Chainlink’s price at the same time last week was $14.39. It has moved by 3.05 % in the past week and is currently at $14.99. Infact, in the past 24 hours, LINK has pumped by 4.21 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and LINK could hit $11.43 in 2024.
The total circulating supply of Chainlink as of writing this article was $556849971.23 and the marketcap of LINK remains at $8,323,467,465
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
Chainlink (LINK): An overview
Chainlink (LINK) is a decentralized open-source network of oracles designed to provide off-chain data to on-chain smart contracts. The platform serves as a bridge between smart contracts and real-world data sources, enabling smooth communication between them.
By allowing non-blockchain enterprises to securely connect with blockchain platforms, it considerably improves the capabilities of smart contracts while maintaining the security and dependability guarantees of blockchain technology.
Built on the Ethereum (ETH) blockchain, the network is designed to work across any blockchain that has smart contract functionality. Chainlink is powered by an ERC677 token—LINK. The token has a maximum supply of 1 billion, out of which 556.84 million are already in circulation. LINK serves two important purposes:
- Incentivization: It is used to incentivize node operators or oracles for providing reliable and accurate off-chain data.
- Staking: Node operators stake the token to participate in the network and earn more LINK.
Chainlink is a Layer 2 blockchain that uses a Proof of Stake (POS) consensus algorithm. The selection of node validators depends on the amount of staked tokens. Although it started on Ethereum, its oracle services are also available on other blockchains, such as Bitcoin (BTC), Polkadot (DOT), and Binance Smart Chain.
Chainlink has been used in various sectors across multiple industries, including finance, gaming, and traditional systems. Here are some of its notable use cases:
Decentralized finance (DeFi)
Chainlink has emerged as a key player in the DeFi ecosystem, providing trustworthy price feeds to a number of decentralized exchanges, lending protocols, and other financial applications. DeFi applications use Chainlink to price assets, access interest rates, confirm collateralization, etc. Aave, one of the top DeFi lending protocols, uses Chainlink's oracles to receive reliable pricing data for its collateral assets.
The network has also been applied in game development, giving programmers a mechanism to build blockchain-based games that draw on actual events. A source of randomness is one of the fundamental components of many blockchain games, used to create arbitrary in-game events and select prize winners.
Chainlink’s On-Chain Verifiable Randomness (VRF) solution generates randomness and delivers it to smart contracts in a way that allows users to verify its impartiality and fairness, ensuring that neither players, game developers, nor outside parties can tamper with or manipulate the randomness to their advantage.
Chainlink has been utilized in the insurance sector to provide insurers with a means to leverage smart contracts for automating the claims process. It is currently being used to provide weather data to the Arbol crop insurance market.
With just an internet connection, farmers worldwide can now obtain parametric crop insurance that is settled fairly and promptly based on temperature, rainfall, or other policy-specific evaluators.
Another important use case for Chainlink is enabling traditional systems like data providers, Internet of Things (IoT) networks, websites, and businesses to make their data and services accessible to any blockchain network. Oracles serve as an integration gateway for connecting existing digital and data infrastructure to any or all blockchain networks.
Chainlink has also been used to fairly distribute non-fungible tokens (NFTs), gamify personal savings, and facilitate adjusting the supply of cryptocurrency tokens, among other applications.
How does Chainlink function?
Chainlink is essentially a network of nodes called oracles that retrieve and validate data from off-chain sources and feed it into smart contracts. Also known as the “middleware,” these nodes act as intermediaries converting information from the outside world to smart contracts on the blockchain and back again. They enable the execution of smart contracts using inputs and outputs coming from the blockchain.
These oracles are incentivized to provide accurate data in the form of LINK tokens. The more data an oracle provides and the more accurate it is, the more LINK it earns. Node operators are also required to stake a certain quantity of their LINK tokens. Based on demand for the off-chain resource they offer, node owners choose their own fees.
Chainlink leverages a network of oracles to securely provide off-chain data to smart contracts on various blockchain platforms. There are three steps to the process:
Oracle selection: Any Chainlink user who requires off-chain data creates a Service Level Agreement (SLA) that specifies a set of desired data requirements. The Chainlink software uses this SLA to match the user with the most suitable oracles that can provide the data.
Once the parameters are specified, the user submits the SLA and deposits LINK tokens in an Order-Matching contract that takes bids from oracles.
Data reporting: In this step, the oracles collect real-world data as specified in the SLA through external sources. The oracles process the data, after which it is transmitted back to contracts that are active on the Chainlink blockchain.
Result aggregation: The outcome of the data collected by the oracles is tallied in the last stage and then delivered to an Aggregation contract. This contract collects the replies, evaluates each one for validity, and then provides the user with a weighted score based on the total of all the data collected.
The Service Level Agreement contract generates three subcontracts:
- An Order Matching contract matches buyers and sellers of data on the Chainlink network. It enables data buyers to submit requests for data and data sellers to offer their services to fulfill those requests.
- A Reputation contract evaluates the performance of oracles on the Chainlink network by considering factors such as the quality and quantity of data they provide, their uptime, their historical performance, and the number of LINK tokens staked. Oracles that provide accurate and reliable data are rewarded with higher reputation scores, which increase their chances of being selected to provide data to smart contracts on the network.
- An Aggregating contract receives data from multiple oracles and aggregates it to provide a single, reliable data feed to a smart contract. This contract ensures the accuracy and reliability of the data provided to smart contracts. The Aggregating Contract can use various methods to aggregate the data, such as taking the median value or using a weighted average.
Chainlink was created by Sergey Nazarov and Steve Ellis and launched by their for-profit company, SmartContract, in June 2017. The company’s co-founders, in collaboration with Ari Juels, later published the whitepaper in September 2017. This project was developed to address a critical limitation of smart contracts—their inability to access real-world data.
In September 2017, Chainlink conducted an initial coin offering (ICO) and managed to raise $32 million by selling 35% of the total 1 billion token supply. The ICO was conducted on the Ethereum blockchain.
Out of the remaining tokens, 30% was allocated to the company SmartContract for the development of the Chainlink blockchain, and 35% was set to be distributed as an incentive among node operators.
In May 2019, the Chainlink mainnet was launched, marking a significant milestone in the project's development. The launch allowed developers to deploy their own decentralized oracle networks.
Some of the major milestones/developments of Chainlink are:
- October 22, 2020: Chainlink On-Chain Verifiable Randomness (VRF) went live on the Ethereum mainnet.
- April 15, 2021: The whitepaper for Chainlink 2.0 was released, detailing how Chainlink Decentralized Oracle Networks (DON) could eventually develop a decentralized meta layer to augment smart contracts with extremely scalable, private, and secure off-chain processing besides the current external data that Chainlink offers.
- August 5, 2021: Chainlink Automation went live on the mainnet, bringing low-cost off-chain computation to decentralized applications (dApps).
- September 28, 2022: The network introduced a Chainlink Economics 2.0 program called SCALE, which focused on sustainably accelerating the growth of the blockchain and layer-2 ecosystems.
- December 6, 2022: Chainlink Staking v0.1 early access went live.
- March 1, 2023: Chainlink Functions, a serverless developer platform that enables anybody to connect a smart contract to any Web2 API and run custom computations utilizing Chainlink's highly secure and dependable network, was made available in beta form by the platform.
- July 17, 2023: Chainlink Cross-Chain Interoperability Protocol (CCIP) went live on the mainnet.
- October 2, 2023: Chainlink Data Streams were launched on the mainnet.
LINK Price Analysis
During the period from October 2022 to October 2023, the weekly chart of LINK showcased some pronounced dynamics. The tussle between the bulls and the bears was evident. By the end of the period, LINK was trading at an optimistic price of $7.472.
LINK weekly chart
One key level of significance was the $8.1 mark. This price point repeatedly posed a challenge for the bulls, with LINK facing multiple rejections at this level. Each attempt to breach this barrier resulted in subsequent declines, highlighting its importance as a formidable resistance set up by the bears.
Moreover, $7.1 emerged as a crucial pivot. It started out as a support during the early stage of the trading window. However, as the price experienced retracements, this level transformed into a resistance, being tested multiple times.
Despite these downturns, every time the bulls rallied to this resistance peak, it reaffirmed its significance as a support level in the LINK landscape.
A notable trough in LINK's journey was witnessed in June when the cryptocurrency plummeted to its lowest support for the period, settling at $5.1. However, this setback was not permanent.
Following this decline, an upward trajectory ensued. From mid-August to almost mid-September, the price continually tested the $6 support level. This persistent testing led to a bounce back, culminating in another rally that brought the price close to its peak resistance, again standing tall at $7.1. However, breaching this resistance remained an unachieved goal.
Throughout the period, trading volume was average. A significant peak in volume was observed during a notable price drop in November 2022, signifying that this decline was accompanied by a surge in trading activity.
During the period under analysis, the Chaikin Money Flow (CMF) fluctuated above the zero line on several occasions. These instances corresponded with the bullish rallies, indicating strong buying pressure. At the close of the period, the CMF's value was at a positive 0.06, suggesting a net inflow of money into LINK.
The Moving Average Convergence Divergence (MACD) line and its corresponding signal line were primarily situated below the zero line for most of the period. However, both of these lines did display an encouraging ascending movement. As September wrapped up, the MACD line flipped bullish by crossing above the zero line, while the signal line remained bearish.
During the May-July and August-September intervals, the histogram was in the negative territory, indicating bearish momentum. Twice during these periods, the MACD underwent bearish crossovers, dipping below the signal line.
Closing out the period, the MACD, signal line, and histogram registered values of 0.136, -0.012, and 0.147, respectively, suggesting a potential bullish shift on the horizon.
Should you consider buying LINK?
In light of the above findings, LINK demonstrated resilience in the face of bearish momentum, with the bulls managing to mount challenges at significant resistance levels.
Traders contemplating a purchase might target a buying range between $5 to $6. For a bullish momentum to truly assert itself and be deemed as a solid reversal, the price needs to maintain a steady rise above $7.
Chainlink Price Prediction
Chainlink has had an eventful 2021. To simplify the latest LINK price prediction, we have divided up the prediction by short term Chainlink price prediction and long term Chainlink price prediction. As of writing this article, LINK had a trading volume of 519,822,967. Chainlink has gone up by 39.43% in the past 30 days.
According to our analysis in the short term, Chainlink price prediction for February 2024 shows the average price of LINK at 9.78 and the highest possible price for February 2024 would be $10.46.
Further, according to our analysis in the long term, Chainlink price prediction for June 2024 shows the average price of LINK at 10.79 and the highest possible price for June 2024 would be $11.55.
Chainlink's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|2 December 2023||$14.74||$13.71||$15.77|
|3 December 2023||$14.63||$13.61||$15.66|
|4 December 2023||$14.77||$13.73||$15.80|
|5 December 2023||$14.84||$13.80||$15.88|
|10 December 2023||$15.38||$14.30||$16.46|
|15 December 2023||$16.01||$14.89||$17.14|
|25 December 2023||$17.52||$16.29||$18.75|
Chainlink price prediction 2 December 2023: Chainlink's price for 2 December 2023 according to our analysis should range between $13.71 to $15.77 and the average price of LINK should be around $14.74.
Chainlink price prediction 3 December 2023: Chainlink's price for 3 December 2023 according to our analysis should range between $13.61 to $15.66 and the average price of LINK should be around $14.63.
Chainlink price prediction 4 December 2023: Chainlink's price for 4 December 2023 according to our analysis should range between $13.73 to $15.80 and the average price of LINK should be around $14.77.
Chainlink price prediction 5 December 2023: Chainlink's price for 5 December 2023 according to our analysis should range between $13.80 to $15.88 and the average price of LINK should be around $14.84.
Chainlink price prediction 10 December 2023: Chainlink's price for 10 December 2023 according to our analysis should range between $14.30 to $16.46 and the average price of LINK should be around $15.38.
Chainlink price prediction 15 December 2023: Chainlink's price for 15 December 2023 according to our analysis should range between $14.89 to $17.14 and the average price of LINK should be around $16.01.
Chainlink price prediction 25 December 2023: Chainlink's price for 25 December 2023 according to our analysis should range between $16.29 to $18.75 and the average price of LINK should be around $17.52.
Chainlink's Long Term Price Prediction
Chainlink’s long term Price Prediction below is a look at LINK’s future prospect with regards to price. Chainlink was last seen at $14.99, with a market cap of $8,323,467,465 and trading volumes of $519,822,967. LINK’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
Chainlink price prediction 2024: Chainlink's price for 2024 according to our analysis should range between $7.62 to $11.43 and the average price of LINK should be around $9.52.
Chainlink price prediction 2025: Chainlink's price for 2025 according to our analysis should range between $10.06 to $15.08 and the average price of LINK should be around $12.57.
Chainlink price prediction 2026: Chainlink's price for 2026 according to our analysis should range between $13.27 to $19.91 and the average price of LINK should be around $16.59.
Chainlink price prediction 2027: Chainlink's price for 2027 according to our analysis should range between $17.52 to $26.28 and the average price of LINK should be around $21.90.
Chainlink price prediction 2028: Chainlink's price for 2028 according to our analysis should range between $23.13 to $34.69 and the average price of LINK should be around $28.91.
Chainlink price prediction 2029: Chainlink's price for 2029 according to our analysis should range between $30.53 to $45.80 and the average price of LINK should be around $38.16.
Chainlink price prediction 2030: Chainlink's price for 2030 according to our analysis should range between $40.30 to $60.45 and the average price of LINK should be around $50.38.
Chainlink price prediction 2031: Chainlink's price for 2031 according to our analysis should range between $53.20 to $79.80 and the average price of LINK should be around $66.50.
Chainlink price prediction 2032: Chainlink's price for 2032 according to our analysis should range between $70.22 to $105.33 and the average price of LINK should be around $87.78.
Chainlink price prediction 2033: Chainlink's price for 2033 according to our analysis should range between $92.69 to $139.04 and the average price of LINK should be around $115.86.
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A Historical look at Chainlink, LINK’s price
FAQs about Chainlink
Chainlink’s current price is $14.99 and witnessed a 4.21% increase in the past 24 hours. LINK/BTC pair saw a 1.14% increase in the past 24 hours
Investing in Chainlink, LINK will purely depend on your personal risk appetite. As you can see over the past 24 hours Chainlink’s price has witnessed a 4.21% increase and over the past 30 days Chainlink has increase by 39.43%. So it all depends on if this investment will hit your trading goals.
According to our latest Chainlink Price prediction for 2023, LINK should vary between $20.31 and $13.54. Please keep in mind that the crypto market is very volatile and this Chainlink price prediction does not account for extreme wild swings in price.
As per the Chainlink price prediction 2023 model above, LINK’s price for December 2023 should range between $13.54 to $20.31 with the average price for December being $16.92
According to the Chainlink Price Prediction model above, LINK’s price in 2024 would be $9.52. This price would however would range from $11.43 and $7.62.
According to the Chainlink Price Prediction model above, LINK’s price in 2025 would be $12.57. This price would however would range from $15.08 and $10.06.
According to the Chainlink Price Prediction model above, LINK’s price in 2026 would be $16.59. This price would however would range from $19.91 and $13.27.
According to the Chainlink Price Prediction model above, LINK’s price in 2027 would be $21.90. This price would however would range from $26.28 and $17.52.
According to the Chainlink Price Prediction model above, LINK’s price in 2028 would be $28.91. This price would however would range from $34.69 and $23.13.
According to the Chainlink Price Prediction model above, LINK’s price in 2029 would be $38.16. This price would however would range from $45.80 and $30.53.
According to the Chainlink Price Prediction model above, LINK’s price in 2030 would be $50.38. This price would however would range from $60.45 and $40.30.
According to the Chainlink Price Prediction model above, LINK’s price in 2031 would be $66.50. This price would however would range from $79.80 and $53.20.
According to the Chainlink Price Prediction model above, LINK’s price in 2032 would be $87.78. This price would however would range from $105.33 and $70.22.
According to the Chainlink Price Prediction model above, LINK’s price in 2033 would be $115.86. This price would however would range from $139.04 and $92.69.
The highest price for Chainlink was recorded in 10 May 2021 during which LINK hit an All Time High of $52.70
The price of 1 Chainlink according to current market rate is $14.99