Chainlink grinds into gearThe decentralized oracle network Chainlink is bouncing out of the long weekend all amped up for the week ahead, jumping just under 10% after seeing a bounce of just under 5% over the weekend.
Crypto bulls have got their eye on Chainlink, plugging it as a buy after seeing it gain strong ground recently. The crypto has been climbing for the past few weeks, gaining 20% from June 22 up to Tuesday’s close of $20.80.
Chainlink is a decentralized oracle network based on collectively developed open source technology first created in 2014 by crypto company SmartContract – though it didn’t actually launch until June 2017, and co-founders Steve Ellis and Sergey Nazarov didn’t publish Chainlink's white paper until September that year.
A blockchain-based crypto network providing a link between smart contracts and real world data, it offers a tradable token called LINK. The token debuted on Binance on September 28, 2017 at $0.16, and peaked at around $52 on May 9 2021, just before Elon took down most of the crypto market with a single tweet.
It looks like LINK is bouncing back though. Chainlink has been consolidating above the low range since June 22, and FXstreet analysts suggest that investors can expect volatile upwards movement as the price tightens, crashing through any resistance barriers it comes across.
Increased adoption has set the stage for a bull run, and Chainlink could be heading for a 51% upswing, so get ready.