- Crypto analyst believes Chainlink is a top three cryptocurrency and Cross Chain Interoperability Protocol (CCIP) is the global standard.
- Chainlink has a big head start over other cryptocurrencies and altcoins, with its massive adoption.
- Chainlink price could revisit its August high of $9.52, the sentiment among analysts is bullish.
Chainlink is one of the top three altcoins according to proponents and analysts who evaluated the altcoin and its Cross Chain Interoperability Protocol (CCIP). Jon Melillo, a crypto analyst and trader revealed his bullish outlook on Chainlink.
Also read: Analyst predicts massive crypto breakout by midweek in Bitcoin and Ethereum
Chainlink traders make a move, LINK ranks as top purchased coin
Chainlink price is trading between $6 to $8 and analysts believe the altcoin is in the accumulation zone. Based on data from Santiment, an on-chain data provider, Chainlink’s social dominance, a measure of the altcoin’s popularity among traders has climbed considerably.
Chainlink’s social dominance
Benjamin Cowen, a leading analyst and the founder of Into TheCryptoverse (ITC) stated that Chainlink could outperform Bitcoin. Cowen believes Chainlink is currently in the accumulation phase and the altcoin could outperform once the bull market resumes.
Part of the reason analysts are so bullish is that Chainlink is a top choice among analysts and developers to enable smart contracts and secure data sharing. Jon Melillo, crypto analyst and trader believes Chainlink CCIP will create a global open source standard that will allow blockchains to interoperate with each other. In this way smart contracts, programmed procedures, from different blockchains will be able to send commands to each other and enable the movement of tokens between chains. CCIP gives developers the ability to generate a smart contract on Ethereum, use defi protocols on other chains, and send a payment on a hyperledger payment system.
Analysts believe Chainlink price could hit August high
Analysts at AMBCrypto evaluated the Chainlink price trend and predicted a run up to the altcoin’s August high of $9.52. Chainlink could witness more volatility than usual in the ongoing bear market, compared to the rather calm sideways movement witnessed by LINK’s price in July.
LINK/USD price chart
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.
Recommended Content
Editors’ Picks
Kraken to launch US-listed stock and ETF trading services after $30 million SEC settlement
/definition-of-etf-21007500_XtraSmall.jpg)
Kraken has indicated plans to diversify, with intentions to leverage the first-mover advantage towards ETF. Meanwhile, the crypto markets continue to appeal to the US SEC for a nod amid a long pile of applications already on the financial regulator’s desk.
Ethereum Futures ETF to roll out by first week of October: Bloomberg ETF analyst

While spot Bitcoin Exchange Traded Funds (ETFs) approval has been a matter of controversy in the United States, Ethereum Futures ETFs' might not be. The Securities and Exchange Commission (SEC) is most likely to approve the trading of ETH ETFs in the next seven days.
Chainlink price might face a correction before it can climb back to 2023 highs

Chainlink price has performed exceptionally over the past couple of days, making room for profits for investors. However, further gains from here on would warrant a market cooldown before the rally can continue.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: BTC, ETH, XRP at catch 22 moment

Bitcoin (BTC) price is trying to lead the rest of the market into recovery. However, it faces a key obstacle, same case for Ethereum (ETH) and Ripple (XRP) positioning the top three cryptocurrencies in a muddle.
Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.