- Crypto analyst Aaron Arnold says Chainlink is among the projects with huge potential going forward.
- The total value guaranteed in the protocol has exceeded $ 76 billion
- Address growth and token accumulation are key indicators of potential growth
In a broad analysis of several prominent altcoins with the most future potential, the analyst believes that growth within the Oracle protocol ecosystem could catalyze massive price gains for the LINK token.
In addition to Chainlink, Aaron is bullish on Crypto.com (CRO), Injective Protocol (INJ), Sandbox (SAND) and Binance Coin (BNB). He notes that these altcoins are on a roll in terms of network growth, with a new edge for the crypto market that could catapult them to new heights.
Chainlink (LINK) is undervalued
Chainlink’s price has fallen nearly 20% over the past seven days and is currently trading around $ 28.31. According to CoinGecko, the token has crashed nearly 47% since it hit an all-time high of $ 52.70 on May 10 of this year.
When it comes to intraday action, LINK is trying to get rid of the bears with a 2% rise, although the overall picture is tempered by declines in the crypto market.
Despite this, Arnold says Chainlink has the potential to see sustained price growth. In a YouTube video posted on November 18, the analyst notes that it would be wrong to write off LINK.
“I don’t think Chainlink is going to be gone anytime soon, especially when you take a look at the ecosystem,” he said.
The analyst claims that the 16th-ranked $ 13 billion project saw monumental growth in the third quarter and ranks well above most projects in the same industry of protocols based on the blockchain.
#Chain link saw unprecedented adoption in the third quarter of this year.
With over 250 new projects now #PoweredByChainlink—From the best dApps to data providers, node operators and enterprises — the #blockchain the ecosystem realizes the power of oracles to unlock smart contract innovation. pic.twitter.com/4DjyJS45kV
– Chainlink – Official channel (@chainlink) November 11, 2021
On November 15, LINK was trading around $ 34 against the US dollar, and on-chain data tracker Santiment revealed that LINK whales took advantage of a drop in prices to dramatically increase their holdings.
🔗 There are currently 64 addresses that hold between 1M and 10M $ LINK. In the last 4 days alone, these whale wallets have added 1.89% of the #Chain link provide their cumulative bags. They now represent up to 18.01% of the total supply, a new #AllTimeHigh tenuous. https://t.co/8xnV848Y5Z pic.twitter.com/y5QtZRDoz0
– Santiment (@santimentfeed) November 15, 2021
Arnold views the chain statistics as indicative of broader growth for Chainlink. He says:
“If you look at wallets by amount, whether you are a minnow, starfish, or whale, the accumulation and distribution of Chainlink continues to increase.. “
So where does Arnold see Chainlink going in the future? At the top, he suggests pointing to the recent growth in the cryptocurrency ecosystem as an indicator that the native LINK token is undervalued.