Investors Rally to Defend Chainlink (LINK) Amid Lacking Positive Price Action

10 months ago 4

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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 Claim Chainlink Holds Long-Term Value

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.

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

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.