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Cryptocurrency investors are constantly out there looking for new opportunities in the crypto/blockchain space, with the most experienced ones not focusing on current events and the current most successful projects, but those of the future.
These so-called hidden gems are believed to be all around the crypto industry, and with nearly 12,000 cryptocurrencies and new ones constantly coming out, it is fairly obvious that there is truth to that belief.
Now, the project that we are interested in today is already fairly successful and well-known, but also, still far below its full potential. The project in question is Chainlink (LINK), which could be a very good investment for the future if you consider what it aims to do, and how revolutionary its goal is.
Let’s start by quickly going through what Chainlink is all about.
Chainlink is a project that has become successful thanks to its oracle network, which was one of the first networks to allow the integration of off-chain data into smart contracts. What this means is that Chainlink’s network can harness the data from the real world and bring it to the blockchain. This seems like a simple matter, but in reality, it is a revolutionary concept that is still being explored.
Connecting off-chain data and on-chain smart contracts is not as easy as it sounds, but it has massive applications. For example, smart contracts are currently utilized for a number of purposes, such as creating decentralized applications, decentralized exchanges, various DeFi protocols, stablecoins, and more.
They can also be used as business contracts, as they are transparent, immutable, self-executing, and they don’t require trust nor any kind of the third party. What they lacked is a constant stream of real-world data in real-time that would allow them to do their job and self-execute themselves when the terms of the contracts are complete.
This is what Chainlink’s oracles can provide, and what makes the project so important.
Why Chainlink is one of the best investments right now
As mentioned, Chainlink is not the only project that does this, but it is the leading one simply because it does it the best. That also gives it massive potential, which its price still hasn’t caught up to.
The project has many, many trusted partners, and is one of the major players in the data processing sector. This allowed it to attract other major players in data processing, including the likes of Alpha Vantage, Brave New Coin, Huobi, and others.
It is also one of the go-to projects for the leading DeFi protocols and is currently feeding information to many of the top-ranking ones, including the likes of Yearn, Aave, Synthetix, and more.
Earlier this year, Chainlink’s native cryptocurrency, LINK, saw a massive price surge that took it to its new ATH of $52. Since then, however, the coin dropped back to $14, starting its fall in mid-May and hitting this new bottom around late July.
These days, its price managed to get back to $30, which is more than halfway to its ATH. Even so, the project is still considered strongly undervalued, which opens up opportunities for investors willing to buy low and wait for its price to catch up. Popular crypto strategists are already mentioning it, saying that traders are sleeping on Chainlink, while the project has the potential to outperform Bitcoin (BTC) in the coming weeks.
In the end, Chainlink is doing something big, and is a big project in its own right, but is not receiving nearly enough attention. While it did see another price correction recently, its market cap hit $15 billion only three days ago. Some pro traders have recognized its potential, and they targeted $40 per coin, although for now, the project still seems to be gathering momentum.
And, just like Bitcoin used to get seemingly absurd price predictions which have since come true, Chainlink’s could too, and the project could go as high up as to $40, or maybe even $50 in a relatively short period. It has already gone live on Layer-2 Ethereum scaling solution, Optimism, as well as on Arbitrum One, Solana Devnet, and many others, all of which have recognized its potential and the benefits of its solutions.
With that said, we believe that LINK is a great investment for the near future, and an excellent one for the long term — all it takes is for other investors to connect the dots and take this early opportunity before it is too late. To learn more about this project visit our Investing in Chainlink guide.