• Chainlink price has rallied nearly 14% over the past week, and the altcoin’s total value secured climbed higher. 
  • From $7 billion in early 2021, Chainlink’s total value secured has crossed $58 billion. 
  • Analysts are bullish on Chainlink price trend, predict next overhead resistance at $18 and set a target at $19. 

Chainlink price has posted double-digit growth over the past week. Proponents note a significant rise in the total value secured by LINK, an increase of 800% within a year. Experts fear market saturation could hinder Chainlink’s growth prospects. 

Chainlink price makes comeback above $17

Chainlink price has crossed the $17 level and offered investors 14% gains over the past week. The provider of real-world data to dApps and smart contracts has picked up the pace in its partnerships over the past year. 

Total value secured (TVS) is a metric used to measure the value of dApps and smart contracts that the network secures. The expansion of Chainlink’s use cases and its rising adoption is the result of the spike in TVS from $7 billion at the beginning of 2021 to $58 billion in 2022. 

Proponents believe a nearly 800% rise in TVS should have reflected higher growth in Chainlink’s price and market capitalization. However, the disparity between the market cap and the TVS of the platform could pose challenges for its growth and expansion efforts in the long term. 

David Duong, Coinbase’s head of institutional research, was quoted,

Market saturation may limit the platform’s future growth prospects, potential dilution of LINK’s circulating supply is uncertain, and imbalances pertaining to dApp demand, node operator fees and operating costs contribute to selling pressure.

Analysts have evaluated the Chainlink price trend and predicted a continuation of the altcoin’s uptrend. @venturefounder, a crypto analyst and trader, believes Chainlink has finally bottomed against Ethereum and believes the altcoin is currently in the buy zone. 

The altcoin’s price has crossed the 50-day Simple Moving Average and the red Ichimoku cloud is shrinking. Analysts at ChartsLink predict a rally in Chainlink price as well.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves.

More Bitcoin News

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic (ETC) saw the headwinds that triggered the massive sell-off of 2022 fade a bit to the background in the first weeks of 2023. That resulted in bulls returning to life after a hibernation of almost five consecutive straight months.

More Ethereum Classic News

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple, the cross-border remittance giant is likely to win its legal battle against US financial regulator, the Securities and Exchange Commission (SEC) according to crypto proponent John Deaton.

More Ripple News

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

Shiba Inu holders who acquired SHIB more than 11 months ago are holding onto their tokens. These holders have refrained from selling their SHIB holdings since December 2021.

More Shiba Inu News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP