In a notable rebound from its previous downturn, Chainlink, a decentralized oracle network built on the Ethereum platform, has seen its native cryptocurrency, LINK, surge over 35% in the past month. The network, which facilitates secure data transfer between off-chain and on-chain systems through smart contracts, was co-founded by Sergey Nazarov and Steve Ellis in 2017.
LINK, which started with an initial coin offering (ICO) price of just $0.11, reached an all-time high of $52.88 on May 9, 2021. Despite currently trading around $12, down nearly 78% from its peak, the token has exhibited signs of revival with a significant growth of 43% in October 2023 alone.
This recent growth spurt for LINK hinted that, on the last day of October, an ascending triangle pattern on the hourly chart spotted a potential price breakout. Although LINK experienced a roughly 5% drop the subsequent day, it quickly regained momentum and crossed the $10 mark.
The current circulating supply of LINK stands at $556.8 million with a fully diluted market cap of $10.8 billion. The increasing interest in Chainlink is also reflected in Google (NASDAQ:GOOGL) Trends data, hinting at a sustained potential for future growth. For the token to achieve the investor goal of $50, it would require approximately a fivefold increase from its current value—a target that might take years to accomplish given the current market conditions.
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