- Chainlink’s price has reached $19.98, marking a 178% increase over 12 months, yet remains below its May 2021 high.
- Michaël van de Poppe predicts a potential rise to $35 for Chainlink, citing its ability to convert resistance levels to support.
- Beyond oracles, Chainlink explores CCIP and tokenisation, with significant developments in carbon credits and real estate tokenisation.
Chainlink has had a good run, both price-wise and news-wise, since last October. Given the news around the Cross-Chain Interoperability Protocol (CCIP) and collaborations with Australian banks, it’s no surprise to investors closely watching the 14th largest crypto asset by market cap.
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At the time of writing LINK changes hands for US$19.98 (AU$30.64) as data from CoinMarketCap shows.
The asset has gained a solid 178% in the past 12 months—which sounds great, but also means it is still quite far off from its previous all-time high in May 2021 when it reached US$52.88 (AU$81.11).
But one analyst thinks LINK is well on its way to regain some of its former glory—making some bold predictions.
Analyst Says LINK Could Hit US$35 Soon
Analyst and crypto-twitter personality Michaël van de Poppe is bullish on Chainlink.
His analysis suggests that the repeated ability of $LINK to turn previous resistance levels into support levels (at US$12 and US$16.50) is evidence of sustained buying pressure.
Flipping a resistance level into support (or vice versa) is a bullish signal, indicating that buyers are entering the market at these price points, pushing the price up. Specifically, when LINK’s price moves above a key resistance level and that level then becomes a new support level, it signifies that the market sentiment is bullish, and there is strong buying interest.
Traders and analysts often view such patterns as indicative of a strong market for the asset, potentially leading to further price increases if the buying momentum continues.
Chainlink Has a Lot on Its Plate
Of course fundamentally, there are also quite a few things Chainlink has going for it. Chainlink’s development and use cases span a broad spectrum, leveraging its core technology of decentralised oracles to facilitate secure and reliable interactions between smart contracts and external data sources.
Beyond the fundamental oracle service, Chainlink is exploring and implementing various innovative areas, including Cross-Chain Interoperability Protocol (CCIP), tokenisation, and more. With tokenisation being one of the most prominent and talked about things in the space—BlackRock rings a bell.
Johann Eid, Chief Business Officer at Chainlink Labs greatly highlighted the importance of tokenisation to Chainlink as a business:
Everything we’ve been working towards for the last 7 years … has been leading up to tokenization.
Johann EidRelated: Bernstein Says Tokenised BlackRock Fund Boosts Crypto Legitimacy
The creator of Chainlink, Sergey Nazarov, chimed in on the relevance of tokenisation saying the assets classes most primed to benefit from tokenisation in the capital markets in his view are “carbon credits, fund tokenisation, real estate tokenisation, private equity tokenisation and maybe some other esoteric things around cash flows.”
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