Chainlink (LINK), an oracle service provider, has lately been the choice of traders in the crypto market while Bitcoin has remained steady for the last few weeks.
LINK has been trading in the $6-8 price range where some have already dubbed it as the accumulation zone. Traders have been making a move on Chainlink's popularizing social dominance as asserted by Santiment. As per the on-chain data provider:
#Chainlink‘s market cap dropped ~5% Friday before bouncing just as the day’s trading (UTC time) closed. Three social dominance spikes appeared for $LINK, indicating traders were making moves. The latest occurred just as the price began rising again.
Analysts’ Thoughts on Chainlink
The popular crypto analyst and founder of Into The Cryptoverse (ITC), Benjamin Cowen, boldly shared that Chainlink will outperform Bitcoin. He then continued that LINK is currently in the accumulation phase in this bear market and will outperform expectations once the bull market commences once again.
Moreover, the fundamental developments happening in the Chainlink ecosystem are of great importance, making it the top choice for several projects to secure data sharing and enable smart contracts.
Chainlink recently partnered with SWIFT, the world’s largest interbank payments system, to provide price feeds for testing cross-chain applications. According to Cowen,
Chainlink sort of acts as a backbone for a lot of cryptocurrencies. One of the reasons why I think it hasn’t done as well recently, obviously, is not necessarily because Chainlink isn’t a great project it’s more so just because of the overall market risk and the fact that we are in fact in a bear market, but I do think the fundamentals of Chainlink shine through a bit better in the bear market than they sometimes do in the bull market.
DonAlt, another popular trader, also gave out his statements of bias on LINK saying the altcoin usually outperforms during the bear market. During his recent interview, he added:
If you think back in 2018, 2019, 2020, we had LINK outperform the entire market. LINK was going up, and I think that’s a good narrative to follow and it’s been outperforming in the last few weeks… I think LINK could have another run.