Chainlink Price Prediction

The price of LINK today is $10.81, changing within the past 24 hours for -2.48% and -12.01% over the week. LINK’s price action is characterized by the Bearish sentiment.

The current volatility index for LINK is measured at 5.65%. LINK’s circulating supply is 708.1M. In the big picture, the highest price LINK has reached is $52.8916 and its lowest observed price was $0.1263.

LINK Sentiment

Which way the market swings today? Overall, technical indicators show that currently, the sentiment in the LINK markets is Bearish. The Fear and Greed Index for LINK today is in the 16 (Extreme Fear) zone.

What is Chainlink and LINK?

Chainlink is a decentralized network of oracles — programs that can connect off-chain data with on-chain functionality like smart contracts. An oracle does it by “translating” this external 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 feed the price data to the decentralized exchanges. Google Cloud is using Chainlink as a tool for developing blockchain applications.

The oracle node operators in Chainlink are rewarded for verifying data in LINK tokens. They can serve as collateral to improve the trust rating of their node, which means more jobs for it.

If you want to know more details about how exactly Chainlink works, we recommend referring to our Beginner’s Guide to Chainlink.

What can influence the Chainlink price?

Partnerships

For Chainlink, the most value comes from the partners and data providers who use their product. Existing collaborations include large players such as Google, SWIFT, and Intel.

The focus of the team today is on integrating other blockchains into the network. With the advent of CCIP, the mission took on a new turn. The most recent additions to the roster include Ronin and Scroll, both already successful crypto projects on their own.

Decentralized Finance and Real-World Assets

Since Chainlink’s utility comes from on- and off-chain communication, there are a plethora of use cases for Chainlink in decentralized finance (DeFi). For this purpose, Chainlink is being integrated into such projects as Bancor, Base, and Synthetix.

In 2021, Chainlink expanded its Verifiable Randomness Function to dApps on BNB Smart Chain and Polygon. Expanding beyond Ethereum’s layer one to layer two solutions and other blockchains has presented a unique opportunity for the project. Since then, Chainlink has cemented itself as the go-to decentralized oracle network solution for data provision on blockchain.

Chainlink’s products have also proven to be in demand with entities looking into real-world asset tokenization. Its oracle network capabilities are integrated by ANZ Bank and Taurus to explore blockchain as it pertains to commercial papers and other financial instruments.

Institutional Adoption

The Chainlink network is also seeing a considerable amount of recognition for its utility even from the government and financial institutions.

As it was mentioned, it is integrated into the Chinese National Blockchain Service Network. Another partnership of the same scale of significance for blockchain networks that we mentioned is the net asset value (NAV) tracking project with Fidelity International and a crypto bank Sygnum.

Grayscale, which issues Bitcoin and Ether ETFs, is offering LINK exposure with its trust. A LINK ETF is a far cry from now but it is not entirely out of possibility.

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.