Crypto News

Chainlink Dominates with 2.49x Daily Activity

  • Chainlink has been leading real-world asset crypto projects in the past 30 days, dominating with 2.49 times more activity than second-placed projects.
  • These developments offer Chainlink’s future as bullish, coupled with analyst predictions, despite a 5% drop in the past 7 days.

Chainlink (LINK) is emerging as a leader among real-world asset crypto projects. According to a Santiment analysis, Chainlink is dominating with 2.49 times more daily activity in development activity recorded in the past 30 days.

Chainlink is emerging as the winner in what has become a very competitive space. As CNF has highlighted, top-ranking projects such as IOTA, VeChain, Stellar Lumens, and Ripple have all entered the race. These networks are being utilized by billion-dollar companies to launch their tokenized assets.

In addition to adopting public networks, some companies have sought to build and deploy private blockchains. Regardless, it is clear that blockchain technology offers a technological leap in the real-world asset space.

Analysis of GitHub activity shows that Chainlink leads in real-world asset development. The market intelligence firm reveals that Chainlink currently produces 2.49x more daily activity than the next most active project. Synthetix comes second in the development of the RWA sector.

As CNF recently reported, Chainlink has begun exploring the next phase in facilitating real-world data in the tokenization space. Chainlink researchers looked to the available opportunities, the need for interoperability, and real-world data that could unlock the value of tokenized assets. Blockchain technology offers superior technology that allows for decentralization, transparency, and security.

Ryan Lovell, director of capital markets at Chainlink Labs, revealed that tokenization has been in research and development for years. With the space showing great potential, several initiatives are launching. Lovell stated:

We’re actively working on several exciting initiatives at the moment to enable institutions to go beyond mere token issuance, manage tokenized assets throughout their entire lifecycle, and transact across the cross-chain economy,

Chainlink (LINK) Price Outlook

Although the project has been making strides in development, its native token LINK is struggling to maintain its Q1 bullish momentum. This is the same trend observed with other altcoins after the price faltering of Bitcoin post-halving.

At the time of writing, LINK is trading for $13.41 after a 1.5% drop in the last 24 hours. This extends its weekly losses by nearly 6%. With a market cap of a little over $7.2 billion, the digital asset is ranked 18th.

Although the short-term outlook is bearish, several analysts have backed it to turn it around and post remarkable rallies.

Ali Martinez, a prominent figure in the X community, asserted that the TD Sequential indicator is signaling a buy opportunity on Chainlink’s 12-hour chart. He projected that if LINK manages to stay above the crucial resistance level of $13.87, its value could potentially surge to $15.50.

Michael van de Poppe echoed bullish sentiments, ranking LINK among the top 5 altcoins capable of delivering a 3x return against BTC with minimal risk.

Following suit, CryptoWolf included LINK in the roster of assets expected to skyrocket in the upcoming bull cycle, while SlumDOGE Millionaire touted it as one of the premier “blue chip” cryptocurrencies presently available.

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