Chainlink Price Surges As It Regained Strong Threshold: Analysis

Chainlink price surges as it regained some strong threshold sentiment and LINK reached the $23 level in the early hours to start the week as we are reading more in the latest Chainlink news today.

Blockchain data oracle Chainlink’s Token LINK gained positive traction since the local lows at $17.33 in the middle of December. The token was in some positive action over the past two weeks despite the negative market sentiment towards Link in October as per the data from market analyst company Santiment. Chainlink’s LINK is set at 18^th place by market cap and it is trading at $23.37 at the moment of writing that is above the critical threshold at $23 of up to 26 percent since the bottom a few days ago.

2/ Check out the $SOS performance data. @opendaoprotocol the market cap surpassed $226m, with more than 265k addresses claimed the token. pic.twitter.com/jZ0mYm1zCU

— TokenInsight (@TokenInsight) December 27, 2021

Three possible forces behind the surge could be that the former Google CEO, Eric Schmidt joined the company’s team as a new advisor and also announced earlier this month, Chainlink and the Internet of Things blockchain IoTeX partnered with the effort to advance real-world connectivity and to enable creators to build their ideas and to combat complex problems that are impossible to solve in the past. Ethereum-based liquid staking solution Lido also announced the integration of Chainlink Price Feeds which enables its users to stake Ether on the Etheruem 2.0 proof of stake chain without the need to stake the 32 Ether that is often demanded by the protocol.

LINK reached the all-time high of $52.70 on the 10^th of May in 2021 which then went south by 55.7%. The chainlink price surges as the leading blockchain data oracle by market share and provides off-chain data to the on-chain services which are quite important for blockchains that are unable to fetch the data from outside the blockchain.
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The oracles are collecting data like real-time price feeds from the exchanges from plenty of sources in a decentralized manner and to provide APIs for the developers o integrate the data feeds to on-chain decentralized applications.

$UST marketcap is now $10B, the first decentralized stablecoin to achieve this milestone.

There is no more doubt in the product market fit of decentralized money in decentralized economies.

Long live @terra_money pic.twitter.com/f59ItpkgnJ

— Do Kwon 🌕 (@stablekwon) December 26, 2021

As recently reported, Chainlink partners with IOTEX to enable developers to build on the latter’s blockchain platform and smart contract applications with access to real-world data and off-chain computation. IOTEX will integrate the Chainlink decentralized oracle technology onto the blockchain network. Both of the projects made huge progress in bringing valuable and reliable data from the blockchain space and applying it to the real-world use case so pairing it with the historical data with IOTEX’s real-world data in real-time is what makes the projects powerful duo.