Chainlink (LINK) Performs Well Amidst Market Turning To Red
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.
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%.
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.
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