Chainlink (LINK) Extends Upside as TVS Surpasses $58B in 2022

  • LINK gained roughly 14% within the previous week, and the token’s total value secured surged higher.
  • Chainlink has had its total value secured past $58 billion, from 2021’s $7 billion.
  • Analysts remain bullish on LINK price actions, predicting the next resistance to the upside at $18 and setting a target of $19.

Chainlink (LINK) has recorded double-digit gains within the past seven days. Analysts observe a substantial surge in LINK’s total value secured, an 800% increase in one year. However, proponents worry that market saturation might hinder LINK’s growth potential.

LINK Price Makes Comeback Past $17

Chainlink witnessed its price crossing $17, ensuring 14% weekly returns for market players. The crypto project has seen increased partnerships within the past year. It provides ‘smart’ contracts and decentralized applications with real-world data.

TVS (total value secured) metric measures the value of smart contracts and dApps that the ecosystem secured. Chainlink’s increasing adoption and amplified use cases contributed to the VVS surge from early 2021 at $7 billion to 2022’s $58 billion.

Proponents trust an approximately 800% surge in total value secured reflects Chainlink’s price growth and increase in market cap.Nevertheless, the discrepancy between the platform’s TVS and market capitalization might pose challenges for LINK’s long-term expansion and growth efforts.

Coinbase’s David Duong commented that market saturation might hinder the platform’s growth prospects, and imbalances associated with Dapp demand plus surged operational costs might lead to selling momentum. He also commented on the uncertainty of diluting LINK’s supply in circulation.

Experts evaluated LINK’s price movements and forecasted continued uptrends for the altcoin. Cryptocurrency analysts and investors @venturefounder trust LINK bottomed against ETH. The expert added that the alt hovered in a buy area.

Chainlink saw its price crossing the 50-day SMA while the red Ichimoku shrunk. ChartsLink analyst forecasts a rally in LINK price.

Chainlink trades with a bullish bias at $17.09 at this publication. The alt exhibits uptrends in daily and weekly timeframes. Moreover, the broad market bullishness supports LINK’s upside narrative. The altcoin will depend on BTC and overall market reactions in the coming sessions.

Stay tuned for more updates.