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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Chainlink (LINK) Performs Well Amidst Market Turning To Red

Kent Tenix
Kent Tenix
3 years ago
3 mins read
chainlink

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Price fluctuations are a daily occurrence in the crypto markets now. Since the fight against inflation began, the overall financial markets have tanked. Nowadays, asset prices swing without warning, and the continuing crypto winter only heightened the volatility. 

The recent event expected to boost market recovery has been completed. Ethereum is now operating on a proof-of-stake mechanism as planned. But after the successful launch, crypto asset prices dipped, and losses spilled over to the next 24 hours. 

Related Reading: Valkyrie Crypto Trusts Gather Nearly $74 Million In Funding Amid Bear Market

Currently, almost all the assets are red in price movements. The leading crypto Bitcoin has lost 2.95% in 24 hours. Ethereum, the center of attention during this period, has also lost 1.70% in 24 hours and 15.73% in 7 days.

But not all hope is lost. Some cryptocurrencies are rallying impressively, and the top leader in this category is Chainlink LINK. 

Chainlink LINK Gains 9.03% Amid Market Pullback 

Chainlink LINK is one of the cryptocurrencies currently gaining each hour on September 16. As of the time of writing, the LINK price stands at $7.71, representing an 8.19% gain in 24 hours. The price movement on September 16 has been very encouraging. LINK recorded some dips in its 24 hours trading, but not the red lines. The coin saw an intraday high of $7.759 and an intraday low of $7.4948. The next low point during the day was a dip to $7.60 before regaining its upward momentum. 

If the price continues upwards, LINK might grow considerably higher before the market closes. This gain is a welcome development for the crypto as its 7 days price growth sits at 2.23%.

LINKUSD_
LINK’s price is currently trading above $7.5. | Source: LINKUSD price chart from TradingView.com

What Could Be Pushing Chainlink Post-Merge

Chainlink has proven useful in the crypto space. The network has eliminated the struggle with oracles in smart contracts. It created a decentralized pool of oracles to provide real-time, accurate information for on-chain transactions. Smart contracts using Chainlink oracles can operate with reliable information. 

A few months back, an analyst Austin Arnold, a crypto analyst, addressed some key factors capable of pushing a crypto project’s value. He aimed to help his 1.24 million YouTube subscribers pick the right crypto to invest in during the raging bearish trend. 

The analysts picked four popular projects, of which Chainlink LINK was the first. According to Arnold, five factors will drive LINK’s future growth after the crypto winter. 

The first is the right team with capable skills in controlling the network. Other factors include adequate funding, strategic partnerships, solutions for real-life problems in blockchains, and network positioning in verticals. 

Related Reading: Bitcoin Whale Selling Pressure Continues As BTC Dips Under $20k

Arnold pointed out that the Chainlink network has these five characteristics. He noted how the Oracle network had improved BNB Chain BNB and Polygon MATIC, showing developers’ adoption. 

Even during the crypto winter bloodbath in the market, Chainlink LINK maintained its price range between $6+ and $8+. It recorded a spike to $9.28 on June 10 but later dipped to $8.05. The lowest price LINK recorded between May to September 16 was $5.97 on July 13 before bouncing back to $6.18 the next day. 

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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