The answer to the question: 'Can Chainlink cross the $100 price mark anytime soon?’ Will likely to depend on short-term Chainlink price predictions. As per LINK price forecasts, the price of Chainlink is predicted to reach $100 not before 2023.
The Chainlink price action has many investors thinking about whether the coin will realize the target of $100 any time soon. This is a critical target for LINK, and going with its price trend over the years, $100 is a target that can be achieved year-over-year. Besides, the coin is still to realize its full potential, which it will do in the coming years, creating a massive bull rally towards $100.
The LINK price movement can surprise investors once $100 is achieved sooner than later. Most Chainlink price predictions estimate that Chainlink could cross the $100 mark price in the coming months.
Blockchain technology is not 100% efficient, as it comes with its own set of problems. One of the technology's main issues is transferring and communicating information from one node to the next. One of the ways blockchains can communicate with each other is through the use of Oracle. However, Oracles are centralized and hence, undermine the whole existence of blockchain decentralized systems.
This is where Chainlink steps in by implementing next-generation protocols that allow nodes to link and share information. Chainlink allows blockchains to communicate with each other in a decentralized way. This positions the technology as one of the most innovative in the crypto sector.
Chainlink has managed to bag incredible partnerships over the years, all attributed to its technology prowess. In 2019, the blockchain partnered with Google, where Chainlink protocols were added to Google smart contract. This is one of the most successful partnerships for Chainlink and Google because users could establish connections with popular cloud service providers using this technology.
Chainlink has always been committed to pushing past the boundaries of public blockchains. By developing real-time solutions, it has offered better security and reliability of Oracle technology, which will boost adoption and act as an anchor to LINK prices.
Unlike other blockchain technologies, Chainlink communicates with the real world, acting as a bridge between blockchain and the real world. We see many companies venture into blockchain to leverage its potential. One of the technologies that are best suited for this is Chainlink, which is why the journey towards $100 is very much achievable.
What's New In The LINK Rally?
Blockchain technology has evolved over the years, and now, it is becoming necessary to achieve interoperability and boost user experience. Chainlink offers a more superior technology in this field that allows different blockchains to integrate and work together. With blockchain going mainstream, we will see LINK bag significant adoptions that will skyrocket LINK prices.
With blockchain having an optimistic future, the LINK rally in the coming months and years is certain. In 2020, LINK was trading at a mere price of $3, and its current value sits at around $31. This is an eight times growth in a period of only one year. To reach $100, LINK's prices only need to be a little less than four times higher, and we can see this value being attained sooner than later.
Looking at the other competitors of Chainlink, there is no doubt that it stands at the top. Other competing networks like Band Protocol and WINKlink have not achieved what Chainlink has achieved so far, and these technologies are not even as popular as LINK. Unless another more superior technology crops up in the coming years, the LINK rally is certain because its network carries the highest level of adoption when it comes to linking blockchain and the real world.
Read Also: Chainlink (LINK) Price Prediction
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Chainlink Price Analysis
Looking at LINK's price, a steady uptrend has been recorded, which even allowed LINK to create a new monthly high above $33.90. The recent uptrend has been attributed to a rebound across the entire market. However, this month's bulls have not been strong enough, which is why we have seen frequent dips. Despite the volatility, LINK has managed to recover some ground lost after the May turmoil.
If strong bulls come into play like what happened in the first four months of 2021, we could see LINK retest its all-time high of $54. However, such an uptrend will also depend on buyer support. LINK is one of the popular coins in the crypto charts; hence, buyers will accumulate more if there is market support.
With an all-time high of $54, the target of $100 looks very much achievable. The May 2021 bulls were interrupted because of crackdowns on Bitcoin mining. However, with this already in the past, a consistent rally without disruptions could see LINK achieve $100 towards the end of the year or at the beginning of 2022.
You can also predict how much a coin can grow by looking at its historical price performance. In 2018, the crypto market suffered a major bearish trend that saw a rapid price decline. However, LINK managed to recover in 2019, where it was trading at around $0.299. LINK reached the $1 mark in May 2019, and since then, its price has never dropped below this level.
The major boom for LINK happened in 2020, as it was during this year, the network made strategic relationships. In2020, Chainlink also became recognized by the World Economic Forum and bagged over 300 projects. This propelled its values between 2020 and 2021. This historical price performance shows that a rally for LINK towards $100 is achievable.
On the other hand, this historical price analysis shows several factors influencing LINK's price gains. The first is the growth of the broader cryptocurrency market. It is difficult for an asset's price to grow when the rest of the market is in turmoil. Hence, a LINK rally towards $100 will depend on whether the rest of the market is in a bullish rally.
Chainlink also needs to continue looking for partnerships and endorsements. This coupled with market support, can take prices to new all-time highs. Partnerships also increase the hype surrounding a token. If Chainlink can continue creating more partnerships, we could see its value increasing because it will increase trader interest surrounding the token.
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