Chainlink (LINK) is gaining traction in the Web3 ecosystem as the go-to protocol for Real-World Asset (RWA) tokenization. Investors are beginning to appreciate the value proposition of the Oracle protocol, fueling their sustained HODLing strategies. The current ecosystem trends and data point to the prospect of Chainlink recording a major uptick in price soon.
The Chainlink Ecosystem Growth
Investors are keeping a good track of the adoption trend within the Chainlink ecosystem. This trend is fueling confidence among HODLers, encouraging them to hold their LINK relatively longer. According to data from IntoTheBlock, the majority of LINK holders, about 76%, have held onto their tokens for more than 12 months. About 22% have held within 1 to 12 months, while just 2% started holding the asset over the past month.
Those holding LINK with a longer-term outlook understand the prospects surrounding the token. If these integrations are sustained, it might put positive buying pressure on the asset soon.
The LINK Price Concern
Fundamentally, the LINK ecosystem has a lot to boast about. However, the price is not showcasing its true worth. As of writing, Chainlink was trading for $10.20, down by 0.66% in 24 hours. At this price level, the token’s market capitalization is $6.24 billion, leaving enough room for growth.
With the recent integrations, there is a growing projection that LINK may soar to $12.1 in the short term. This is not impossible to achieve, considering the token traded at over $15 earlier this month. The LINK SMA is $13.06 per its technical indicators, while the 200-day SMA is $15.97.
Also, drawing on ecosystem growth trends, he advised investors to buy the token and hold until “everyone is celebrating paper earnings.”
