Chainlink token has become the most favored coin among Ethereum holders

In just 24 hours, the trading volume of Chainlink token among holders of the largest-capitalized altcoin surpassed $2 million.

According to WhaleStats, the Chainlink token has become the most favored cryptocurrency among significant part of Ethereum holders. The daily trade volumes of the Chainlink token among the thousand top Ethereum holders exceeded $2 million, according to the analytics website. Other popular cryptocurrencies, such as Shiba Inu, were overtaken by the coin.

Large holders have acquired a fifth of Chainlink’s total supply, it was disclosed in late October. “Whales” have been busily buying up the cryptocurrency for the past four months.

What exactly is Chainlink?

Chainlink is the first decentralized oracle network for blockchain and smart contracts, using the Swift payment system as one of its partners. Grayscale, an investment fund, has the coin in its portfolio.

Chainlink is an oracle technology that enables other blockchains to safely accept and validate information from external data providers. Chainlink can turn data from a variety of sources into smart contracts. Chainlink has the advantage of being entirely decentralized, which means that data is validated by all nodes in the network before it reaches the end user.

Chainlink does not have its own blockchain, and the LINK system’s internal token is built on the Ethereum blockchain and follows the ERC-20 standard. The total number of tokens issued by Chainlink is limited to 1 billion. During the ICO in 2017, 35% of them were issued to users (initial sale of tokens). The business that created Chainlink owns another 300 million tokens.

Chainlink tokens were worth roughly $0.11 at the time of the ICO, which took place on September 18, 2017. The altcoin’s price has surged 27,172 percent in four years. Chainlink is now selling at $30 as of October 22. The token hit an all-time high of $52.7 in May of this year (up 47,809 percent in four years).

What makes Chainlink so promising?

According to Currency.com crypto exchange financial analyst Mikhail Karkhalev, Chainlink is one of the most promising enterprises in the cryptocurrency sector. He claims that the project has been actively developing, gathering partners, and integrating into the decentralized finance (DeFi) industry since its start.

“Chainlink has weathered the test of time and has proven to be beneficial to the industry,” said the analyst.

Nikita Soshnikov, director of the cryptocurrency exchange firm Alfacash, adding that Chainlink has a reputation as a reliable financial asset. This, he said, is due to the fact that the project is one of the few to have made it through the cryptowinter.

“Most market participants are certain that the project would fail in the near future,” the analyst said.

What can you anticipate from the token?

According to Karkhalev, the main support range for Chainlink right now is $22.5-25. According to him, the token is profitable to buy at this price, with a potential for growth to $50-55.

“Chainlink stands out among many coins because of its consistent and methodical growth. I’m not sure if it will be able to reach the historical high of $55 in this growth cycle, but the odds of it happening in the future are quite strong,” the expert noted.

At $28, Chainlink has already defied resistance, according to Soshnikov. According to his prediction, the token might rise to $32-35 in the following two weeks. According to the expert, altcoin’s price will continue to rise if it can consolidate over $32.