As the cryptocurrency continues to decline, Chainlink (LINK) is another undervalued gem that has caught the attention of a growing number of long-term investors. Leading the oracle sector of the altcoin market, this off-chain data provider has the potential to shock investors and the world, once again.
While the direction of the crypto market is notoriously difficult to foresee, there remains no shortage of predictions concerning Chainlink’s future. And with incredible altcoin gains being realized nearly everyday, investors are asking one increasingly important question: How high can Chainlink go?
What is Chainlink?
Utilizing decentralized Oracle networks, Chainlink is among the 1st crypto projects to integrate off-chain data into smart contract platforms. Allowing blockchains to interact with external data feeds, Chainlink is technically an abstraction layer enabling universally connected smart contracts.
Founded in 2017, Chainlink is driven by a large open source community focused on decentralized participation. With a fantastic array of contributors and partners, Chainlink has become a trusted leader in the data processing field.
Chainlink Market Position
Chainlink is the 24th largest cryptocurrency by market cap. But at the current rate the token is rising, its ranking may change in the near term.
With a circulating supply of 452 million tokens and a current price of $30.15, Chainlink’s market cap is $3.5 billion at the time of writing. While it may take some time to reach the token’s all-time high of $52.88 reached May 10, 2021, the potential remains for terrific gains in both the near and long term.
Competing for market share with altcoins like Band Protocol (BAND), Chainlink’s future is all but certain. Nevertheless, for its growing community of supporters, the token represents a solid investment opportunity.
Elliot Laybourne’s Bull Case for Chainlink
Elliot Laybourne is a hedge fund and investment bank trading specialist. And as a contributor for InvestingCube, Laybourne recently authored a bullish prediction for Chainlink’s immediate future.
In his detailed report, Laybourne outlines a path for a brand new all-time high — and he believes it could happen sooner than later. Assuming that bitcoin goes into a new bull run, Laybourne predicts a near-term spike to $45. And should resistance here also be broken, Chainlink may be on its way to record prices.
The Economy Forecast Agency’s Bear Case for Chainlink
The Economy Forecast Agency (EFA) specializes in long-range financial market forecasts. And while the analysts behind the agency’s Chainlink predictions see solid growth in the near term, their expectations are somewhat muted when compared to other prognosticators in the space.
Seeing a 16% drop during the 1st month of 2022, the EFA predicts that traders selling Chainlink in anticipation of further decline could potentially exacerbate the fall, spiraling the price of the coin deeper into bearish territory throughout the rest of 2022.
Where to Buy Chainlink
As a top tier altcoin with a massive following, Chainlink is found on exchanges throughout the world. For U.S consumers, try Coinbase, eToro, Voyager and Crypto.com. While each of these platforms comes with its own unique feature set, a shared characteristic between them is industry leading security.
Another reason savvy investors choose from the reputable exchanges listed above is for their fantastic altcoin selections. Choosing between platforms with a large selection of leading cryptocurrencies can save you from signing up for multiple exchanges later.
- securely through Coinbase's websiteBest For:Coinbase Learn
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
- securely through eToro's websiteBest For:Demo Accounts
Don’t invest unless you’re prepare to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins and learn more. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
How Long Will it Take for Chainlink to Reach $100?
Chainlink reached its all-time high of $52.88 in May. And if you’ve seen the content coming from the token’s fervent online supporters, you may have come across a few predictions asserting Chainlink could reach $100 in the not too distant future.
Of course, a $100 coin would skyrocket Chainlink’s market cap above $45 billion. Keep in mind that such a dramatic increase would place Chainlink in direct competition with Solana (SOL) as the 9th largest cryptocurrency in the market. When considering Chainlink’s market cap, It may be more reasonable to lower our expectations going forward.
Where to Store Chainlink Safely
Whether you purchase Chainlink through a decentralized exchange (DEX) or traditional trading platform, you will need to move your assets into a private wallet to take full ownership. Choosing a secure and reputable wallet is vital to properly securing your cryptocurrency.
Wallets come in both hardware and software varieties. Hardware wallets offer the best protection. Physically storing your private keys, hardware wallets separate your assets from easily hacked devices like your smartphone.
Software wallets, on the other hand, allow users to interact directly with Web3-enabled websites. With a software wallet connected to the internet, you can purchase goods and services with your crypto and swap tokens on your favorite DEX.
Best hardware wallet: Ledger
An industry standard, Ledger represents the smartest way to secure, buy, exchange and grow your crypto portfolio. With over 3 million devices sold, the Ledger hardware wallet is by far the most popular on the market because it works so well.
Investors are able to actively manage their crypto holdings through Ledger Live. Ledger Live contains a suite of features available for buying, selling, swapping tokens and staking for interest.
Best software wallet: ZenGo
Created with simplicity in mind, ZenGo is another great choice for storing Chainlink. Using facial biometrics to secure your assets, ZenGo has evolved past the use of private keys. ZenGo’s revolutionary software wallet is available as a mobile download for Android and iPhone devices.
Chainlink is now partnering with ACTIV Financial to bring traditional market data to integrated DeFi platforms. Showcasing another use case for leading smart contract platforms, Chainlink continues to prove its necessity in the cryptocurrency market.
Current Crypto Prices
The total coin market cap is sitting just over $1.2 trillion at the time of writing. After experiencing substantial growth during this summer, cryptocurrency has cooled off tremendously as of June 2022.
Bitcoin dominance stands at 42.5% and is trending upward despite recent price declines. Whether the world’s 1st and largest cryptocurrency can break through current resistance is yet to be seen.
So, Is Chainlink a Good Investment?
Chainlink (LINK) and the technology this company brings to the table represent a solid long-term investment opportunity. And for speculators, the potential for fantastic gains in the near-term still exists with this altcoin gem.
However, with strong competitors like Band Protocol (BAND) making inroads in the space, the long-term future of Chainlink remains somewhat unclear. And with the crypto market rapidly evolving new technologies, the future need for Chainlink’s blockchain solution is by no means guaranteed.
The decision to invest in the cryptocurrency market will ultimately depend on your own level of comfortability with the associated risks. For experienced investors, Chainlink remains a favored altcoin to augment a well-rounded portfolio.
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