Chainlink Price Prediction

Chainlink (LINK) is an ERC-677 token powering Chainlink — one of the pioneering blockchain oracle projects, launched in 2017. Chainlink’s oracle solution provides universal connectivity for smart contracts by bringing off-chain data to the blockchain.Since any blockchain is a closed system, it does not allow the exchange of information with the outside world by default. At the same time, there’s a lot of demand for such data in DeFi and among the dApp developers. The alternative solutions to this problem have their shortcomings: centralized oracles can be unsafe since any of them can be a single point of failure, and building oracle functionality directly into blockchain brings scalability issues and, again, security concerns. Chainlink’s oracle doesn’t have those problems, providing a safe, fast, and scalable security layer, ready for customization and deployment. Besides the standard oracle services, Chainlink provides the randomness function for crypto games and enterprise-grade blockchain connectivity. Chainlink node operators are paid in LINK tokens, which are also used for staking.For a while after its ICO in 2017, Chainlink was trading mostly below $1. This lasted until the Chainlink mainnet launch, when the price started picking up steam, rising from ~$0.5 in April 2019 to ~$3.5 in July of the same year. This was followed by a slight downturn and a relatively calm period which lasted until the beginning of 2020, during which the price stayed in the ~$1.5-$2.5 range. After that, Chainlink’s price rose again, reaching ~$4.7 by March. Those fluctuations can probably be explained by the fact that, as the Chainlink team themselves pointed out, the interest in the oracle network security is cyclical, experiencing an influx every time the amount of dApps that use the oracle services reaches a certain number. This trend continued later, too: after a correction in the late spring of 2020,…