Despite many assets in the cryptocurrency market currently trading in the red, Chainlink (LINK) is recording slight increases, currently standing at $7.11 and leading one crypto analyst to make optimistic claims about the decentralized finance (DeFi) token’s future.
Specifically, crypto trading expert Michaël van de Poppe seems to be bullish on the decentralized oracle network’s LINK token, indicating that now is the right time to purchase it, as he said in his tweet on September 22.
According to him:
“Chainlink between $6-8 is still an opportunity of a lifetime.”
Chainlink price analysis
Notably, Chainlink started the year bullishly – at a high of $28.1 in January, but the bears got the better of it and sunk the price by a whopping 74.8% since then.
The current price of Chainlink, which Van de Poppe considers a good opportunity to buy, is $7.11, which demonstrates an increase of 2.10% on the day, although it is still down 6.19% across the previous seven days.
The coin’s market capitalization stands at $3.46 billion, placing Chainlink in 23rd place among all cryptocurrencies according to this indicator, as per data retrieved from CoinMarketCap.
Whales show interest in Chainlink
Meanwhile, whales seem to be attracted to Chainlink, as the addresses ‘hodling’ 10,000 to 1 million LINK tokens have increased their supply by more than 3% in four months, according to the on-chain and social metrics platform Santiment, which also explained that:
“This is quite the massive increase, and it is the highest percentage of LINK held by these addresses in exactly three years.”
It is also worth noting that Chainlink previously made headlines when it announced it would not support any proof-of-work (PoW) forks of Ethereum (ETH) prior to the Merge upgrade that officially marked the network’s transition to the proof-of-stake (PoS) validation algorithm, as Finbold reported in early August.
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