Chainlink (LINK) Price Rebounds from Crucial Support Level Catalyzed by Robust Fundamentals and Whale Investors

The Bitcoin price, currently at approximately $96,854 with a 24-hour volatility of 0.3%, is attempting to recover and surpass the crucial support range between $95,000 and $97,000. On the other hand, Chainlink price, standing at around $20.49 with a 24-hour volatility of 2.4%, has indicated a resurgence in bullish sentiment. This large-cap altcoin, boasting a fully diluted market cap of about $20.7 billion and an average trading volume of roughly $662 million over the past day, experienced a surge of more than 6% in the last 24 hours, trading at around $20.72 during the mid-London session on Wednesday, January 15.

Following a significant surge to approximately $30 in December, the LINK price has been stuck within a moderate downtrend, marked by a declining wedge formation. Yet, following a critical support test at roughly $19 and revisiting the 50-day Moving Average (MA), the LINK price has shown signs of recovery.

On a weekly basis, if the LINK price persistently ends its sessions above the approximately $30 resistance point, this bullish trend will become evident, and the subsequent goal would be to challenge the previous record high near $52.

Furthermore, the relationship between LINK and BTC appears to be shaping a significant long-term reversal structure as the cryptocurrency market undergoes a shift towards altcoins. Notably, Bitcoin’s dominance, which has grown steadily over the past two years, is now indicating a potential trend reversal.

Robust Fundamentals for Chainlink (LINK) Ecosystem Attract Whale Investors

As an analyst, I can attest that the Chainlink network has evolved into a crucial backbone for a secure, scalable, and expanding Web3 ecosystem and digital asset adoption. The brilliant work of the Chainlink development team has paved the way for robust infrastructure supporting a reliable benchmark in on-chain finance.

Leading Web3 organizations and established financial institutions looking to enter the blockchain industry are collaborating with Chainlink. For example, Ripple Labs incorporated the Chainlink Standard to facilitate a smooth implementation of the Ripple USD (RLUSD).

A variety of well-known financial organizations such as BNY Mellon, JPMorgan, State Street, and US Bank, along with several others, are utilizing the Chainlink Standard to ensure secure tokenization.

Recently, TheChainlink Standard has added TheStandard.io lending platform, BTguru, and Cyclex, along with other entities to its roster.

To boost the capabilities of web3 developers, the Chainlink team has activated the Chainlink CCIP v1.5 update on the main network. With this upgrade, developers can easily facilitate the transfer of their tokens across different blockchains independently.

Additionally, Cross-Chain Tokens (CCTs) facilitate the swift exchange of tokens between over twenty different blockchain networks within just a few minutes.

As a researcher, I’ve been closely observing the significant growth and mainstream acceptance of the Chainlink network, which has caught the eye of prominent investors, including whales. According to data from Santiment, these whale investors, holding between 100k and 1 million LINK coins, have increased their holdings by approximately 1.35 million coins within the past day. This suggests a strong belief in the long-term prosperity of Chainlink and its native token, LINK.

Consequently, significant investors (or ‘whales’) currently possess approximately 146.7 million Link tokens, which equate to roughly $3 billion in value at the present moment.

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2025-01-15 12:40