Chainlink had embarked on bullish waves as the cryptocurrency market saw another bull rally during November. The cryptocurrency had established its all-time high at $52.88 during the peak of the bull run of 2021 in May. The subsequent market corrections had been brutal for the token but some of the loss has been reversed by LINK as the token turned bullish again. At the time of writing, the cryptocurrency stands at a price level of $21.67. The price had been under corrections but the market sentiment has turned as the price movements show an increase of nearly 10% during the past twenty-four hours. Chainlink currently stands at a market rank of #21.
Recent developments
Chainlink has given phenomenal performance during the third quarter of the current year. The project saw the next levels of adoption with over 250 new projects added to it. From decentralized applications, enterprises to node operators, LINK’s ecosystem is growing at a staggering pace. The project was launched to become an integral part of the cryptocurrency market and the recent adoption has shown that it is on that road. By giving the cryptocurrency market the power of decentralized oracles, Chainlink is unlocking innovation in the market.
The use cases of the decentralized oracles are numerous in the market which is why there is an influx of innovation in Chainlink’s ecosystem. Some of the new projects added to the ecosystem are Recharge Finance’s Zap, Keepers, RomanPunksNFT, SYP Protocol, and many more. Solarbeam – the largest decentralized exchange on Moonriver – has also announced to integrate the price feed provided by LINK. These new projects are utilizing the network’s technology for a multitude of uses – from automating smart contracts, accessing verifiable randomness to reference secure price data. The technology is enabling a new kind of completely decentralized applications on the blockchain market.
Moreover, the Chainlink project is trusted by many big names in the cryptocurrency industry which is a testament to the potential it carries. Eric Schmidt, the former CEO of Google, has also joined the project as an advisor in order to help it grow and thrive.
Chainlink – Future outlook
Chainlink is one of the most reputable projects in the cryptocurrency market and it has worked hard by consistently contributing to blockchain technology in order to amass the current fame and popularity it has. It has a first-mover advantage in enabling the blockchain industry access to decentralized oracles which gives it a favorable future outlook. According to the estimates of Wallet Investor, the cryptocurrency is expected to operate at a price level of $34 in a year’s time while the five-year projection places it at $99.
