Wednesday

Steve

Chainlink

Chainlink, a decentralized blockchain oracle network built on Ethereum, has started to make headlines as the <a href="https://coingape.com/glossary/cryptocurrency/">cryptocurrency</a> has recently seen an impressive rise in its value along with healthy technicals.&nbsp; 
As a result, Chainlink, which aims to facilitate tamper-proof data transfer from off-chain sources to on-chain smart contracts, saw its native cryptocurrency LINK surge by more than 35% in the past 30 days.&nbsp; 
But investors are hoping that LINK, which has an all-time high of $52.88, at least cross the $50 mark once again. Currently, the LINK crypto coin is trading at around $11 apiece.&nbsp; 
<h2 id="b-chainlink-overview-b">Chainlink Overview</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis, with the <a href="https://coingape.com/glossary/smart-contract/">smart contract</a> network formally launched in 2019.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">The network acts as a bridge between blockchain and off-chain environments.&nbsp;&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Chainlink’s coin LINK is an Ethereum token. The maximum supply of LINK tokens is 1,000,000,000.&nbsp;</li> 
</ul> 
<h3 id="b-chainlink-historical-data-b">Chainlink Historical Data&nbsp;</h3> 
In 2017, at the time of Chainlik’s launch, crypto markets were stagnant. At the time of its initial coin offering (ICO), <a href="https://coingape.com/price/chainlink/">Chainlink&nbsp; price</a> was $0.11. A total of 350 million LINK tokens were sold at the time of its ICO.&nbsp; 
In the following years, the coin witnessed a consistent rise in its price. It recorded its all-time high of $52.88 on 9 May 2021, on the back of an impressive rally in the overall cryptocurrency space. But soon, it went downhill like other cryptocurrencies.&nbsp;Chainlink now appears to be making a slow and steady recovery. The coin has already crossed the $10 mark and was trading very close to the $12 mark, showing marginally bullish sentiment.&nbsp; 
&nbsp; 
<h3 id="b-chainlink-technical-analysis-b">Chainlink Technical Analysis&nbsp;</h3> 
<img decoding="async" src="https://coingape.com/wp-content/uploads/2023/11/LINK.png"> 
Chainlink has been performing consistently well in the past 30 days, barring a few time frames. In October, it recorded a growth of over 43%. It was clearly one of the best-performing coins last month.&nbsp; 
Further, on Tuesday (31 October), Chainlink appeared to have come out of an ascending triangle pattern on the hourly chart, as pointed out by crypto market analyst Ali Martinez in his tweet.&nbsp; 
Martinez said that the bullish formation created on Tuesday could help LINK gain further bullish sentiments. He also predicted a 14% price breakout for Coinlink, adding that this could take the coin towards $13, which would clearly be the record high for the token this calendar year.&nbsp;However, Wednesday came in as an anti-climax as the coin recorded a fall of close to 5%. But in the early morning hours, the coin against started climbing upwards, with a 24-hour loss down to 2.75%.&nbsp; 
<h3 id="b-chainlink-trends-b">Chainlink Trends&nbsp;</h3> 
<img decoding="async" src="https://coingape.com/wp-content/uploads/2023/11/Chainlink-Trends-.png"> 
LINK, which has a circulating supply at present is $556.8 million and has a fully diluted market cap of $10.8 billion, is showing a bullish trend across the board. Even Google Trends suggest that more users are showing interest in Chainlink, which could give a further push to the coin.&nbsp; 
<h2 id="b-will-chainlink-reach-50-b">Will Chainlink Reach $50?&nbsp;</h2> 
Chainlink is currently hovering around the $11 mark. For it to reach $50, it will need to grow close to 5X. Considering the current market conditions, it could take a few years if the coin continues to move in the upward direction. However, at present, it appears to be a distant future. What will happen next? Only time could tell.&nbsp; 
<h2 id="b-conclusion-b">Conclusion</h2> 
Chainlink has clearly started to make its recovery. There is massive room for growth in the coming times as the token is down nearly 78% from its all-time high. Coupled with Chainlink’s continuous efforts to form key partnerships and improvements in the tech stack, the coin could see a massive upside in the coming times.&nbsp; 
<h3 id="b-faqs-b">FAQs</h3> 
What is Chainlink?&nbsp; 
<blockquote>
 Chainlink is a decentralized blockchain oracle network which is used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.&nbsp;
</blockquote> 
&nbsp; 
What is the Chainlink Network?&nbsp; 
<blockquote>
 The Chainlink Network is a decentralized oracle network that connects blockchain smart contracts with real-world data. It uses multiple independent oracles to securely provide external information.&nbsp;
</blockquote> 
&nbsp; 
Which are Chainlink’s competitors?&nbsp; 
<blockquote>
 A few of Chainlink’s competitors include Ethereum, CoinRabbit, Corda, and BlockFi.
</blockquote> 
&nbsp; 
What are the predictions for Chainlink’s future price movements? 
<blockquote>
 Chainlink is likely to increase by 14% in the near future as it came out of an ascending triangle pattern on the hourly chart on 31 October.&nbsp;
</blockquote> 
The post <a rel="nofollow" href="https://coingape.com/is-chainlink-a-good-investment/">Is Chainlink a good investment in 2023? What does the data say?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Is Chainlink a good investment in 2023? What does the data say?

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