Analyst Michaël van de Poppe thinks this year will be the time for DeFi and Oracle altcoin projects. The popular crypto analyst is observing two important subsets of the crypto world and thinks an altcoin is poised to rise higher.
Popular altcoin LINK shines
Michaël van de Poppe said that after a lackluster 2021, the data feed service Chainlink (LINK) could hold the flag for both decentralized finance (DeFi) and the advancing Oracle networks. Here’s what the analyst says on the subject:
2021 hasn’t been one of the best years for Chainlink for Oracle and DeFi. But lately we’ve seen some real strength in the DeFi department, and multiple DeFi protocols are scattering left and right, showing strength that seems very likely to continue. If DeFi is going to wake up nicely, Chainlink will likely follow.
Oracles work by connecting real-world information with blockchains to execute smart contracts. While revealing his 2022 price predictions for the crypto asset, Van de Poppe highlights Chainlink’s recent highs and lows against Tether (USDT). Says the analyst:
If we hit a higher low here at $19.50, we will attack the highs again, and once we break the highs of $33, we will most likely put ourselves in a new trend. Next, we want to continue with $77 and $120 [as] as the next targets for Chainlink.
The crypto analyst concludes his annual crypto market assessment with the words: “2022 is the year of DeFi and oracle.” Band Protocol (BAND), API3 and DIA are the major oracle projects that have come to the fore over the past year. When we talk about the DeFi platform, the first projects that come to mind are AVAX, AAVE, ADA, SOL and MATIC.