Analysts expect Chainlink to retest $35 as LINK gears up for another rally


  • Chainlink resumed its downtrend after hitting a high at $36, analysts expect another leg up.
  • Analysts have predicted a trend reversal for the altcoin, LINK may hit $22 before starting an upward climb.
  • Proponents of Ethereum's Triple Halving share a bullish outlook on the altcoin.

As cryptocurrency projects are shifting towards decentralization and a multi-chain future, Chainlink offers its oracles for a smoother transition.

Upcoming developments on Chainlink system turn analysts bullish

Through its Community Grant Program, Chainlink awarded a grant to "Applied Blockchain" to build native support for one-click smart contracts on its network. 

The community resources built by the Blockchain development and services firm are likely to save developers significant time and resources when building Web3 applications by giving them thoroughly tested one-click templates for deploying smart contracts. This development is expected to attract more smart contracts to the Chainlink ecosystem that is rife with partnerships. 

The increasing utility of the Chainlink network boosts the demand for its native altcoin, the Ethereum-rival LINK. 

Though there is an ongoing debate on the relevance of oracles and a lack of real gap that it fills, it pushes smart contracts to their full potential by allowing them to execute using off-chain data. Oracles propose end-to-end decentralization, a challenge affecting most smart contract networks and projects. 

Based on the developments and upgrades in the Chainlink ecosystem, analysts have a bullish outlook on altcoin for the current cycle. 

Michaël van de Poppe, CEO and Founder of Eight Global, has predicted that LINK will hit $250 to $300 in the ongoing cycle. 

A proponent of Ethereum's Triple Halving narrative, @SquishChaos, Nikhil Shamapant, recently asked his followers for recommendations on Chainlink's oracles. Shamapant made his stand on Chainlink clear, stating that he is not bearish on the Ethereum-rival. 

FXStreet analysts expect the altcoin to test $35 as the altcoin bounces off the key support level.

 

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