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This will be the year of DeFi and oracle tokens, analyst says

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A popular cryptocurrency analyst, highlighted that the year 2022 will be marked by a new boom in the universe of decentralized finance (DeFi) as well as tokens linked to Oracles for blockchain platforms.

Thus, he said that these two key subsets of the cryptocurrency world will be instrumental in driving the Web3.0 ecosystem and the development of the cryptocurrency ecosystem itself.

So in a new strategy session, trader known as ‘the chart guru’ Michaël van de Poppe said that after a lackluster 2021, the Chainlink (LINK) data feed service could take the flag to the decentralized finance networks with their oracles solution advancing.

“A year ago we were at exactly the same level as where we are now. What does that mean? 2021 has not been one of the best years for Chainlink, Oracles and DeFi. But recently we’ve seen strength in the DeFi section and a number of DeFi protocols have emerged left and right, have shown strength through which continuation looks very likely,” he said.

So, according to him, if 2022 sees a new boom in the DeFi ecosystem, Chainlink will likely lead the market in a bullish move.

Oracles

Oracles work by connecting real-world information with blockchain systems for the purpose of validating triggers or information vital to the execution of certain smart contracts.

Thus, Van de Poppe notes the recent higher highs and higher lows of Chainlink against Tether (USDT), when making 2022 price predictions for the crypto asset.

“If we hold and we have a higher low being made here at $19.50, we will hit the range highs again and once we break the highs of $33 we are likely entering a new trend. So we are looking for the continuation with $77 and $120 [como] the next goals for Chainlink”, he said.

Thus, the cryptocurrency analyst concludes his annual market assessment by saying that he has no doubt that the year 2022 will be the year of DeFi and Oracles.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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