EGLD Joins Chainlink Data Streams: Could This Boost Its Price?

MultiversX, or EGLD, announced joining hands with Chainlink. The partnership enables EGLD to be available for several applications that pull data streams from Chainlink. Moreover, the partnership with Chainlink in the form of integration has transformed EGLD into a universal asset ledger, accessible within the Chainlink Data Streams ecosystem. Per the post on X, the solution is live following an official launch and has gained traction among developers. It specifically extends to those in the segments of perpetual exchanges, prediction markets, and products that seek data feeds on high-frequency and trust-minimized characteristics.

The development comes at a time when EGLD is under fire. Community members are making speculations about its performance—largely about the possibility of sustaining the support level of $28.8. Due to insufficient trading volume, token value is reportedly suffering. It has to be on the higher side for the token to rise on price charts.

Joining the Chainlink ecosystem strengthens the possibility of making gains in the times to come. This is evident from near-term predictions and long-term predictions, with both being bullish at press time. As a point of reference, the price of EGLD has risen by 2.54% in the past 24 hours and 11.68% in the past 7 days. The trading volume has slightly increased by 2.49%, and this is precisely the point at which the community is striving to compensate for the slower pace of the surge.

The Chainlink’s infrastructure will allow EGLD for sub-second data transfer, resulting in a decentralized system that is both extremely efficient and user-friendly.  It could take a while for the integration with Chainlink to kick in, but till that point, it is mostly the support from holders that will count.

EGLD is expected to rise by 30.29% in the last 30 days, according to near-term predictions. That will bring the token to $38.17. It is based on the expected growth of 3.64% in the next 5 days for the value of $30.36. According to MultiversX’s prediction, the value will hover around $38.38 by the end of this year. Assuming that turns out to be true, then EGLD will trade within a defined range for the next remaining months of the year, that is, 2024.

EGLD, one of the few cryptocurrencies supported by Chainlink data streams, joined the Chainlink ecosystem earlier. Others on the list are FIL, ICP, SET, SAND, and XLM, to mention a few. Data Streams is gaining traction for providing offline data to its users. This is on top of enabling verification cryptographically. This update dates back to September 21, 2024, only 3-4 days before MultiversX officially announced the availability of EGLD to several apps pulling data streams from its platform.

MultiversX previously partnered with Helios Connect to take a step toward a universal Web3 ID. Circling back to EGLD and Chainlink data streams, community members have expressed their excitement about the development. This excitement is understandable, as it could potentially increase the usage of the token, thereby driving up the demand and price of EGLD within the ecosystem. That would create an upward trajectory, increasing the chances of marking higher gains in the future.