OCT 3, 2023
Riding the Chain: Unraveling the Mysteries Behind LINK's Meteoric Rise and How it Benefits Us.
by Crypto Alpha
This article explores LINK's extraordinary price surge, starting on September 1st, dissecting its underlying factors, highlighting recent Chainlink project developments, and providing strategic insights for capitalizing on this trend. To understand LINK's meteoric rise, we first delve into Chainlink's fundamental purpose and functionality.
Starting from the first of September the bulls have been in control pumping Link’s price from $5.75 to a current high of $8.10 (as of the time of this writing). The question of why $Link is pumping can simply be answered by pointing to the latest development happening in the project. There’s a fundamental reason behind the parabolic movement to the upside, but before we delve into the fundamentals we need to understand what $Link is and the problem it solves in the crypto ecosystem.
What is Link?
Chainlink is an alternative (alt) coin founded in 2017. It’s a blockchain layer that approves smart contracts that are universally connected, through a decentralized oracle network. Chainlink fosters secure interaction between blockchain and external data feeds, events, and various payment methods, providing critical off-chain information needed by smart contracts to become the dominant form of digital agreement. For more details ( Chainlink price today, LINK to USD live price, market cap, and chart | CoinMarketCap ).
Why is our spotlight on LINK? As of September 21st, the developers of chain-link announced on their Twitter feed some latest developments on the project which positions Link to be the only cross-chain infrastructure in the crypto-ecosystem that offers full-scale, level-five security with unprecedented levels of decentralization to make secure cross-chain a reality for web3 and global financial market. Also, they talk about launching the first ever #smartcon pregame project which will be a game changer for hundreds of web3 gamers around the world.
These are solid fundamental factors that will drive not only the adoption and utility of Link’s blockchain but also will most likely get the bulls to push the price of the coin to the moon.
It’s time to get into the charts!
Where do we consider safe entries to bag some Link? Bagging some $LINK for near-future gains won’t be a bad idea, likewise hunting for some short-term gains if the market offers us such an opportunity.
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