- Chainlink (LINK) has received a very positive price target from market analyst, Michaël van de Poppe.
- The positivity surrounding the oracle provider is fueled by DeFi and smart contract embrace.
Looking at the spike in Chainlink’s (LINK) network activity, it is believed that the innovative oracle network that connects smart contracts to real-world data is inching towards a bull run. More recently, Chainlink had a 10% jump in its network address activities which was an indication of increased user engagement and on-chain activity. Also, the value of its bid-ask volume has shown that the demand for LINK in the marketplace far outweighs the supply.
Crypto analyst Michaël van de Poppe has also predicted a bull sentiment for the decentralized oracle network amongst many others. According to Poppe, his upside target for LINK is around $18 and $22.
This heightened interest has been reflected in the market price of the altcoin as the past few weeks have seen significant growth in LINK price.
The token has experienced up to 26% increase in the past week compared to when the price dipped. At the time of this writing, LINK was trading at $6.21, showing a 0.52% increase in the last 24 hours. This applaudable upsurge is a clear indication of increased investors’ interest and it may as well mark the close of a bear season for LINK.
DeFi Bloom Promotes Chainlink (LINK) Price and Network Activity
While this uptrend could be attributed to several factors including the recent application for a spot Bitcoin (BTC) Exchange Traded Fund (ETF) by renowned investment asset management firm BlackRock which led to renewed hope in the broad crypto industry, it is worth noting that the Decentralized Finance (DeFi) ecosystem is currently flourishing significantly. This bloom in the DeFi space is playing a key role in LINK’s bull tendencies.
In what could be regarded as a mutually-beneficial situation, DeFi platforms are pushing to integrate real-life data into their smart contracts and Chainlink oracles are an essential part of this integration process. Hence, a continued expansion of the DeFi ecosystem would translate into a proportionally increased demand for Chainlink oracle services. This alliance has improved LINK usage, apart from improving the market price and the trend is likely to continue.
Chainlink’s partnerships and ongoing developments could be another ingredient for the recent skyrocketing network activity. The higher the rate of adoption of the platform’s technology, the higher the tendency of Chainlink’s dynamism growth. This would also reflect in its on-chain metrics and then, the price of the token. The Call of Duty team recently announced plans to integrate Chainlink-powered Non-fungible tokens (NFTs) as part of its decision to change its existing digital ownership.
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Leveraged strategies protocol offering zero borrowing costs known as Stella has completed the incorporation of the Chainlink Price Feeds on the Arbitrum mainnet.
Noteworthy, Poppe believes that if the Securities and Exchange Commission (SEC) approves a spot BTC ETF, the decision could drive the entire crypto industry into new bullish territories.
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