in March: $41.19, and the lowest average in December will be slightly higher than the current level — $10.15 in December. The good news is that according to the same source, earlier and later years will not be as unstable, so as a long-term investment LINK is still solid.
Crypto-Rating LINK Price Prediction: $312.63
A very bullish forecast for Chainlink is given by the Crypto-Rating portal. Over the course of five years, the token’s price on average will grow and increase by +3,586.63%, coming up to $312.63. While this return looks too promising to be true, mind that LINK’s ROI is already 5 294,67%. Anything is possible in the world of crypto!
A website Cryptocurrencypriceprediction.com gives the estimated range of $111.1621–$126.9465 for LINK price throughout the year 2030. At the same time, they claim it is more probable that it can reach $50 but the price history gives an even modest estimate of $30.
ChangeHero price prediction
Chainlink can truly be called one of the most promising projects in terms of connecting the crypto world with the real world — literally and figuratively. The experts’ analyses confirm that with more partners joining the ecosystem, the value of the network will maintain the bullish momentum in the short term and grow organically in the long term. It is very likely, in our opinion, that a new all-time high will be reached this year.
You can get LINK tokens on ChangeHero at the best rates and with no registration — feel free to join the ranks of LINK marines!
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This article does not constitute financial or investing advice. No price prediction or forecast is guaranteed to provide exact information on the future price. Past performance is not indicative of future results.
When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investitions in cryptocurrencies only after careful consideration and analysis and at your own risk.