Is Chainlink a good investment in 2024? Detailed Analysis

Chainlink, a decentralized blockchain oracle network built on Ethereum, has started to make headlines as the cryptocurrency has recently seen an impressive rise in its value along with healthy technicals. 

As a result, Chainlink, which aims to facilitate tamper-proof data transfer from off-chain sources to on-chain smart contracts, saw its native cryptocurrency LINK price surge by 30% in the past 7 days. 

But investors are hoping that LINK, which has an all-time high of $52.88, at least cross the $50 mark once again in 2024. Currently, the LINK crypto coin is trading at around $18 apiece. 

Chainlink Overview

• Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis, with the smart contract network formally launched in 2019.
• The network acts as a bridge between blockchain and off-chain environments.
• Chainlink’s coin LINK is an Ethereum token, compatible with the ERC-20 token standard. The maximum supply of LINK tokens is 1,000,000,000.

Chainlink Historical Data

In 2017, at the time of Chainlik’s launch, crypto markets were stagnant. At the time of its initial coin offering (ICO), Chainlink price was $0.11. A total of 350 million LINK tokens were sold at the time of its ICO. 

In the following years, the coin witnessed a consistent rise in its price. It recorded its all-time high of $52.88 on 9 May 2021, on the back of an impressive rally in the overall cryptocurrency space. But soon, it went downhill like other cryptocurrencies. Chainlink now appears to be making a slow and steady recovery. The coin has already crossed the $10 mark and was trading very close to the $12 mark, showing marginally bullish sentiment.

Will Chainlink Reach $50?

Chainlink is currently hovering around the $18 mark. For it to reach $50, it will need to grow close to 3X. If the anticipation of upcoming bull market comes to reality, Chainlink could further increase in value and eventually reach $50.

Besides, there is also a possibility that network upgrades and staking improvements increase Chainlink adoption, causing its price to rise. However, at present, it appears to be a distant future. What will happen next? Only time could tell. 

Conclusion

Chainlink has clearly started to make its recovery. There is massive room for growth in the coming times as the token is down from its all-time high. Coupled with Chainlink’s continuous efforts to form key partnerships and improvements in the tech stack, the present price rise could continue in the coming times.