Chainlink Eyes $45 as Whales Pump $7B in 30 Days, Key Focus at $32

by

As a seasoned researcher with years of experience in the crypto market, I must say that the recent surge in DeFi tokens and Chainlink’s outstanding performance is nothing short of fascinating. The 26.65% increase in LINK over the past 24 hours, coupled with the return of a dormant whale after 293 days, speaks volumes about the confidence investors have in this project.

In the midst of the crypto market recapturing a market cap of $3.5 trillion, DeFi tokens are once again gaining momentum. One of these tokens, Chainlink (LINK), is particularly notable as it performs well among its peers. With a market cap exceeding $163 billion for DeFi tokens, Chainlink’s current market cap stands at $17.32 billion. Over the past 24 hours, Chainlink has exhibited a volatility of 21.4% and traded volumes amounting to $4.13 billion.

Based on current figures, the LINK token’s price has experienced a significant increase of approximately 26.65% within the last 24 hours, reaching a trading value of $28.73. As this positive trend continues, Avalanche and Uniswap are climbing their way up in the rankings of top performers.

Dormant Chainlink Whale Is Back for More

Even though Chainlink has been on an upward trend, there’s been a noticeable surge in whale activity. In fact, a significant whale who had been out of the picture for nearly 10 months, has re-entered the market with the clear intention of purchasing additional assets.

658.14 Etherium tokens, valued at approximately $2.58 million, were used by a large investor to acquire 93,271 Chainlink tokens. In return for this substantial investment, the whale received these Chainlink tokens at an average price of around $27.71 each.

The new wallet has sent the 93,171 LINK tokens back to the original whale wallet and continues to hold 100 LINK tokens. The original wallet now has a total of 94,533 LINK tokens worth $2.62 million.

Besides owning Chainlink, this large investor also holds approximately 1,991 Ethereum tokens valued at around $7.79 million. With this whale re-entering the market to purchase additional LINK tokens, the renewed interest suggests that a bullish trend could be on the horizon.

Whales Add $7.04B LINK in 30 Days

Over the past month, there’s been a noticeable surge in the amount of Chainlink (LINK) being held by large investors or “whales”. On November 11th, this holding was approximately $12.56 billion. However, as of December 11th, it has skyrocketed to a staggering $19.6 billion, indicating a significant increase in their investment in LINK during this period.

This data shows a significant jump of 42.33% in the number of holdings worth between $1 million and $10 million, as well as an extraordinary increase of 69.78% in holdings exceeding $10 million. The surge in purchases by Chainlink whales could lead to a new record high during this market recovery.

Chainlink Recovery Run Targets $45

With its bullish trend picking up pace, there’s a sense in the broader market that Chainlink is poised to establish a new record high. Currently boasting a market capitalization of $18 billion, the trading volume for Chainlink has spiked significantly, reaching $2.54 billion – marking a 37% increase over the past day.

On the weekly graph, the price movement of Chainlink exhibits a strong surge following a bullish breakout from a wedge shape that developed during the period of retracement. Over the last six weeks, this breakout has led to four successive bullish candles.

Starting in mid-November, there’s been a strong bullish upward trend that has resulted in a 170% price increase. Reaching an all-time high of $29.45 in the past day, this recovery rally has gone beyond the 61.80% Fibonacci level at $25.36.

The significant upward trend has caused the important exponential moving averages on the weekly graph to align positively. Additionally, the MACD and signal lines are maintaining an upward trend, accompanied by a rise in positive histograms. Consequently, the technical indicators suggest a bearish outlook for Chainlink.

The price increase in LINK tokens is approaching the 78.60% Fibonacci level at around $32.50, according to trend-based Fibonacci analysis. If the upward trend persists until the end of December, it could potentially drive the value of Chainlink up to approximately $45.32 based on this method.

Read More

2024-12-12 14:55