It makes no difference what color the link is, as long as its color is different from the text and it looks like a link. Although it is common for links to be blue.
If the link is underlined and has the same color as the text, it dissolves into the text and is difficult to see. Links need emphasis.
If a link in the text is not underlined it raises questions and makes people think. Even if the color of the link is different from the text.
In navigation and other elements that explicitly read as a set of menu items, the color of the links is irrelevant, as is the underline.
Links scattered throughout the text cause clutter, reduce focus, and make the text difficult to read. It is good if there is only one link in one paragraph.
If you need more than one link in the text, the best solution may be to put them in a separate block below the text. For example, as a list.