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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 recent uptrend
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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. 

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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.

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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. 

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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.

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Tabasum

With over 6 years of experience in the digital marketing landscape, She has honed her expertise in executing high-impact SEO strategies, content optimization, link building, and leveraging data analysis to enhance online visibility and drive substantial revenue growth. As an EX- SEO Analyst at Coinpedia.org with a Bachelors degree in Computer Science and Engineering she excels in tailoring SEO strategies to meet the unique needs of any project, consistently turning challenges into opportunities to maximize outcomes.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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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