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Why Chainlink Could Lead the Gains at White House Crypto Summit
Key Insights:
Why Chainlink?
There are several factors that help Chainlink become the most critical technology enabler in the world of crypto. Among them, two factors emerge above all others: Oracle Solutions and Cross-Chain Solutions.
Only Major Player in the Oracle Markets
Chainlink is the only major Oracle provider in the blockchain space that has a token of its own. Other oracle service providers like QED or Supra Oracles operate on a much smaller scale.
Cross-Chain Interoperability Protocol
Chainlink is a major technology enabler in the cross-chain applications. Chainlink's cross-chain interoperability protocol is one of the most significant developments in the crypto markets that enables users from any blockchain to send crypto to an address on a different blockchain.
At present, the network of chains covers 40 mainnet chains and over 78 tokens, increasing from 21 chains a few months prior.
The lack of interoperability of assets has made Web3 a collection of siloed blockchains that cannot talk to each other. Over 12 million cryptocurrencies across hundreds of blockchains could benefit from each other.
Investors would benefit from Solana's liquidity, Ethereum's security, and Base's small transaction fee without having to bridge the crypto multiple times and losing to slippage in the process.
LINK Price Analysis
Chainlink saw an intense fall from $30 levels a month earlier to $16 at press time. This fall can be attributed to the lack of liquidity in the crypto as well as the fall in the broader markets.
However, the current fall of Chainlink seems to have stopped with a potential breakout from the current levels. LINK has broken a symmetrical triangle pattern on longer timeframes of multiple years and is likely to breakout at least 500% as per a crypto trader.
The trigger for a breakout might come from the US Strategic Crypto Reserve announcement. An inclusion would boost the bullishness of Chainlink by several times, potentially taking its price above $53 ATH in a matter of days.
Even in the bearish case, Chainlink would easily regain $30 levels without the inclusion.
Will Crypto Markets Reach ATH?
There are a few potential factors and news flows that could help the crypto market cap reach a new ATH within a few days.
First, an expansion of the US Strategic Reserve to top major cryptos (made in USA) could lead to a surge in the markets, essentially establishing the market cap over $3.8 trillion.
Second, positive regulations are likely to impact everyone as US-based cryptocurrencies would see more room to grow. New cryptocurrencies would get much-needed support, and older ones could become market leaders.
Third, the US Department of Government Efficiency's work uncovering $4.7 trillion in unmarked transfers is likely to impact the markets. Marked transfers would help greater scrutiny and hence lower government spending, therefore allowing more room for a rate cut.
All of these put together are likely to create a major impact on the broader markets in the near future.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.