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This year has been a tough sail for Chainlink since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of LINK.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Chainlink to reclaim its all-time high in 2023? Continue with the article to learn about Chainlink price analysis and prediction by Coinpaper.
Read also: What are Ethereum rollups? Layer 2 scaling explained
What is Chainlink?
Chainlink is a decentralized oracle network that provides real-world data to smart contracts on different blockchains. Its native token LINK is used to pay node operators for retrieving and delivering data to smart contracts. Node operators must stake a certain amount of LINK to become a part of the network and earn rewards for their services. LINK tokens can also be used for governance purposes, allowing token holders to vote on proposals and changes to the Chainlink protocol.
Chainlink (LINK) price
Currently, Chainlink Price is USD. LINK has a circulating supply of coins and a total supply of . If you are looking to buy or sell Chainlink, Binance is currently the most active exchange.
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Chainlink price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Chainlink 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Chainlink price at $8.7 to $10.1. On the flip side, a fading interest in the new meme coin may push the price of Chainlink to $5.3-$4.2 lows.
Chainlink price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Chainlink (LINK) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Chainlink to climb as high as $14.3, with the more distant prospect of reaching $17.8 in 2024. The bearish scenario is likely to see Chainlink (LINK) trading between $11.5 and $9.4 in 2024.
Chainlink price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Chainlink (LINK) price analysis and prediction is based on pure speculation and observation of Chainlink historical price movements.
Our Chainlink 2025 price forecast expects LINK to rally towards $17.4 and reach $23.5 by the end of the year. The bearish scenario would see Chainlink at $14.4 to $11.8.
Chainlink (LINK) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Chainlink is neutral. In 2026, we expect Chainlink to reach at least $34.5 before climbing higher to $42.3. In case of a bearish scenario, Chainlink may fall to $28.2.
Is Chainlink (LINK) a good investment?
As an established and popular cryptocurrency with a solid use case as a native token of the most popular crypto oracle, LINK token can be generally considered a worthy investment. However, when it comes to investing in crypto, it’s important to take your time to do due diligence before putting your money into any asset, no matter how promising it may look.
Bottom line
Are you ready to invest in Chainlink? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy LINK from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Chainlink?
Chainlink was founded by Sergey Nazarov and Steve Ellis in 2017.
What was the all-time high for Chainlink (LINK) ?
The all-time high price of Chainlink is $ on 2021-05-10
