• Crypto analyst Aaron Arnold says Chainlink is among projects with huge potential going forward.
• Total value secured in the protocol has surpassed $76 billion
• Address growth and token accumulation are key indicators of potential growth

Based on a broad analysis of many top altcoins, the analyst believes that growth in the Oracle protocol’s ecosystem can catalyze massive price gains for LINK token.

Along with Chainlink, Aaron is bullish about Crypto.com (CRO), Injective Protocol(INJ), Sandbox [SAND] and Binance Coins (BNB). These altcoins are on a roll when it comes to network growth. A fresh upside for crypto market is likely to propel them to new heights.

Chainlink (LINK) is undervalued

Chainlink’s price has declined almost 20% in the past seven days and currently trades around $28.31. According to CoinGecko, the token has crashed nearly 47% since touching an all-time high of $52. 70 on 10 May this year.

Looking at intraday action, LINK tries to shake off bears with a 2% upside. However, the overall picture is clouded by crypto’s marketwide dips.

Despite these concerns, Arnold believes Chainlink can see continued price growth. In a YouTube video posted on 18 November, the analyst notes that it would be wrong to write off LINK.

“ I don’t believe Chainlink will disappear anytime soon, especially if you look at the ecosystem ,” that he mentioned.

The analyst says the 16th ranked $13-billion project grew monumentally during the third quarter and that it ranks well above most projects in the same sector of blockchain-based protocols.

#Chainlink saw unprecedented adoption in Q3 of this year.

With over 250 new projects now #PoweredByChainlink–from top dApps to data providers, node operators, and enterprises–the #blockchain ecosystem is realizing the power of oracles for unlocking smart contract innovation. pic.twitter.com/4DjyJS45kV

— Chainlink – Official Channel (@chainlink) November 11, 2021

On 15 November, LINK traded around $34 against the US dollar and on-chain data tracker Santiment revealed that LINK whales took advantage of a price decline to significantly increase their holdings.

There are currently 64 addresses that hold between 1M and 10M $LINK. These whale wallets have increased their value by 1.5% in the past 4 days. 89% of the #Chainlink supply to their cumulative bags. They’re now up to 18. 01% of the total supply, a new #AllTimeHigh held. https://t.co/8xnV848Y5Z pic.twitter.com/y5QtZRDoz0

— Santiment (@santimentfeed) November 15, 2021

Arnold considers the on-chain statistics to be indicative of greater growth for Chainlink. He said:

“If you take a look at wallet holders by amount, whether you’re a minnow, a starfish, or a whale, accumulation and distribution of Chainlink continues to increase.”

Where does Arnold see Chainlink heading in the future? He suggests that Chainlink is going up, pointing to the recent ecosystem growth of the cryptocurrency as an indicator that the native LINK coin is undervalued.