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Investors Rally to Defend Chainlink (LINK) Amidst Absence of Price Surge

Investors Rally to Defend Chainlink (LINK) Amidst Absence of Price Surge

BeInCryptoBeInCrypto2024/01/08 05:10
By:By Ciaran Lyons 8 January 2024, 04:55 GMT+0000Updated by Ciaran Lyons 8 January 2024, 04:55 GMT+0000

While 2024 is being anticipated as a hot year for the cryptocurrency market, with many predicting which tokens are going to fly and see significant gains, there is one token in particular that is being defended as a potential winner in the long-term.

“I see a lot of hate on $LINK because it isn’t performing as expected. It’s always the same in crypto,” Quinten Francois states.

Typical Investor Price Mindset Hits Chainlink

Quinten Francois, a crypto commentator on X (formerly Twitter), explained the typical investor mindset toward cryptocurrencies in multiple posts to his 107,000 followers.

“1) hate on coins because they underperform 2) the coins melt faces in the bull run 3) everybody is hyped and expected it because it was so obvious.”

This comes amid Chainlink declaring on the same day that it is the standard platform for seamless transactions between capital markets and Web3. Meanwhile, the company stated that it cannot happen without a “single standard for cross-chain, data, and compute.”

Furthermore, Chainlink  launched the Cross Chain Interoperability Protocol  (CCIP) in July 2023 to enable seamless cross-chain transactions. This was one of the key launches last year, and it continues to expand CCIP to include more chains and assets:

“We will heavily prioritize CCIP to meet the demand fueled by the massive trend of capital markets moving on-chain and transitioning from proof of concept to production.” 

Investors Chainlink Price

Additionally, a user on X, known as thenewyorker.eth, emphasized the current real-world utilities provided by Chainlink, suggesting the token holds value and long-term viability.

“Also shows how short sighted most people are. Utility and fundamentals perform the best over the long term $LINK,” he stated.

Read more: How to Buy Chainlink (LINK) With a Credit Card: A Step-By-Step Guide

At the time of publication, Chainlink’s price stands at $12.85.

Investors Rally to Defend Chainlink (LINK) Amidst Absence of Price Surge image 0 Chainlink Price Chart 1 Month. Source: BeInCrypto

BeInCrypto recently reported that the  LINK price has increased since falling to a low of $4.90 in June .

It was noted that LINK failed to break out  from a long-term descending resistance trend line. However, it was finally successful in moving above it in September.

The upward movement led to a high of $16.58 in November, but it slowed down since.

However, after consolidating for just over a month, the  LINK price finally began an upward movement in late December 2023, leading to a new yearly high of $17.68.

Read more: Chainlink (LINK) Price Prediction 2023/2025/2030

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our  Terms and Conditions ,  Privacy Policy , and  Disclaimers  have been updated.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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