- Top market analyst and influencer Lark Davis sees an upside for Chainlink in 2024.
- Chainlink’s CCIP solution is facing a massive embrace among institutions exploring tokenization and other innovations.
Crypto analyst Lark Davis has laid out an optimistic forecast for Chainlink (LINK), a blockchain oracle network in a recent YouTube video, predicting that it will “shock the crypto world” in 2024. Despite acknowledging the risks associated with cryptocurrency investments, Davis, who openly discloses owning a substantial amount of LINK, believes the project is undervalued considering its technological advancements and strategic partnerships.
Chainlink’s Growing Institutional Interest
Davis pointed to the growing interest in Chainlink from institutional investors, citing the Grayscale Chainlink Trust trading at premiums exceeding 200% compared to the spot LINK price. According to Davis, this heightened interest stems from the recognition that Chainlink provides crucial infrastructure across various blockchains and crypto applications.
Another notable development that Davis highlighted is Chainlink’s new Cross-Chain Interoperability Protocol (CCIP). The analyst explained that CCIP, by enabling seamless transactions between public blockchains and private networks, has the potential to unlock trillions in Real-World Asset (RWA) value.
Notably, financial heavyweights such as DTCC, Euroclear, and SWIFT have begun integrating CCIP, entities that collectively clear quadrillions in trades annually. Davis emphasized the importance of these integrations, stating, “These are the biggest and most important financial services companies in the freaking world.”
Contrary to the misconception that Chainlink is merely an oracle service, Davis highlighted the project’s broader capabilities. He emphasized Chainlink’s first-mover advantage and expansive functionalities that make it challenging for potential competitors to displace.
Davis predicted Chainlink’s momentum would continue in 2024 with ongoing CCIP rollouts and major announcements. He remains confident in Chainlink’s ability to maintain its position due to its first-mover advantage and robust infrastructure.
Chainlink Co-founder’s Insights
In a recent CNBC Asia interview, Chainlink co-founder Sergey Nazarov shed light on the pivotal role CCIP is expected to play in the mass adoption of tokenized RWA. Nazarov envisions CCIP evolving into a global internet of contracts applicable across various industries, including telecommunications, global trade, gaming, and more.
An example of this is Vodafone, a leading telecommunication company in Europe and Africa, adopting Chainlink’s CCIP to transfer digital cargo receipts between multiple parties across different blockchains.
Moreover, in the past two weeks, large-scale investors have accumulated over 7.5 million LINK tokens, valued at approximately $53 million, suggesting a strong belief among these investors that LINK is undervalued and poised for growth. This surge in investment is attributed to the perceived potential of Chainlink’s development, particularly its CCIP.
In addition to market dynamics and institutional interest, a pseudonymous analyst using the Elliott Wave theory predicted a bullish reversal for Chainlink. The analyst, known as Bluntz, pointed to multiple bullish signals on the eight-hour chart, anticipating that Chainlink would reach its January 2022 high. Specifically, the analyst anticipates LINK to reach $20.
However, as of the current writing, LINK is trading at $15.15, reflecting a 4.29% increase in the last 24 hours, with a market cap of $8.6 billion and a trading volume of $748 million.
