Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Chainlink‘s (CRYPTO: LINK) increasing real-world applications prompted bullish investor outlooks for the token, despite a lacklustre trading performance over the last month.
What Happened: Chainlink Functions, a product of Chainlink, announced on April 10 that it has gone live on Base, a fast and highly-scalable Layer-2 blockchain incubated by Coinbase and secured by Ethereum. Base developers can now leverage Chainlink Functions within their applications on-demand.
In late March, the Australia and New Zealand (ANZ) Banking Group partnered with Chainlink Labs to connect Avalanche and Ethereum blockchain networks for on-chain settlement solutions.
ANZ used an interoperability solution provided by Chainlink called the cross-chain interoperability protocol (CCIP), enabling it to demonstrate how clients will be able to access, trade, and seamlessly settle tokenized assets across networks in different currencies.
In late March, the Australia and New Zealand (ANZ) Banking Group alongside Chainlink Labs joined hands to connect Avalanche and Ethereum blockchain networks for on-chain settlement solutions.
ANZ used an interoperability solution provided by Chainlink called the cross-chain interoperability protocol (CCIP) enabling it to show how clients will be able to access, trade, and seamlessly settle tokenized assets across networks in different currencies.
Also Read: Chainlink Pops 13%: ‘Primed For Further Gains,’ Says Crypto Analyst, But ‘Significant Resistance Level At $20’
Why It Matters: Despite a monthly drop of 13%, 57% of Chainlink holders remain in profit, while 74% have held the asset for more than a year. Only 23% of holders have held the token for one to twelve months. On April 8, transactions greater than $100,000 peaked at 233, up from 125 transactions on April 7.
In mid-February, Chainlink’s market capitalization chased Dogecoin after an intense period of whale acquisition, with whales using 55 different wallets to accumulate a total of 4.56 million LINK tokens.
Sam Price, a full-time trader and host of widely-followed YouTube show CryptoLifer, stated in an X (formerly Twitter) post that he had invested $100,000 in Chainlink around three weeks ago. He reiterated Kyle Chassé’s April 9 tweet, which highlighted that LINK is highly undervalued and added that “when CCIP goes live, everyone will realize” the real worth of the token.
Heavily-followed trader Cephii does not see a very bullish pattern for Chainlink but states that it is “less risky” compared to the last times it was at $17. He adds, “There are so many more competing narratives for all alts.”
Another popular crypto trader, Michaël van de Poppe, expressed a bullish sentiment in a tweet, stating,
$LINK is currently, again, an opportunity of a lifetime. pic.twitter.com/GtR1xQiwKQ— Michaël van de Poppe (@CryptoMichNL) April 10, 2024
Price Action: At the time of writing, Chainlink is trading at $17.32, down 1.7% on the day and 18.1% month-over-month.
What’s Next: The influence of altcoins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Crypto Analyst Michael Van De Poppe Shares ‘Plan To Make Millions In Crypto’ Throughout 2024
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