Chainlink (LINK) is a leading blockchain that facilitates connectivity between other blockchains. The Oracle network is considered to be amongst the leading decentralized projects and is currently ranked at #14, according to CoinMarketCap.
However, Chainlink has recently been struggling to break the resistance of $21. Despite repeated breakout attempts, the project is currently at $18.9 and is down 6.17% on a daily level.
Chainlink is currently at a Market Cap of $12.1 Billion and has been one of the most notable projects.
Chainlink Price Struggles to Break $20 Resistance
In the crypto space, Chainlink used to be the center of attention. However, during the last bull run, the project raised concerns about sustained selling from the team. The coin was one of the lagging projects from the previous bull run because the team constantly sold tokens on the market. Chainlinks’ price reached an all-time high of $52.88 on May 9, 2021. After that, its price started to decline and never recovered to go beyond $50.
A bull run is expected this year, 2024, and multiple projects have been launched, and some have produced outstanding returns. Investors were hopeful that Chainlink might recover this time and break the resistance of $20, but it is failing to do that.
Recent reports suggest rumors about the upcoming launch of LINK’s ETF, as 21 Shares currently hold 693,639 LINK tokens. However, analysts remain skeptical about these predictions. Investors think the project might take a nose dive if the ETF news is a rumor.
While Chainlink is struggling to gain traction, investors are now looking toward emerging opportunities because they have higher upside potential. One such project is Algotech (ALGT). It is one of the promising newly launched projects and is on its way to surpassing Chainlink’s market share.
Algotech Races Past $2 Million in Public Presale
Algotech (ALGT) grew a massive amount in a short period and is becoming the best new DeFi platform. The TradFi platform is based on emerging technologies like AI and machine learning.
Traders are particularly drawn to Algotech’s innovative offerings, including breakout detection, hedging, mean reversion, and arbitrage trading, which promise to revolutionize trading strategies.
This platform recently made news after raising over $2 Million in its public presale within two weeks with 3,000 unique holders. Algotech has sold over 45 Million ALGT tokens and is showing no signs of slowing down. Investors are jumping at the chance to grab tokens at $0.06 before the token price increases to $0.08.
Algotech’s roadmap and deflationary tokenomics are also critical factors for investors entering this project. The platform gives governance rights and profit shares to early investors, and it also makes trading accessible to a broader audience through Social Trading features.
With Chainlink’s investors shifting to Algotech, this is the perfect time to become an early holder in the project. Some analysts think the project could go up to $1 when listed on major exchanges.
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