Since its launch in 2019, Chainlink as a blockchain oracle network has positioned itself as a major decentralized finance (DeFi) service provider in the crypto ecosystem. The services offered by Chainlink include price oracles, data streams, interchain connectivity and APIs for other forms of data required by major DeFi platforms.
In an industry where reliable price oracles are essential for functioning of lending protocols and the whole decentralized finance ecosystem, Chainlink has firmly placed itself as a frontrunner.
Due to its steady rise and popularity, analysts are now banking on Chainlink’s native token LINK as a frontrunner in the upcoming Altcoin season. There have been several predictions about LINK attaining exponential gains in 2024-25.
In this article, we will analyze the fundamentals of Chainlink and also throw light on potential spikes in LINK price.
Recent Developments from Chainlink
Chainlink has been through significant developments in the past couple of years with it positioning itself as an ideal decentralized finance (DeFi) service provider within the vast cryptocurrency ecosystem. Its recent integrations with Coinbase and the launch of CCIP interoperability protocol have been considered a major development in its history. This latest interoperability platform launched by Chainlink connects multiple blockchains networks while transferring data between all seamlessly.
With the introduction of v2.0 primitive, Chainlink introduced a number of micro developments to streamline its services including hybrid smart contracts, security measures, transaction sequencing and more. However, Chainlink has also launched few major decentralized products in the meantime, which are described below;
Cross-Chain Interoperability Protocol (CCIP)
Chainlink launched CCIP (Cross-Chain Interoperability Protocol) in July 2023. It is an open-source infrastructure for enabling cross-chain messaging, data transfer, and transaction tracking between multiple blockchain networks. The primary goal of CCIP is to enhance interconnectivity within the blockchain landscape while effectively improving communication and collaboration.
Since its launch, Chainlink CCIP has emerged as a key player in fostering a more versatile and integrated dApps with support for over dozen blockchain networks including Ethereum, Arbitrum, Avalanche, Base, Polygon and others.
Also Read: Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Revolutionizes DeFi and Banking
Data Streams
Chainlink Data Stream is a novel service offering from Chainlink that enables low-latency offchain data that can be verified onchain. This development allows developers to access on-demand high-frequency market data in their dApps that are driven by a transparent infrastructure.It uses special data oracle design that maintains trust-minimization with leveraging onchain verification.
These Data Streams will invite developers from both web3 and web3 domains to use and integrate trustworthy data. Chainlink will benefit with this launch as the intersection of traditional web development and blockchain-based development is moving further.
VRF v2
Verifiable Random Function (VRF) is a cryptographic function that takes a series of inputs, computes them, and produces an output along with proof of authenticity that can be verified by anyone. Chainlink’s customized VRFs have become an industry standard solution for smart contracts and off-chain systems that require security, transparency, and provably fair source of randomness.
The recent launch of Chainlink VRF v2 offers smart contract developers an even better randomness solution, providing an easier way to configure and scale randomness requests while reducing request transaction costs by up to 60%. This solution could be used in a variety of applications like gaming, DeFi protocols, and other.
All these developments demonstrate that Chainlink has potential to expand its reach and impact further in the DeFi ecosystem.
LINK Price Predictions For 2024 & 2025
LINK is currently trading near $13.5 which is up over 105% since the past year. These staggering gains are recorded coinciding with the price uptrend in Bitcoin and overall bullish momentum in the cryptocurrency market.
However, LINK is Still over 300% away from it’s all-time high of $53 recorded in May 2021. It is at the support range with its every correlation to the current market. Followings are the LINK price charts paired to USD, BTC and ETH which all suggests bullish uptrend for the next price movement.
Chainlink Price (LINK-USD)
The LINK-USD is currently trading around $16.5, according to market data from TradingView. It has been testing and consolidating between $12 to $20 since late 2023 while entering a zone to retest past highs of October 2021 in the next few months. Although the all-time high of $52.9 is still far away and LINK is expected to approach a new high somewhere around early 2025.
LINK-BTC
The LINK-BTC is currently fumbling near its lowest support after retesting the 2022 high twice in the past months. The possible retesting is expected in the next months and if LINK outpasses this range, it will probably try to reclaim the 2021 range.
LINK-ETH
Similar to LINK-BTC, the LINK-ETH is also at the lowest support with it retested the 2020 high in the past few months. The possible reaccumulation of this high will lead to test 0.008 to 0.013 zone and later the 2021 highs in 2025.
LINK has been considered a major Altcoin that has vast utility in the DeFi ecosystem. While the revamp of Chainlink has brought a wide opportunity for LINK price to grow, it is expected to march towards all-time high of $53 in coming months. The possible acceleration in LINK price could be fueled by Chainlink’s increasing service expansion alongside anticipation around the upcoming Altcoin season.
