As the crypto market anticipates a promising year in 2024, predictions about which tokens will surge continue. One altcoin showing a long-term uptrend is gaining attention. A seasoned analyst, Quinten Francois, shared his thoughts via social media posts, addressing the typical investor mindset towards cryptocurrencies. He noted a prevalent disdain for LINK due to its underperformance, a common sentiment in the crypto world where patience wears thin.
These comments coincided with Chainlink‘s announcement of becoming the standard platform for seamless transactions between capital markets and Web3. The company emphasized the necessity of a single standard for cross-chain, data, and computational transactions. In July 2023, Chainlink launched the Cross-Chain Interoperability Protocol (CCIP), a significant development from the previous year, with ongoing expansions to include more chains and assets. The company plans to prioritize CCIP to meet the growing demand driven by capital markets moving on-chain and transitioning from proof of concept to production.
Furthermore, an analyst known as thenewyorker.eth highlighted the real-world utilities provided by Chainlink, underscoring the token’s value and long-term viability. The analyst criticized the short-sightedness of most people, pointing out the benefits and fundamentals that position LINK for strong long-term performance.
At the time of writing, Chainlink’s price was trading at $12.85. It was noted that LINK had struggled to break out from its long-term descending resistance trend line but managed to do so in September. The upward movement peaked at $16.58 in November but slowed down thereafter. After consolidating for just over a month, LINK’s price finally began an upward trajectory in late December 2023, reaching a yearly high of $17.68.