Chainlink (LINK) experiences increased on-chain activity and a substantial price surge, partly attributed to partnerships for cross-chain interoperability and tokenization tests
Key Takeaways:
- Chainlink (LINK) has experienced significant price surge, possibly linked to a major bank partnership news.
- Recent activity includes a transfer of 4 million LINK by a prominent Ethereum whale.
- The LINK price showed a notable 7% rise post the above-mentioned transfer.
- Analysts predict a potential 100% price gain for LINK by the end of 2023.
Chainlink (LINK), a prominent player in the top 20 cryptocurrencies, has been witnessing an uptick in on-chain activity.
This increased activity correlates with the token’s substantial price appreciation since September 18, 2023.
Coincidentally, the price surge coincided with reports about Chainlink partnering with a major bank for testing cross-chain interoperability for the Australian dollar stablecoin.
$LINK Price Shoots 6.69% Despite Massive Chainlink Wallet Transfers.
Chainlink's current price: $6.64 USD
24-hour trading volume: $186,959,026 USD
Market cap: $3,697,732,419 USD#Chainlink #Crypto #CryptoX #Cryptoinvesting #CryptoNews #cryptotrading pic.twitter.com/14JgqLlteJ— cryptomigo (@cryptomigo21) September 18, 2023
Chainlink Wallets
Furthermore, reports highlighted the dynamic activity in Chainlink wallets, with about 71.8 million LINK tokens being transferred.
This flurry of activity has sparked further speculation on its price trajectory. In recent times, the blockchain’s potential collaboration for a tokenization test with the SWIFT banking system has also caught the attention of the crypto community.
Making headlines, on September 24, 2023, a prominent Ethereum whale transferred a staggering 4 million LINK, equivalent to $28 million.
This move saw LINK’s price shooting up by 7%, raising questions on whether traders were racing to buy out the tokens. The receiving address now boasts an Ethereum balance exceeding $31 million.
Chainlink seems to be carving a niche for itself as a resilient altcoin, especially when juxtaposed with Bitcoin’s current struggle to soar past the $27,000 mark.
As the broader cryptocurrency landscape focuses on the developments around Bitcoin ETFs, Chainlink’s ability to maintain price stability in the upcoming weeks remains a hot topic of discussion.
Concluding Thoughts
Predictions about LINK’s future performance are equally riveting. After the consistent price uptrend since September 18, expert predictions hint at a potential continuity in this bull run until early October, followed by a correction phase.
Based on these forecasts, LINK could potentially achieve an almost 100% price increment, touching a commendable $13 by the end of 2023.
For investors and traders alike, it is crucial to keep an eye on Chainlink’s market dynamics. The recent whale transfers and partnerships in the pipeline suggest that LINK could be gearing up for a fascinating end to the year.
