It’s been just revealed that ChainLink’s (LINK) raging bull market may have more upside potential, says an alternative investment analyst.
At the moment of writing this article, LINK is trading in the green and the coin is priced at $17.60.
Timothy Peterson, a chartered financial analyst, says LINK which saw gains of more than 500% in a year, seems to be ready to continue its parabolic rally and move higher by the end of 2020.
LINK to hit $32 by the end of 2020
“Did some quick analysis of Chainlink‘s network growth rate and historical deviations in price put LINK at $32 by end of year,” he said.
Peterson continued and said that LINK would have difficulty to maintain its bullish momentum at that specific price.
Did some quick analysis of #chainlink‘s network growth rate and historical deviations in price put $LINK at $32 by end of year, but that price would not be sustainable. Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.
— Timothy Peterson (@nsquaredcrypto) August 9, 2020
Michael Anderson, the co-founder of Framework Ventures, talked to Forbes and said that the importance of oracle networks keeps growing now that billions of dollars are locked up in DeFi products that rely on smart contracts.
“We believe the value of LINK will track the value of the smart contract platform it is securing, meaning the long term market cap of LINK will eventually be larger than Ethereum’s current market cap today,” he said.
DeFi popularity is on the rise.
The DeFi movement has been gaining massive popularity this year despite the global crisis in the middle of which we are due to the pandemic.
At the beginning of the month, it’s been revealed by the online publication the Daily Hodl that the amount of value locked in DeFi has soared to $4 billion, according to the DeFi analytics and ranking site DeFi Pulse.