2020 seems best for chainlink, also consistent development in crypto currency community belief and social media presence.
Additional statistics states a record high of Twitter, also Chainlink seems one of the best performing cryptocurrencies in 2020.
Social media followers of the project are continuously rising, as stated by market data and research firm CryptoCompare.
“LINK has been one of the standout altcoin performers of 2020 and seems to be going from strength to strength. Its social media followers seem to be growing in tandem as it gains popularity.”
Social media is not a formal way to measure a cryptocurrency’s trend. But it could reflect a strengthening community and expanding market sentiment. Similarly Bitcoin’s Tweet Dominance remains satisfactorily above LINK’s at 41.5% to just over 5%, respectively.
With a new partnership chainlink steps ahead. DeFi growth
The community’s sentiment around Chainlink seems to be increasing just because of two factors, new partnerships and the growth of Decentralized Finance, or DeFi.
Chainlink, which furnishes oracles via smart contracts, which is primarily used by DeFi protocols. Oracles provide real-time market data and DeFi strategies that to be needed for implementing ment oracles to utilize seamlessly.
Use of existing oracle service providers or building their own oracles. The latter is more compelling because it saves costs for projects, two options being provided by Defi. DeFi protocols like Aave and Synthetix are working with Chainlink.
Aave CEO Stani Kulechov stated that
“I think part of composability is that you don’t have to build everything by yourself. Chainlink’s oracle is very good, and it’s part of this whole composability idea, it’s vital.”
Gleb Dudka, Analyst at T-Systems MMS stated that “You could even say duty as a telecom company to be a public blockchain network infrastructure provider, ”
“Chainlink oracles bring greater market coverage to DeFi applications on Binance Smart Chain by retrieving price data from data aggregators, which aggregate prices from all centralized and decentralized exchanges.”
In the short-term, Michael van de Poppe, told LINK could pull back after a rejection.
“And rejected at $8. Might be on a slight support now, otherwise, we’re going to test the lows around $7.15 again,” he noted.
The market seems to be short-term cautious and medium-term positive, based on strong fundamentals, rapid DeFi growth, and high-profile partnerships.