Investing.com
Published Nov 10, 2023 15:08
In a notable rebound from its previous downturn, Chainlink, a decentralized oracle network built on the Ethereum platform, has seen its native cryptocurrency, LINK, surge over 35% in the past month. The network, which facilitates secure data transfer between off-chain and on-chain systems through smart contracts, was co-founded by Sergey Nazarov and Steve Ellis in 2017.
LINK, which started with an initial coin offering (ICO) price of just $0.11, reached an all-time high of $52.88 on May 9, 2021. Despite currently trading around $12, down nearly 78% from its peak, the token has exhibited signs of revival with a significant growth of 43% in October 2023 alone.
This recent growth spurt for LINK hinted that, on the last day of October, an ascending triangle pattern on the hourly chart spotted a potential price breakout. Although LINK experienced a roughly 5% drop the subsequent day, it quickly regained momentum and crossed the $10 mark.
The current circulating supply of LINK stands at $556.8 million with a fully diluted market cap of $10.8 billion. The increasing interest in Chainlink is also reflected in Google (NASDAQ:GOOGL) Trends data, hinting at a sustained potential for future growth. For the token to achieve the investor goal of $50, it would require approximately a fivefold increase from its current value—a target that might take years to accomplish given the current market conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The App
Join the millions of people who stay on top of global financial markets with Investing.com.
Download Now
Written By: Investing.com
