The Chainlink price had a mixed 2021. Initially, the LINK price jumped to an all-time high of $54 and then tumbled by 75% between May and July. The coin is trading at $23, which is about 54% above the lowest level in November. Its ranking has also dropped from being a top 10 cryptocurrency to the current 20.
LINK 2021 review
Chainlink is a popular blockchain project among developers. It is a different smart contract platform like Ethereum and Solana in that developers don’t use it to build applications.
Instead, developers use Chainlink’s smart oracles to link external data to their blockchain projects. Some of the best-known data used by developers are known as price feeds. Today, some of the best-know platforms using Chainlink are in the Decentralized Finance (DeFi) industry.
Fundamentally, 2021 was a good year for Chainlink as more developers used its tools to optimize their apps. Some of those developers that partnered with the platform are Portal, KuCoin, IoTex, and Floki Inu, among others. This trend will likely continue in 2022.
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Another key development in 2021 was the launch of Chainlink Keepers mainnet that happened in August. Developers can use this duct to execute limit orders on DEXes, mint tokens when reserves increase, harvest yield from vaults, and rebalance on-chain trading and yield farming strategies. Keepers does that by connecting off-chain computations between on-chain and off-chain environments.
The Chainlink price also rose recently after the latest addition to the team. The developers announced that former Google CEO and Chairman will join the board. This was an important statement because of Eric Schmidt’s experience and connections in the technology sector.
Most importantly, transactions within Chainlink’s network jumped to more than $75 billion. This made it the second most value-securing form of decentralized consensus in the DeFi ecosystem.
Chainlink price prediction
The daily chart shows that the LINK price has made a rebound in the past few days. The coin has managed to move above the key resistance level at $20.7, which was the lowest level on September 22nd. It has moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved from the oversold level.
Therefore, the Chainlink price will likely keep rising as bulls target the next key resistance level at $25. This view will be invalidated if the price drops below the key support at $20.73.
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