Chainlink has rallied by 15% today, taking LINK close to the $35 price point
Chainlink (LINK) has managed a 15% Monday morning pump, with the $35 price point now coming into view. LINK has now broken out of a months-long consolidation band beneath $30, and looks set to revisit prices not seen since May’s market-wide crypto crash. Persistent interest could lead to an exponential rally, if the current vertical price gradient is anything to go by.
Read on for more information on Chainlink, as well as links to the best spots to buy LINK.
How & where to buy Chainlink in the UK and elsewhere
Chainlink can be purchased from a huge range of platforms online. Regulated crypto exchanges and brokers are everywhere these days, so we’ve shortlisted two of the most reliable below to help you get started. Sign up and verify an account before making a deposit, and you can begin trading as soon as the funds arrive in your account.
Avoid unregulated platforms—including decentralised exchanges—if you’re not comfortable trading. These platforms are best reserved for advanced users, as they are unregulated and are not accountable to the same standards as licensed platforms.
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.
What is Chainlink?
Chainlink is a very special type of cryptocurrency project, and is referred to as an “oracle”. This means that the Chainlink network essentially acts as an intermediary between other blockchains (for example, the Ethereum blockchain) and off-chain data, such as price feeds. The decentralised nature of Chainlink means that the data it provides is difficult to interfere with, and this makes Chainlink’s data feeds highly secure and reliable in comparison to centralised oracles, which are vulnerable to single points of failure.
Chainlink has proven to be instrumental in the operation of several highly successful dApps (decentralised applications), including leading decentralised finance protocols such as Aave. Price data fed in via Chainlink is the backbone of these applications, and their function relies heavily on the validity of this data.
Should I buy LINK today?
Chainlink has marshalled a dedicated army of supporters, who call themselves the “Link Marines”, and this is perhaps no surprise given the obvious practical applications that Chainlink has already proven itself to be worthy of. LINK managed a huge rally back in May, and prospective investors may be interested to know that today’s price has not been seen since before the crash. This could be a sign of good things to come.
Several analysts in the field have forecast a $100+ price point for Chainlink by the end of 2021, so now could very well be an excellent time to buy LINK.