Chainlink price is rising, regaining an important threshold despite uncertain feelings

Oracle Chainlink’s Blockchain data token, LINK, gained positive strength from the local low of $ 17.33 on Dec. 15. The token has had positive shares in the last two weeks despite the negative market sentiment towards LINK since October, according to data from market analysts Santiment.

LINK feeling
LINK feeling

Cryptocurrency No. 18 is trading at $ 23.37 at the time of writing, just above the critical threshold of $ 23 and nearly 26 percent higher than the local bottom twelve days ago.

Why could LINK grow?

Three possible forces behind the recent rise could be that former Google CEO Eric Schmidt joined Chainlink as the company’s new strategic advisor earlier this month. Also announced earlier this month, Chainlink and the Internet-of-Things blockchain IoTeX have teamed up to “enhance real-world connectivity and enable creators to build their ideas and address complex issues that were previously impossible to solve.”

Finally, the ongoing Ethereum-based investment solution Lido has announced the integration of Chainlink Price Feed. Lido allows its users to invest ether in the Ethereum 2.0 Proof-of-Stake chain without the need to invest all 32 ethers (ETH) required by the protocol.

LINK fell by half from ATH

LINK reached its all-time high on May 10 this year at $ 52.70 and has fallen 55.7 percent since then.

Chainlink, the market’s leading market share data oracle, provides off-chain data to chain services, an important service for blockchains that would not otherwise be able to retrieve data outside the blockchain. Oracles collects data, such as real-time price sources from stock exchanges, from a variety of sources in a more or less decentralized manner and provides APIs for developers to integrate data feeds into decentralized chain applications.

Published in: Chainlink, Analysis
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