- 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.
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