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Chainlink attracts big investors interest while ambassador advocates for broader vision

  • Chainlink drew investor interest during an accumulation phase lasting more than 500 days.
  • Analyst Altcoin Sherpa recommends investment strategy in Chainlink within the $5 to $7 range.
  • Chainlink ambassador advocates for a more comprehensive understanding of its decentralized network.

Chainlink (LINK) has garnered investor interest during a lengthy accumulation phase but its revenue and fees have lately taken a hit. Crypto market educator Altcoin Sherpa suggests a Dollar-Cost Averaging strategy for investment, while ChainLinkGod advocates for a broader understanding of Chainlink's capabilities.

Chainlink witnesses prolonged accumulation

Chainlink, a smart contract system built on the Ethereum blockchain, has been amassing investor interest during a prolonged accumulation phase.  Analyst Altcoin Sherpa noted on X that the LINK accumulation has spanned more than 500 days and might soon give way to an upward surge in price.

Altcoin Sherpa advised investors to consider Dollar-Cost Averaging (DCA) in their investment in Chainlink, particularly in the price range of $5 to $7. At the time of writing, LINK is slightly outside the range at a price of $7.5 after minor daily gains.

The crypto influencer also calls it a waiting game for the anticipated breakout, which could materialize around $6.80.

Crypto analyst Ali Martinez highlights that the total transaction volume by whales and institutional players has been on the rise. According to IntoTheBlock data, a combined 69% is held by large holders, including whales. Meanwhile, large LINK transactions worth $100,000 or more approached $150 million on Friday.

Large transactions
Large transactions

Chainlink projects broader long-term vision

As the investor interest grows, a prominent Chainlink Community Ambassador, ChainLinkGod, took to X to advocate for a broader understanding of Chainlink's capabilities.

He contended that referring to Chainlink simply as a "decentralized oracle network" is suboptimal as it limits its utility and falsely promotes it as a monolithic network. ChainLinkGod emphasized on Chainlink's decentralized network with a distributed architecture rather than it being a single large network.

"So really, it’s more accurate to say that Chainlink is a platform for creating Web3 services powered by decentralized oracle network infrastructure, which can provide secure access to external data, trust-minimized off-chain computation, cross-chain interoperability, and bidirectional connectivity to external systems," he added.

On Monday, Chainlink updated new platform integrations across seven chains that include Avalanche, Polygon and Ethereum.

Over the past 30 days, LINK has seen a price growth of 20%, based on Token Terminal data. However, the coin seems to be facing challenges in the longer term after achieving an all-time high  at $52.70 in May 2021.

LINK price revenue 180-day chart

While Chainlink's price is far from the record high, the revenue figures and fees also don't paint an optimistic picture, giving a mixed near-term outlook.

Author

Shraddha Sharma

With an educational background in Investment Banking and Finance, Shraddha has about four years of experience as a financial journalist, covering business, markets, and cryptocurrencies.

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