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- Chainlink has been observed witnessing tremendous adoption
- Although the integration on Chainlink has become its daily routine check, the price is one of the main concerns of the LINK investors
- After the critical resistance zone will be breached, then the analysts could determine whether the price of LINK will rise or fall back
- LINK should stay dependent on network developments to see further price spikes on the charts
Chainlink is the fifteenth largest cryptocurrency in terms of market capitalization, as per CoinMarketCap. Over the past few months it has been observed that the project has registered an essential hike in demand for services across all its protocols. Notably, the blockchain has seen some mainstream growth in terms of its adoption as well. However, the price of the project’s native crypto coin, LINK, has remained a major factor of concern to many. And the community is demanding to fix the price issue of the digital currency.
Following recent reports it is observed that the adoption of the Chainlink is continuing to grow at an incredible pace. Each day, different decentralized applications (dApps) are being observed tapping into the blockchain’s price feeds or VRFs in order to secure and onboard smart contracts. Observing the scenario, the latest in the list of adoption is a lending platform Aada Finance, which is powered by the Cardano blockchain. Indeed, the adoption of LINK and introduction to new projects shows that the DeFi sector is expanding and Chainlink is being a part of it.
Although the integration on Chainlink has become its daily routine check, the price is one of the main concerns of the LINK investors. Indeed, it is noteworthy that if the issue is not fixed soon, all the investors of the blockchain project will have to face tremendous losses. Ultimately, the issue will harm the blockchain itself and its native crypto token, on charts and in the incredible crypto market.
Surprisingly, over the last couple of weeks ago, the price of the altcoin was stuck under $28 for almost a month. At the time of writing the altcoin is changing hands at the price level of near $32. After the critical resistance zone will be breached, then the analysts could determine whether the price of LINK will rise or fall back.
LINK should stay dependent on network developments
According to the Chainlink community, LINK should stay dependent on network developments to see further price spikes on the charts. Following the scenario, investors are not making any major moves in terms of LINK. On the other hand, it is also observed that retail traders have played some significant role by playing it safe. Those investors are cashing out in profit and buying back. Although a million of LINK is being sold over the last 24 hours, most of them will be bought back. For this reason, there has been a steady rise on the supply exchanges.