Chainlink: LINK price analysis and prediction - Can LINK reach level of $3000 for 2025 - 2030?

Chainlink is one of the projects that invest in researching and solving blockchain problems at the most fundamental level, and with the most integrated practical applications. Let's join the experts to analyze and predict for LINK in the next 5 to 10 years

Disclaimer:  The datasets shared in the following article are compiled from a group of online resources and do not reflect our' own research on the subject.

Chainlink (LINK) price prediction for 2023-2024

Chainlink has had a rough year so far. DeFiLlama data shows that the network's total insured value has dropped by more than 80%. While this seems like an impressive number, what is interesting is that Chainlink has the most TVL compared to its competitors.

As an industry leader in the Oracle Network, Chainlink has a significant presence in this area of ​​the crypto industry. Its native LINK token is currently the 21st largest cryptocurrency by market capitalization.

Over the past few months, LINK has struggled to break above $8.10. The bears have defended this difficult area quite fiercely.

Chainlink's recently announced partnership with international banking network SWIFT. This is much-needed news for all stakeholders. 

Speaking at SmartCon22, Chainlink co-founder Sergey Nazarov revealed his plans to launch staking by the end of 2022, as well as a new economic model for the Web3 service platform.

On September 29, SWIFT, the international banking network, announced a partnership with Chainlink to develop a cross-chain interoperability protocol (CCIP) in an initial proof of concept (PoC). This move will pave the way for the institutional adoption of distributed ledger technology (DLT).

According to the official Chainlink website, the transaction value allowed by the network so far is $6.1 billion. At the time of writing, LINK is trading at $7.48, down more than 2.1% over the past 7 days. The market cap is at $3.67 billion, with a 24-hour trading volume of $419 million.  

The altcoin has a "Buy" signal from TradingView, with a bullish outlook. In fact, his Chainlink price prediction indicates that there is still room for the cryptocurrency to appreciate. Technical analysis from TradingView also indicates that LINK will increase in value over time.

In 2014, SmartContract.com began building a bridge between external data sources and public blockchains. Ironically, this led to the creation of a centralized oracle system known as Chainlink. In 2017, this product morphed into what we now call the Chainlink Network.

Chainlink is the largest Oracle project in terms of market capitalization and total guaranteed value, and several crypto projects are associated with it. An oracle is basically software that acts as an intermediary between the chain and the real world.

Furthermore, Chainlink offers many use cases. Chainlink users can operate nodes and earn money by managing blockchain infrastructure. The Oracle Price Feed network is powered by several node operators. The platform integrates more than 100 projects with 700 Oracle networks, giving you access to over a billion data points and protecting over $75 billion.

So what does this move mean and is now a good time to enter LINK? This article will talk about the twenty-fourth ranked altcoin by market capitalization. In fact, it will also address the key factors to consider when making a decision to buy LINK.

Here's an interesting Defi Llama fact: Chainlink is securing more value than all its competitors combined. The network has secured more than $13 billion worth of protocols dependent on its data sources.

In May 2021, Sergey Nazarov, co-founder, and CEO of Chainlink revealed in a podcast that Chainlink is estimated to hold 60% of the market share.

A monopoly like this has its flaws. During the Terra incident, for example, Chainlink caused a loss of $11.2 million on the Venus protocol. This is when it is impossible to later access accurate data from Chainlink's price feed.

In fact, the Chainlink ecosystem boasts some big names like VISA, SWIFT, Google Cloud, etc.

It is important to note that most of the LINK in circulation is used for speculation rather than rewarding node operators. This, unsurprisingly, comes as a surprise to value investors.

Some believe that Chainlink is creating economic value in the industry by catering to several crypto projects. Unfortunately, that value doesn't seem to be reflected in the price of its native token.

However, after Chainlink's June 7 staking update proposal, LINK increased by almost 20% from $7 to $9.

The proposed staking upgrade is highly anticipated in the crypto space. The upgrade will benefit the value of the token as it requires gods to staking LINK. This update will also enable community engagement, resulting in an overall security boost.

Nazarov clarified that Chainlink does not produce blocks but instead "builds consensus among hundreds of Oracle networks on price data." He added that the dev team is finally satisfied with the security and scalability of the consensus mechanism and is ready to launch staking this year.

The update will also bring an add-on to LINK, in addition to facilitating payments for node operators.

The Chainlink developers estimate that the proposed stake will generate 5% per year from revenue from Chainlink feed users and emissions from treasury reserves. The goal is for treasury problems to cease as Chainlink usage increases, leaving all staking rewards to come from fees paid by Oracle users.

Michael van de Poppe, who is well known in the crypto space for his analysis, tweeted his opinion on the recent LINK bull run, which saw the token increase 35% in the last 30 days. . Poppe believes that there is still some momentum and that LINK is likely to reach the $12 level if it holds the $8 support.

While speaking at NFT.NYC 2022, Lauren Halstead of Chainlink Labs outlined a spectrum of Chainlink use cases using the example of dynamic NFT. Halstead demonstrated how dynamic NFTs can be updated in real-time with the help of off-chain data collected by Chainlink.

Protocol Interest, the first fractional reserve banking protocol on the Ethereum blockchain, announced earlier this month that it entered into a strategic partnership with Chainlink. Chainlink will help Interest Protocol integrate its two features, namely Chainlink Keepers and Chainlink Proof of Reserve.

On August 15, Floki Inu announced that he has integrated two Chainlink suite products with his newly launched FlokiFi Locker into BNB Chain and the Ethereum mainnet. In an interview with BSC News, a member of Floki's core team said:

“We are excited to work with Chainlink to improve the integrity of the FlokiFi Locker protocol. Chainlink is by far the largest decentralized Oracle solution in the world, as well as the best and most trusted. "

On August 28, Chainlink informed its community on Reddit that Chainlink's Verifiable Random Function (VRF) is being used by over 350 projects on Avalanche, Ethereum, Fantom, and Polygon, such as a provable source of randomness for NFTS, dApps, etc. Their Chainlink VRF is the industry-leading random number generation (RNG) solution for an off-chain solution and smart contracts.

Whales statistical data reveals that LINK is the most widely used token among the top Ethereum whales. This information is derived from data collected from the wallets of the top 5,000 Ethereum whales.

According to a report published by Fortune Business Insights, the global Internet of Things (IoT) market is predicted to grow at a CAGR of 26.4% per year from 2022 to 2029. adoption of blockchain technology in large companies, such as banking, logistics, etc. A similar growth rate can be expected for cryptocurrencies designed to enhance business operations based on Iodine. Chainlink would be a good example of this.

ChainLink price chart action

In August, Chainlink approached double-digit territory when it set a two-month high of $9.52, before falling to a price that sent monthly profits negative. This is quite volatile compared to the relatively calm sideways trend that the LINK price witnessed in July.

Even with all the volatility, the overall theme for August can be summed up in one word: bearish.

However, September was bullish, with October seeing a portion of both. At press time, LINK is priced at $6.58 at press time.

LINK "FUDers"

Eric Wall of Arcane Assets has been quite critical of Chainlink's practices. In May 2021, he stated that the network is not cryptoeconomically secure, citing the developer's status and the fact that the model is based on a trusted system.

Zeus Capital has been a critic of Chainlink since 2020 when they published a 50-page investigative report. One describes how the network scams, going so far as to call it a "crypto card".

CryptoWhale also put pressure on Chainlink developers in a series of tweets. He accused the group of running a pump-and-dump scheme. These allegations come after the $1.5 billion LINK liquidation alleged by Chainlink experts and developers in June 2021.

LINK Tokenomics

A billion LINK tokens were previously mined in 2017, after which Chainlink raised $32 million through an initial coin offering (ICO). Thirty percent belongs to the founders and the project. Thirty-five percent represents the airdrop and rewards for node operators. The remaining 35% is released to investors.

According to Etherscan, the top hundreds of wallets hold about 75% of the LINK supply. This doesn't look good for a supposedly decentralized token. Chainlink advocates, however, have argued that a certain degree of centralization will help developers respond effectively to cyber-threat events.

Etherscan data also reveals that Chainlink developer addresses have consistently transferred their holdings to Binance, something that has not been well received by the community.

People would think this works well when it comes to decentralization, but most of those tokens were bought by whales.

Some analysts believe that the performance of LINK and ETH are correlated to some extent.

The growth of Chainlink is inherently associated with the development of smart contracts and blockchain services. Increased adoption of smart contracts means increased demand for oracle feeds.

Chainlink's utility has attracted chain companies. Non-Ethereum-based protocols like Polkadot and Solana are building integrations with Chainlink to access their Oracle network.

Chainlink (LINK) Price Prediction for 2025

The experts at Changelly concluded from their analysis of LINK's previous price action that by 2025, the cryptocurrency should be worth at least $26.64. The maximum price of LINK, according to them, will be $32.01. Considering its price at press time, that would generate a whopping 312% profit.

In contrast, Finder's team of experts has predicted an average value of LINK to be $40 by December 2025.

Ethereum's mainnet and Beacon Chain consolidation is also expected to affect LINK's price action. In fact, it has also been shown that there is some correlation between ETH and LINK. ETH topped $4000 and LINK broke the $50 mark to hit an all-time high last year.

Speaking amid the Mainnet crisis, if ETH breaks $10,000, LINK is likely to follow suit and hit $100.

Based on Chainlink's new merchant partnerships, improved API connectivity, and custom services, there are also predictions setting a maximum price of $45.75 for LINK in 2025.

Chainlink (LINK) price prediction 2030

Cryptocurrency experts at Changelly have estimated that by 2030, LINK will be trading for as little as $112.88, possibly peaking at $221.4. That means the profit is 2650%.

Joseph Raczynski, a technologist, and futurist at Thomson Reuters and one of the Finder panelists, has a rather positive view of the future of LINK. He finds that the coin is worth $100 in 2025 and $500 in 2030.

“Link is pushing the boundaries of one of the most important aspects of blockchain technology: connectivity to other blockchains, databases, and ecosystems. Chainlink can be a highway between blockchains, which is an important key for the industry. "

Justin Chuh, the senior trader at Wave Financial, also offered his own predictions for LINK's future. He sees the coin at $50 in 2025 and $100 in 2030.

Forrest Przybysz, Senior Crypto Investment Analyst at Token Metrics, has shared his extremely bullish stance on the future value of the token, predicting LINK will be worth $500 by 2020. 2025 and $2,500 by the end of 2030.

“LINK has one of the fastest and smoothest growth curves of any cryptocurrency and has a significant head start in terms of its competition,” Przybysz added.

Conclusion

Chainlink previously clarified that it will continue to work on the Ethereum blockchain after merging with a proof-of-stake (PoS) consensus layer scheduled for next month, refuting claims of any connection. with forked versions of the blockchain. of Ethereum, including proof-of-work types.

The main factors that will affect the price of LINK in the coming years are:

• Timely implementation of Staking updates
• Increased adoption of WEB 3.0
• Alliances with established companies.

Launched in 2017, Chainlink is relatively new to the industry and its full potential is yet to be determined. Online indicators show that users believe in the future of LINK.

While it is true that the service provided by Chainlink belongs to a particular niche, there is no denying the relevance of that niche and its importance in the future. Essentially, Oracles cater to all blockchains that use smart contracts, making the services of platforms like Chainlink vital to their operations. Companies from both the traditional and crypto space agree that smart contracts are of considerable importance, an importance that will only grow in the future.  

From an investment standpoint, Chainlink and its token can be compared to running a traditional company and its shares. If the company has a healthy balance sheet and makes a significant contribution to the economy, it's likely that the company's stock will do well. The same can be said for Chainlink as they are the leaders in their industry and their services are essential for various projects both now and in the future.

The above analogy would not be valid even for a third of the thousands of crypto projects that exist today.  

Most forecasts point to double-digit returns for Chainlink. However, price predictions are no substitute for due diligence and research.

Oct 22, 2022