Chainlink (LINK) has experienced a 17% surge in price, reaching $17.50 within the last 24 hours, propelled by intensified whale activity.
Key Takeaways
- Chainlink (LINK) records a 17% price surge to $17.50 in the last 24 hours, supported by a substantial increase in trading volumes.
- Chainlink whales have accumulated 7 million LINK tokens (worth $105 million) over the past week, signaling heightened confidence among major players.
- The technical chart points to a strong re-accumulation zone, with the potential for a further rally to $25 if the LINK price maintains above $17.
- On-chain metrics reveal a decline in development activity in December but indicate increased social and transaction volumes, suggesting heightened network activity and adoption. Despite a decrease in the NVT Ratio, Chainlink may be undervalued, signaling robust user adoption.
Chainlink (LINK) Surges 17%
In a notable development, Chainlink (LINK) has surged by 17% in the past 24 hours, reaching a price of $17.50. This significant uptick in price has been accompanied by a nearly 100% increase in trading volumes, reaching $1.1 billion. The driving force behind this surge appears to be intensified whale activity within the Chainlink ecosystem.
Over the course of the last week, Chainlink whales have been strategically accumulating substantial amounts of LINK tokens. Analyst Ali Martinez reports that within this short period, these influential entities have acquired approximately 7 million LINK tokens, translating to an impressive $105 million.
⚡️@Chainlink (#LINK) Price Shoots 17% Amid Strong Whale Activity📈👀
— Crypto News (CoinGape) (@CoinGapeMedia) December 28, 2023
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Technical Chart Analysis and Future Projections
Examining the technical chart, Chainlink (LINK) seems to have entered a formidable re-accumulation zone. Analysts suggest that if the LINK price can maintain its position above $17, it may pave the way for a further rally, potentially reaching $25 as indicated by the flag-and-pole breakout pattern. This projection aligns with the bullish momentum observed in the current market.
On-Chain Metrics Reflecting Strength
While December witnessed a decline in development activity, likely influenced by the festive season, on-chain metrics paint a positive overall picture for Chainlink.
Santiment’s data reveals a substantial increase in active addresses from September to mid-November, with a notable spike in early December. Despite the decrease in the Network Value to Transactions (NVT) Ratio since September, implying potential undervaluation, the cryptocurrency demonstrates robust user adoption, supported by increased social and transaction volumes.
To Conclude
Chainlink’s recent bullish run, fueled by strong whale activity, underscores the ecosystem’s resilience and confidence among major players. With whales strategically accumulating LINK tokens and on-chain metrics indicating increased network activity and adoption, the cryptocurrency is poised for potential further gains.
Despite a temporary decline in development activity, the overall outlook for Chainlink remains optimistic, with technical analysis suggesting a re-accumulation zone and potential upward momentum towards $25.
