- Crypto analyst Van de Poppe said that Chainlink will rally in Q4 as macro conditions improve.
- Chainlink said that they will be introducing the staking rewards program this year in December 2022.
Chainlink, the Ethereum-based altcoin has been recently on the radar of crypto traders. Popular crypto analyst Michaël van de Poppe has shared his strong conviction for Chainlink while adding that the current price is a very rare opportunity for investors.
The crypto analyst believes that the LINK price between $6-$8 presents an opportunity of a lifetime while doubling down his position on the altcoin.
So far, so good for #Chainlink.
The price between $6-8 is still an opportunity of a lifetime. pic.twitter.com/Anvuyz6f7a
— Michaël van de Poppe (@CryptoMichNL) October 4, 2022
As of press time, LINK is trading at a price of $7.85 with a market cap of $3.8 billion. However, it is still down by a massive 80 percent from its all-time high of $52.70 in May 2021.
Interestingly, crypto analyst Michaël van de Poppe is expecting a rally in the overall crypto space during the fourth quarter of 2022. He wrote:
It’s time for a slight bounce on the DXY [US dollar index] and a correction on the crypto markets. But, more importantly, I’m expecting unemployment data to be bad on Friday and then indices should be continuing. Relief rally in Q4 is on the horizon for Bitcoin.
Van de Poppe further added that markets have been reacting positively to the impacts that Fed rate hikes are having on job openings and unemployment data. He further added: “Slowly, but surely, the US economy follows the rest of the world. Job openings largest miss in recent 15 years. ISM PMI [purchasing managers’ index]worst number since June 2020. Markets reacting positively, as Gold and Silver have been running up. Close to a big breakout for Bitcoin too”.
Chainlink staking coming in December
Apart from the global macro factors, there have been some extremely positive developments in the Chainlink ecosystem. Chainlink recently unveiled that its long-awaited staking rewards shall go live in December this year.
Chainlink Co-founder Sergey Nazarov made the announcement at SmartCon 2022, last week. Besides, Chainlink’s new SCALE program will see the participation of four new crypto projects Avalanche, Moonbeam, Metis, and Moonriver. The SCALE program will reduce the cost of putting oracle data and reports on-chain by boosting development.
The project will leverage some premium chainlink services such as data feeds with higher update frequencies and low-latency smart contract applications. In return, they will contribute a portion of their revenue in the form of returns.
Chainlink’s economic model includes another program dubbed BUILD, specifically for early-stage projects, to give them priority access to services as well as advanced support. Some of the popular Chainlink services include weather data, price data feeds, and random number generation for gaming applications. Chainlink shall be soon introduce secure cross-chain communication. This will make Chainlink a decentralized data services platform, similar to the Web 3 version of AWS. Nazarov said:
We are seeking to provide all the services that everyone needs to build Web3, and based on our market share we already do that very successfully.