Key Insights
- Chainlink’s price has been on a downtrend recently, despite strong underlying fundamentals.
- Chainlink’s Cross-Chain Interoperability Protocol (CCIP) revenue has exploded by 180% in the last two months.
- This CCIP growth suggests massive adoption of LINK’s protocol.
- Technical analysis predicts a potential rally for LINK’s price due to these strong fundamentals.
- Price targets for LINK could be anywhere between $32.6 and $50 in the future.
LINK’s price has been down over the last few weeks, especially since the cryptocurrency broke through the $20 resistance to the upside.
However, there is one metric that shows that LINK is being used massively, and could be about to perform massively in the incoming bull run.
This metric is known as the Cross Chain Interoperability Protocol (CCIP).
Chainlink’s CCIP has been growing massively since its launch in July 2013 and has been on a steady rise as of late.
A Financial Leap Forward
According to data highlighted by LinkPool in this tweet, in just two months, the CCIP revenue for LINK has exploded to the upside by around 180%.
Even more interesting is how in January this year, this metric sat at around $61,000. At the time of writing, the figure has more than doubled to an impressive $171,000 in the first half of March alone.
This surge has pushed the total CCIP revenue for LINK to around $377,724, as shown by this Dune Analytics dashboard:
As for what this means for Chainlink as a protocol, and for the price of $LINK, commentators like “Satoshi Flipper†have highlighted the “massive adoption†that LINK is experiencing, and even predicted $LINK rallying to $200.
But What Does This Mean For Chainlink?
LINK is currently experiencing some bearish pressure, along with the rest of the market.
Data from CoinMarketCap shows that the cryptocurrency is down by about 10.5% over the last day, with a current price of around $19.3.
According to the charts, LINK broke above the $17.46 resistance in early February and managed to hit a high of $22.8, after consolidating for the whole month.
The charts show that the bears have refused to let LINK pass from here, and have successfully pulled the cryptocurrency into a reversal.
From the looks of things, we might see a further decline on LINK and a retest of the $17.46 support.
However, this support seems relatively strong and is unlikely to be broken to the underside. Moreover, the RSI on the daily chart shows relatively neutral readings, suggesting a balanced market.
If we see Chainlink rebound from here, the price targets for the cryptocurrency could be anywhere between $32.6 and $50.
Overall, Chainlink’s CCIP growth shows the potential of LINK’s protocol as it continues to evolve and integrate with various networks and platforms.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
