In this in-depth Chainlink price forecast, we analyze the current pump of 16.41% and examine how Chainlink could develop in 2023. Find out everything you need to know about the sensational cryptocurrency in the Chainlink price forecast for 2023.
What is Chainlink (LINK)?
Chainlink (LINK) is a decentralized oracle network, founded in 2017 by Sergey Nazarov and Steve Ellis to provide real-time data that interacts with blockchain technologies. LINK is the native ERC20 token by Chainlink, which runs on the Ethereum blockchain. Its decentralized nature makes the network resistant to tampering, making it attractive for numerous applications.
Chainlink’s technology has a wide range of applications. It enables smooth communication between blockchain-specific and other systems and services, including APIs and traditional banking services. This increases the spread of Chainlink in a variety of sectorsfrom DeFi to insurance and weather forecasting, making it an indispensable part of crypto ecosystems.
Stand in the middle of this functionality LINK tokensas means of payment used in the network. She reward node operatorsthat provide reliable, real-time data. The Node operators use LINKto demonstrate their commitment to the network and to provide a high standard of service. They risk losing the tokens they used if they provide inaccurate or unreliable data.
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What has moved the Chainlink price lately?
LINK’s price has seen significant moves recently, driven by a variety of factors. They are now presented in more detail below:
Cross Chain Interoperability Protocol (CCIP)
One of the main features of the recent rebound driving in the Chainlink course is the newly introduced Cross-Chain Interoperability Protocol (CCIP). This groundbreaking Protocol is at the heart of Chainlink’s visionbuilding the bridges between different blockchain networks and thus tokenization and Enable transfer of assets across different blockchains. In the world of disconnected and isolated blockchains, the CCIP marks an important step forward as it improves interoperability.
Various financial institutions, including global interbank messaging network Swift, have tested the protocol. This commitment from established financial institutions in a fledgling protocol not only underlines the trust in Chainlink’s technologybut also the potential she sees in the financial world.
Future vision: banks invest in blockchain
Chainlink’s vision, outlined by Sergey Nazarov, the company’s CEO, is another driving force behind the surge in LINK price. Nazarov predicts a world where banks will invest trillions of dollars in blockchain technology to develop their own blockchain-based systems. In other words, Banks will not only be users of blockchain technology, but active participants and developers.
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Whale activity increases
Big investors, known as “Whales” recently bought significant amounts of Chainlink (LINK). thereby significantly influencing the market price. Data from Lookonchain and sanctuary show that two whales a total of 788,877 LINK for about $6 million bought, which increased the LINK price by 6.5%. Purchased in the same hour two other whales totaled 227,281 LINK worth $1.82 million. A another whale bought 186,956 LINK worth $1.5 millionafter LINK’s price rose two days ago
These activities clearly illustrate how the actions of these whales can significantly affect LINK’s course. With the ability to buy such large amounts of LINK, they can significantly affect the market price through their actions. Lookonchain and Santiment data confirm the growing role of whales in the LINK economy and indicate that these big investors have increasing confidence in Chainlink.
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Chainlink Price Prediction 2023
Chainlink (LINK) is currently on 21st place of the largest cryptocurrencies, with a Market capitalization of more than $4.38 billion. Of the total of 1 billion LINK tokens, however, there are only 54% in circulation, so that investors still have to consider inflation in their Chainlink price forecast. The Inflation rate within the past 12 months 15.20%.
Since Chainlink made a new yearly low of $4.926 on June 10th, the LINK token has been able to by almost 70% in just one month increase. The Chainlink price temporarily has the diagonal resistance tested, whereupon a small correction began. It could still Unbroken year high set April 18 at $8.80 become. At $8.37, the price is currently down 4.89%. In this regard, Chainlink was able to surpass the 61.8 Fibonacci level at $7.88 and has held the level so far, where at least temporary setbacks up to this level are very likely. The RSI is also overbought.
Also noteworthy is the development of trading volume. Because while that was just $160 million a month ago, it’s an impressive $1.2 billion today 650% about it. Trading volume started increasing since June 13, with on today another massive increase of another 386% to record was. This indicates an increase in interest, but it remains to be seen whether investors are still willing to buy on a large scale. However, the trading volume is increasing even further, which indicates that.
The Bulls still have some key resistance to overcome, before massive price increases become more likely. So are the next crucial ones Resistances at $8.68, $9.33 and $9.70. Should there be another correction, the next ones are there Supports at $7.88, $7.32, $6.75 and $6.28.
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Evil Pepe draws investors to the dark force
The novel memecoin Evil Pepe represents the dark energy that Degens feel drawn to when they invest in a shitcoin despite better general knowledge. Because they become from that addictive thrill of crypto gaming dressed, which one Mixture of a lottery and a trading action game is. The project aims to make history on the memecoin market and set new standards. What with the mysterious remark on the roadmap precisely what is meant can only be guessed at so far. A kind of launchpad may even develop from it, in which memecoins can officially be started as new forms of gambling.
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BTC20 is the upgraded version of Bitcoin on Ethereum
BTC20, the new version of Bitcoin on Ethereum, has solved the problematic aspects of BTC’s energy-intensive Proof-of-Work (PoW) consensus mechanism. This mechanism consumes significant amounts of energy to ensure blockchain transaction verification. With an eye on environmental impact, the need for transaction cost efficiency and interoperability, BTC20 was launched on Ethereum. Unlike BTC, where miners are rewarded for mining cryptocurrencies, BTC20 rewards them Stakers who stake their tokens and thereby generate passive income. Investors can Annual return of 65% achieve. BTC20 has attracted considerable media attention in a very short time.
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Burn Kenny draws attention from the South Park fan base and Degens
A novel South Park themed memecoin was launched after the well-known shitcoin Mr. Hankey Coin had already had an impressive start. The new token was also started by the same team that had previously temporarily caused steep price increases for the memecoins Mr. Hankey Coin, SpongeBob and Thug Life Token. It should be supported by one reputable marketing company and influential partnerships. As the memecoin’s name suggests, a Most of the tokens burned in the amount of 30%. Likewise there is one Liquidity block for 3 months on the DEX.
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About the author: Simon Feldhusen first came into contact with the stock market 17 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de, Coincierge.de and P2E News.com.