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Chainlink’s (LINK) price has advanced from $11.10 above $36 since the beginning of January 2021, and the current price stands around $27. The main trend of this cryptocurrency remains bullish, and for now, there is no risk of a trend reversal.
Fundamental analysis: Grayscale added Chainlink to its large-cap assets
ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Chainlink’s (LINK) price has exploded since the beginning of January, and according to some estimates, this cryptocurrency price could advance even more in the ongoing bull market.
The cryptocurrency market continues to attract institutional investors; Morgan Stanley has become the first big U.S. bank that starts to offer access to Bitcoin funds which is positive for all other cryptos.
Chainlink is one of DeFi tokens that continues to attract interest from investors, and according to the latest news, Grayscale, the world’s largest crypto investment platform, recently added Chainlink to its large-cap assets. The Grayscale investment Trust has become a major investment hub for institutional investors, while Grayscale LINK Trust will be available for investors on the platform.
This makes Chainlink the first DeFi token to be listed on Grayscale, and it is important to mention that Grayscale currently has $43 billion in assets under management.
“DeFi tokens could reach a $1 trillion market cap in the next ten years as the interest in DeFi tokens and particularly Chainlink’s technology advances. There is currently $1.5 million of LINK under the management of Grayscale already, and with the growing interest in the token, the Trust may grow very fast and increase Grayscale’s entire assets under management in no time,” said an analyst Timothy Peterson.
Technical analysis: $30 represents a strong resistance level
Chainlink (LINK) has extended its correction from the record highs registered in the third week of February, but if the price jumps again above $30 resistance, it would be a signal to buy Chainlink (LINK).
The next price target could be around $32.5 or even $35; still, if the price falls below $25 support, it would be a firm “sell” signal, and we have the open way to $20.
Summary
Chainlink is one of DeFi tokens that continues to attract interest from investors, and according to the latest news, Grayscale, the world’s largest crypto investment platform, recently added Chainlink to its large-cap assets. Chainlink (LINK) has extended its correction from the record levels registered in February, but despite this, LINK remains in a bull market, and this cryptocurrency price could advance even more in April.