The latest crypto market crash highlighted the need to focus on blockchain projects that provide real-world usability. LINK is one of the few cryptocurrencies in this category thanks to a business model that provides Oracle services in the chain. But the question is: should you really invest in LINK?

A recent technical talk from chainLink provides valuable insights related to the above question. One of the key highlights of the conversation was Chainlink’s role in delivering Oracle services. This will be an essential part of enabling tokenization of assets on blockchains. The services are the decentralized on-chain equivalent of Amazon Web Services (AWS).

Invenium is one of the companies currently leveraging ChainLink’s technology to provide real-time tracking of digital assets on blockchain networks. The demand for such services will increase the need for oracle services. Chainlink happens to be one of the best crypto projects operating in this particular niche, especially as asset tokenization is becoming mainstream.

How can LINK capitalize on the growth in this segment?

LINK’s growth is directly linked to the level of demand for Chainlink’s Oracle services as it is used to pay for access to Oracle data. The growing demand for tokenization of real-world assets should contribute to LINK’s organic growth. Such an outcome will contribute to positive price performance in the medium to long term.

LINK is currently trying to recover from a strong bearish performance during the latest market crash. Dropped to $5.3 and bounced off a long-term support line. This also means that it has managed to keep its price within a long-term bearish price channel, supported by support and resistance.

Source: TradingView

LINK’s advantage over the past five days is due to its descending sell-off after it entered the RSI’s oversold zone. The MFI indicated slight accumulation, but appeared to be struggling with low buying pressure. On-chain stats reflect similar sentiments.

The supply of top exchange addresses increased from May 5 and peaked on May 12, before declining slightly. This reflects the amount of LINK being transferred to exchange wallets thanks to the FUD-induced sell-off. At the same time, supply from major non-exchange addresses has declined since May 5 as investors sold their LINK holdings. However, this statistic has not registered an increase, reflecting the low buying volume.

Source: Santiment

Buying pressure, in particular, would be about to make a comeback. The tally of whale transactions for transactions worth more than $1 million recorded significant activity in the past 24 hours. LINK’s current price outlook may be shrouded in uncertainty, but the long-term outlook is favorable for the bulls.

This post LINK set up to harness demand; Should Investors Trust Chainlink’s Oracle Services?

was published first on


Write A Comment