• Chainlink reported nine new adoptions across six chains.
• Metrics supported the massive weekly uptick, and indicators remained in support of the bulls.
• LINK’s price increased by over 25% in the last seven days, with its market capitalization reaching over $4.1 billion.
Chainlink Reports Nine New Adoptions
Chainlink recently reported nine new adoptions across six different chains: BNB Chain, Arbitrum, Avalanche [AVAX], Ethereum [ETH], Polygon [MATIC], and Solana [SOL]. This adoption is part of a larger trend of increasing integrations for Chainlink services that have been happening each week. These new integrations are helping to power up the multi-chain ecosystem.
LINK Price Surges By Over 25%
The news of these integrations was accompanied by a surge in LINK’s price; its value increased by over 25% in the past seven days alone. At press time, it was trading at $8.22 with a market capitalization of over $4.1 billion. What’s more, LINK ranked third on WhaleStats‘ list of cryptos held by top 500 Ethereum whales on 20 February 2021 — suggesting that whales were also buying up LINK tokens during this period.
Metrics Back Up Price Surge
The rise in LINK’s price was not unsubstantiated; metrics from CoinMarketCap suggested several factors were at play here that could have pushed its value upwards so quickly and significantly. For example, LINK’s Binance and DyDx funding rates remained consistently high — indicating demand from the futures market — while its network growth stayed up throughout the week as well as its social dominance spiking suddenly too. CryptoQuant also revealed that LINK’s net deposits on exchanges are low compared to their seven-day average — which is usually seen as bullish behaviour due to less selling pressure being applied to it currently than usual. Additionally, active addresses on Chainlink were increasing daily too — further confirming an increase in interest surrounding this token right now!
Future Predictions For LINK
These positive developments suggest that there might be more good news coming soon for those who hold or are thinking about investing in LINK tokens! The bullish sentiment is expected to remain strong into 2021–2022 according to experts like WalletInvestor’s team who predict that its price will reach around $25 by then due to continued adoption and integration across various networks worldwide. Similarly LongForecast predicts a steady climb for Link over the next two years with an estimated peak of around US$50/token at some point during 2022–2023 which could potentially be even higher depending on how things turn out!
Overall, this week has been incredibly promising for those invested or interested in investing in Link! Not only did it see a huge price surge but also numerous adoptions across various networks along with supportive metrics all pointing towards further growth ahead for this token going forward into 2022/2023 and beyond!