While a majority of altcoins have been faring well over the past week, there has been one crypto asset that has exceeded the expectations of many: Chainlink (LINK).
Over the past 10 days, the community-favorite cryptocurrency has gained 50% against the U.S. dollar, surging to $3.10 apiece at the local peak. As of the time of writing this, the cryptocurrency is changing hands for $2.7745 per token, trading 4% above the price 24 hours ago (as of the time of writing this article).
Popular cryptocurrency analyst Nebraksan Gooner has noted, this recent move in LINK fulfills the fractal that can be seen below. While the fractal does imply that the altcoin may soon dip, Gooner asserts that he is not sure that the cryptocurrency “will get the same pullback [as Bitcoin], but if it does pullback, I [will be] very interested in the dip.”
That turned out nicely.
Very similar charts. I'm not sure LINK will get the same pullback but if it does pullback I'm very interested in the dip. https://t.co/3T85AkL3Nq pic.twitter.com/HIA1M1uTX3
— NebraskanGooner📈 (@nebraskangooner) October 9, 2019
Positive News Cycle for Chainlink
LINK’s extremely positive price action (note: which is notably not sustainable long term — 50%/week can’t be feasibly sustained for long periods of time) comes as Chainlink the project has seen a flurry of positive fundamental developments.
Earlier this week, Chainlink revealed in a blog post that it had partnered with computing giant Intel, Hyperledger, and others to create a new Trusted Computation Framework that leverages public blockchain and Chainlink oracles to “drive enterprise blockchain adoption.” The solution will make it that much easier for “blockchain developers to deliver the next wave of confidential computing applications”, as it will allow them to “access off-chain transaction resources and deliver confidential loan systems, trusted tokens, attested oracles, and more.”
Other recent positive developments in the cryptocurrency’s ecosystem include the listing of LINK on Coinbase and Binance.US; work commencing on Mixicles — privacy-centric oracle solutions meant for Ethereum decentralized finance applications; a Google mention of Chainlink in a blog post earlier this year; and a massive Oracle partnership that took place earlier this year.
And to put a cherry on the top of the proverbial LINK cake, industry data provider Glassnode, advised by crypto trader Josh Rager, published the below data this week, showing that demand for Chainlink oracles — the project’s flagship technological solution — has begun to grow at a steady pace. Glassnode notes that 80% of all daily LINK transfers are for an ETH/USD reference data contract, accentuating that Chainlink’s oracle solution is actually being used in real-world scenarios.
#Chainlink oracle usage is on the rise.
Since May, an ETH/USD reference data contract has sent 330,000+ transactions of 0.333 $LINK to various oracle addresses.
At around 5k a day, this represents over 80% of daily transfers.https://t.co/bI55ycrgar pic.twitter.com/qiDdbxOa5n
— glassnode (@glassnode) October 7, 2019
Photo by Simon Wilkes on Unsplash