Despite Downside Volatility Chainlink (LINK) Is Buy The Dips, Details

Bhushan Akolkar
October 16, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
​​Chainlink Price Plunges 5%: How Long Will the Bearish Trend Continue?

Oracle service provider Chainlink (LINK) has been in the news lately with a strong rally over the last month. After hitting a high of $8.13 on October 1, the LINK price has seen some downward price action.

As of press time, the Chainlink price is trading 3.52% up at $7.60 with a market cap of $4.2 billion. However, despite the recent downside volatility, the Chainlink price still trades above its macro trendline. There’s a possibility that the LINK price could come to retest the macro trendline and bounce back thereafter.

Chainlink Whale and Institutional Transactions

As per the on-chain data, Chainlink (LINK) has piqued the interest of institutional investors on October 13. On that specific date, over 20 million LINK transactions, valued at more than $50 million transacted LINK, noted on-chain analyst and trader Ali Martinez.

Such large transactions often indicate a surge in speculation surrounding a cryptocurrency. Nevertheless, it’s important to note that such increases in activity do not necessarily guarantee an immediate rise in the asset’s value.

Chainlink- The Safest Bet?

In the realm of real-world asset (RWA) tokenization, there’s a growing momentum in the crypto space, and according to a report by research firm K33 Research, Chainlink’s native token (LINK) could be the “safest choice” for investors looking to capitalize on this trend.

K33 analyst David Zimmerman stated, “If we wish to have exposure to the RWA narrative and avoid being sidelined when it takes off, LINK is the safest bet.” He highlighted that global banks and cryptocurrency platforms are already taking steps to leverage tokenization, and Chainlink has established itself as a crucial piece of infrastructure for connecting blockchains with the real world through its network of oracles and extensive partnerships. He added, “It may not be the most significant gainer, but there are few projects better positioned to benefit from this narrative.”

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.