- After more than 500 days of accumulation, Chainlink corrected and was trading at $13.73, representing both recent gains and a 20.10% drop in the previous week.
- By sponsoring its BUILD and SCALE projects, Chainlink Labs and Cyfrin have formed a strategic collaboration that aims to improve security inside the Chainlink ecosystem.
The altcoin market may be headed for a prolonged period of consolidation after a notable surge, according to observations made by the anonymous crypto analyst Altcoin Sherpa.
The expert cautions that most altcoins, including Chainlink (LINK), may have a cooling-off period over the next one to four months, notwithstanding recent advances seen in a few digital currencies.
It's quite possible that altcoins are done for the next 1-4 months. There are certainly going to be outliers but I think that the majority need time to chill out and consolidate after such a big run.
The scary thing is that many alts didn't even run that hard over the last few… pic.twitter.com/sGke8PT5yw
— Altcoin Sherpa (@AltcoinSherpa) April 16, 2024
An Examine More Into Current Trends
In the last few days, Chainlink has plummeted with a value loss of many percentage points. Chainlink offers vital decentralized oracle services to smart contracts. LINK saw a monstrous three-time to four-time gain following an accumulation of 500 days, according to CoinGecko.
The price is currently traded at $13.73, a gain of 3.93% over one day but down 20.10% from a week ago. The market environment is poor. However, the increase in other industries is in stark contrast with this.
Many altcoins did not see notable runs, but those that did, like Chainlink, are currently seeing precipitous declines. According to Altcoin Sherpa, such corrections are a normal part of the market dynamics following any significant price spike.
The expert projects that only a few segments of the cryptocurrency market will probably experience growth in the near future. It is anticipated that well-established projects like Ethereum (ETH) and Solana (SOL) will fare well in addition to more recent blockchain initiatives and developing artificial intelligence technology.
Improving Chainlink’s Ecosystem by Collaboration
Additionally, as ETHNews previously reported, the strategic partnership between Chainlink Labs and Cyfrin will benefit the BUILD and SCALE projects of the Chainlink ecosystem by improving security architecture.
By working together, we hope to strengthen user and developer protection within the blockchain ecosystem and reaffirm Chainlink’s dedication to security and dependability in decentralized services.
Apart from conventional blockchain ventures, Altcoin Sherpa also emphasizes possible expansion in AI-focused projects, memecoins, and pioneering endeavors such as Ethena (ENA).
ENA is a governance token introduced by Ethena Labs for its decentralized finance system, and Wormhole (W), a cross-chain messaging platform.