Now selling at $22.53 as of this writing, underdog crypto Chainlink [LINK/USD] is considered a volatile investment that could be headed for a price spike. On May 10th, the crypto was sitting at almost double its current value at $48.61. It didn’t stay there for long, though, dropping down to about its current sell price eight days later.
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Since then, Chainlink has gone up and down, staying close to the $25 mark. It could be headed for a turnaround very soon, as indications show that its volatility is settling down.
Chainlink works as a bridge between blockchain and outside forces that influence cryptocurrency. LINK is the cryptocurrency coin that serves as the proprietary currency on the Chainlink network. This decentralized oracle network provides information for blockchain users about external influences on blockchain.
It offers real-world utility by feeding and information about credit cards, fiat currencies, weather, and more that can affect cryptocurrency prices. It is a powerful analytical tool that is LINK’s support structure, keeping it afloat in a very competitive cryptocurrency market.
This is why many analysts see Chainlink as a long-term investment. It is definitely one to watch, as its trading volume has increased exponentially recently. More investors in the mainstream have started picking up on this crypto coin, and its trade volume has almost doubled in the last 24 hours, as of this writing. Chainlink is currently ranked #14 among all cryptocurrencies and has only reached 43% of its max market supply of coins.
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