Chainlink stock has had a bit of a negative performance over the past few months. Once a cryptocurrency in the top 10 by market capitalization, LINK has now fallen to 22nd place. However, in the next few months, Chainlink may be on the verge of creating other cryptocurrencies.
In addition to the main events, LINK’s weekly chart shows critical events. The chart reveals that the price of LINK has developed different fluctuations in the weekly RSI. The bullish divergence is indicated by the fact that the price recently fell to a new area of the zone, while the RSI did not reach a new low.
This shows that the bears are losing power and the LINK bulls are ready to dominate the market again. Finally, a bullish reversal may indicate the end of an extended decline. However, in the short term, there may be another pull for LINK. The 4-hour chart shows a bearish divergence as the price makes a new high area while the RSI makes a low, making a low. Although the market is taking a critical position in Chainlink, the gap appears to be decreasing.
Chainlink is Building on a Strong Foundation in 2023
The most exciting thing in 2023 could be the issue of Chainlink latency. Instead of constantly pushing data to the chain based on pre-defined conditions, oracle reports will be chained and added to the chain by users as and when required.
Chainlink announced this technology upgrade in early November. As Chainlink’s Community Ambassador “ChainLinkGod” wrote on Twitter, this has huge implications for dApp users and developers.
They can use technology to increase leverage, reduce transaction costs, and improve UX. Additionally, oracle reports can remain private until transactions are resolved on-chain. “Combined with the high quality of the data, it can be reduced in front of Oracle,” says the representative. This is a game-changer, especially for the proposed system, which can see a big acceptance in 2023 given the idea and the dissolution of the middle revolution in 2022, as it makes them more competitive.
LINK currency can benefit from hype and increased usage, as well as cooperation with SWIFT. As announced at the end of September 2022, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) has partnered with Chainlink to connect the global financial ecosystem with almost all blockchains.
The World Economic Forum estimates that up to 10% of global GDP will be stored and processed through distributed ledger technology by 2027, and the tokenized market could be worth up to $24 trillion by in 2027, according to a new report. If Chainlink can be part of this development alongside SWIFT, LINK bulls can quickly take over and lead to higher prices.