After having reached its All Time High in August and then dumped, LINK has progressively increased since September and is currently evolving within a $12-16 ascending channel. Some technical analysis are showing that it should reach $16 pretty soon. However, its potential is bigger than that.
ChainLink is indeed a tool to fight against the numerous flash loan attacks on DeFi protocols. A few days ago, Curve Finance recommended ChainLink as a decentralized price oracle after having observed that $100 million were lost due to attacks. The weakness of most DeFi protocols is that they fix the pricing by using their own calculations, what the hackers can easily use to steal funds. ChainLink is a decentralized oracle network allowing to access a versatile list of decentralized pricing networks in order to get pricing from multiple sources, preventing these attacks based on price calculation.
As the attacks on protocols keep going, Chainlink is getting used by an increasing number of DeFi platforms working on Ethereum network, what will pump the Link price higher. $16 is only the next step, it is likely that LINK will get back to $20 soon.
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