Chainlink (LINK) is one of the largest cryptocurrencies in the world and it has been attracting the attention of a large number of investors in recent years. There are many reasons why Chainlink (LINK) could become a key player in the coming years in the cryptocurrency market.
One of the questions of investors is related to Chainlink (LINK) price prediction. The virtual currency market has been growing over the last few years and it might be possible for it to reach an even higher price. Let’s also not forget that there has been a growth of different digital currencies and blockchain projects and Chainlink has lost ground against them. However, things could change in the coming years.
In this post, we are going to analyse different aspects of Chainlink (LINK) and how its price could move in the future. The goal is to understand which things could affect Chainlink’s price in the coming years. Take into account that we are not financial advisors and that all the information shared in this post is only for educational purposes. This is not financial advice.
What is Chainlink (LINK)?
Chainlink (LINK) is a blockchain network that aims at helping other networks to have accurate and valuable information to execute smart contracts. We have heard that smart contracts are programs that get automatically executed if certain conditions are met. However, they can only rely on information shared by the blockchain network in which they operate.
Thanks to Chainlink’s technology (oracles), they are able to share information (accurately) with smart contracts. In this way, smart contracts are able to execute different conditions that before they were not able to execute.
Due to this reason, Chainlink became very popular in the market. LINK became demanded in order to keep channels with oracles open. Moreover, LINK is powering the entire Chainlink ecosystem, which is strictly necessary if blockchain networks want to have reliable information to execute smart contracts.
The goal for Chainlink is to add more oracles and information sources in order to expand smart contracts’ capabilities in different blockchain networks in the coming years. The larger the information they share, the larger the functionalities of smart contracts would be.
Chainlink (LINK) Fundamental Analysis
When it comes to Chainlink’s fundamental analysis, we need to think about what this virtual currency is going to be offering in the coming years. Is Chainlink going to be again among the top 10 largest virtual currencies in the market? There are many things to take into consideration about it.
The expansion of smart contracts would definitely be among the most important things to take into account. If blockchain networks continue to expand without experiencing congestion issues, then it might be possible for new solutions and smart contracts to get executed in the market.
An expansion in the number of smart contracts deployed could have a very positive impact on Chainlink. Moreover, if Chainlink is able to offer new information sources, then this could create new opportunities for developers to create better and more advanced smart contracts using Chainlink’s oracles.
Hence, fundamentals would be closely related to the entire blockchain market expanding and becoming larger in the coming months and years. This is something that we should closely follow and understand whether new blockchain networks would need oracles in order to operate or not.
Chainlink (LINK) Price Analysis
When it comes to Chainlink’s price analysis, we see that this virtual currency has been expanding over the last few years reaching new highs almost on a yearly basis. We see that between 2017 and mid 2019, Chainlink’s price was traded between $0.14 and $1.37. However, these were the highest and the lowest points during that period. Most of the time, the price was close to $0.35.
LINK moved in July 2019 to over $3.5 for a short period of time, before entering an accumulation period for the rest of 2019 and part of 2020. This can be seen in the price that this virtual currency had during this time. Indeed, the coin fluctuated between $3.5 and a low of $1.58.
Things changed after the bearish experience in early 2020 (due to COVID-19). The market started a bull trend that pushed the price of this virtual currency to $19 per coin in August 2020. Then, an accumulation period followed for several months (until the beginning of 2021).
In 2021, we know that digital currencies entered a bull market, and LINK was not the exception. This coin surged to an all-time high of $52 in May 2021 and then it entered another accumulation period that pushed the price of LINK lower to $13 per coin. However, LINK is now being traded close to $24 per coin.
Chainlink (LINK) Market Price Prediction
When it comes to Chainlink’s price prediction, we should take many things into consideration. We should not only focus on the fundamental aspects of this coin, but also on the technical analysis that we have in the charts.
We should also know that the cryptocurrency market is usually divided in different cycles. These are usually bullish and bearish cycles with periods of accumulation in between. This is why we should understand in which part of this period we are and whether the digital currency market will continue to follow these cycles. And of course, LINK is expected to be affected by these trends, hence it is very important to understand how they work and whether they can affect the price of LINK in the coming years.
In the next few sections, we make a short analysis of what could happen to LINK.
Chainlink (LINK) Price Prediction 2022
Let’s now focus on Chainlink’s price prediction for 2022 and the coming years. 2022 started positively for digital currencies but as soon as we moved forward during the first weeks of the year, Chainlink fell from $26 to $14. This was certainly a very negative thing for this cryptocurrency and for the whole market. Everyone supposed that the bull market ended and that we were entering a new bear trend.
Despite that, the market started to recover but it was not enough for LINK to get back above $20. Nevertheless, if the whole cryptocurrency market continues with the current bull trend, we could see LINK reaching higher prices this year. This could only be possible if the whole cryptocurrency market starts moving higher.
But there are also some things that are worth taking into account about the market. We have seen how different macro events have affected Bitcoin and other digital currencies. That means that it might be possible for these events to have a positive or negative influence not only on Chainlink but also on other digital currencies.
Let’s, for example, mention how interest rates are starting to move higher. This has affected traditional financial markets and risk assets such as digital currencies. Over the last few months, we have seen how the cryptocurrency market has been highly correlated to traditional markets. This could have a negative influence in the future. Therefore, we should focus not only on Chainlink itself but also on the whole financial market.
Chainlink (LINK) Price Prediction 2023
For 2023, things could look different. As we see, LINK could move higher in 2022. If that happens, then we should know that after a multi-year bull market there could be a multi-year bear trend. This has already happened in the past in the cryptocurrency industry, including the years between 2018 and 2020.
Bear trends tend to push the price of digital currencies lower. This is why we should have a plan if LINK starts moving lower and enters a period of accumulation or a bear trend. This would happen not only to LINK but also to other digital currencies. If that happens, then it would be very important to search for digital currencies that would not be correlated to LINK (this is something difficult to do).
Chainlink (LINK) Price Prediction 2024
2024 would follow a similar logic as 2023. If we see that the market has already entered a clear bear trend in 2023, then 2024 could be the continuation of this bear trend. Instead, if 2023 was a bullish year and there was no correction, 2024 could be the year in which a real correction takes place.
It is very important to be prepared for both possible situations. There are different types of investors. Long-term holders should have a look at these cycles and take the necessary actions according to their analysis. 2024 is expected to be a bearish year if we consider that 2023 is bullish. Instead, it could be somehow a positive year if we see that 2023 was controlled by the bears.
Chainlink (LINK) Price Prediction 2025
2025 is expected to be a positive year for Chainlink. Of course, it is very difficult to make price predictions for virtual currencies. However, it is also possible to see that if market cycles repeat themselves, we could see the beginning of a new bull trend or just new all-time highs. This would highly depend on what happens with LINK in 2022, 2023 and 2024. This is why we are closely tied and restricted to what happened in previous years.
There are many things that investors should take into account when they analyse this virtual currency. This is why we should not invest more than what we are able to lose. Digital currencies are very volatile and this could have a negative impact on our portfolio if we do not know how to handle it.
How to Buy Chainlink (LINK)?
This is a list of steps that investors can follow if they want to buy LINK.
Step 1: Search for a Cryptocurrency Exchange and Open an Account
If you want to buy LINK, you should search for a cryptocurrency exchange that supports this virtual currency. At the moment there are different platforms that would let you get access to LINK in just a few simple steps.
After selecting the exchange, you should open an account. This can take a few minutes depending on the requests that the cryptocurrency exchange has. Some platforms might require you to share a selfie and a photo of a valid ID.
There have been several initiatives for users to move away from platforms that require users to share private information. However, buying LINK without KYC might not be as convenient as using a crypto trading platform.
Step 2: Deposit Funds
After creating a cryptocurrency exchange account, you will have to think about depositing funds. This is something that can be done in different ways depending on the exchange that you have already selected.
Depositing your local currency could be one of the easiest ways for you to buy LINK. If that’s an option present at the cryptocurrency exchange that you have selected, then you should definitely use it.
Some cryptocurrency platforms will let you use your local fiat currency. It can be USD, EUR or any other national currency. This will highly depend on the platform that you are using and whether there are some restrictions to using fiat payments. Some countries might not have fiat-to-crypto gateways, making it more difficult for users to deposit fiat currencies to crypto exchanges.
Step 3: Buy Chainlink (LINK)
The final step would require you to buy LINK with the funds that you have deposited on the platform. You have two possible options: buy LINK through a simplified process (you deposit your local fiat currency and you receive LINK) or you use the traditional method (through the trading platform).
Trading would let you select from two options: market and limit orders. Market orders would let you buy LINK in just a click and immediately. Instead, limit orders will require you to wait for the price of the virtual currency to reach the price that you have chosen.
Frequently Asked Questions (FAQ)
These are some of the most commonly asked questions about Chainlink that we answer.
What is Chainlink (LINK)?
Chainlink is one of the largest cryptocurrency blockchain networks in the world. This project is sharing valuable information from outside sources to smart contracts. In this way, smart contracts are able to get information from different sources to get executed.
Right now, Chainlink is among the most popular cryptocurrencies in the market. In the future, thanks to its oracles and solutions, it is expected to let investors have advanced access to unique smart contracts and new blockchain functionalities.
Difference Between Chainlink and LINK
Chainlink is the blockchain network that enables different cryptocurrency projects to get information from external sources. LINK is the digital asset that powers the whole Chainlink network and rewards oracles for the data they share with smart contracts.
Where Can I Buy Chainlink (LINK)?
You can buy Chainlink at any cryptocurrency exchange that is available in your region. You just need to make sure that the exchange offers support to Chainlink and that it lets you deposit funds in local currency.
If you want to buy Chainlink without KYC, then you should find people that have already purchased LINK. This can be usually done through different local community groups on Telegram, Discord or Twitter. Make sure that you never share your private keys or send funds to people you don’t know.