LINK price at make-or-break point as Chainlink aims to secure $2.27 trillion crypto economy

Staking could play a small role in Chainlink’s valuation in the long-term. Analysts are bullish on the decentralized oracles token as the network’s rising utility and partnerships could have a higher impact on prices. 

Chainlink’s partnerships and integrations fuel bullish narrative in LINK price

Chainlink provides reliable tamper-proof inputs and outputs to smart contracts on blockchains. The altcoin powers execution of blockchain programs with pre-determined conditions in a secure manner increases the utility of the network. Ethereum Triple Halving author Nikhil Shamapant is of the opinion that this blockchain  is capable of securing the entire crypto economy by itself. 

The decentralized oracles network is partnered with $80 billion worth of smart contracts, working with dApps to ensure the security of price feeds and offer secure minting of NFTs. 

Chainlink’s target is to secure the world economy

Shamapant believes that in the hypothetical scenario of a $100 trillion world economy being secured entirely by Chainlink, only a fraction of the asset’s current market capitalization needs to be staked. 

Further, Shamapant explains that Chainlink network’s valuation is based on its utility and integration rather than a supply squeeze through staking. In the event of a supply squeeze, there is a drop in circulating LINK tokens, driving prices higher. 

This phenomenon is currently observed on the Ethereum network. A combination of staking and burn implementation is driving the largest altcoin’s price higher, fueling a bullish narrative. 

Shamapant notes that staking has a small impact on Chainlink supply. The network's integrations and partnerships through which it secures complex smart contracts is expected to drive prices higher. 

Hayes5178, a pseudonymous cryptocurrency analyst in Twitter, is of the opinion that if Chainlink price breaks and holds around $24.5 as a continuation of the uptrend is likely. The analyst believes that LINK is currently undervalued, setting a $100 target for the next run-up. 

FXStreet analysts have predicted a steep correction in Chainlink price below $20.