- December 12, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Chainlink News: Whale Accumulation Signals Bullish Momentum for LINK appeared first on Coinpedia Fintech News
Chainlink (LINK) recently experienced its first weekly drop in a month, as the crypto market took a bloodbath after a strong rally. This dip is in line with other altcoins like Ethereum and Cardano, which also saw some retreat. Despite this short-term correction, many analysts believe LINK is poised for a strong rebound. Some even predict that it could eventually hit $100 during this bull run, signaling potential for significant growth. Let’s see if Chainlink is the best coin to accumulate in this altcoin season.
The market is Bullish for Chainlink
In an X post, Santiment highlighted that LINK surpassed $29 for the first time in 37 months, which has caught the attention of crypto investors. This surge is largely due to heavy accumulation by large investors, often referred to as “whales” and “sharks”—wallets holding over 100K LINK. In just the past two months, these investors have added a total of 5.69 million LINK tokens. On the flip side, smaller traders holding less than 100K LINK have sold off 5.67 million LINK tokens.
Historically, when large investors accumulate coins from smaller traders who might panic-sell, it often leads to a rise in the asset’s market value. However, the future success of Chainlink depends on Bitcoin’s performance. If Bitcoin stays stable, there’s optimism that those who hold LINK for the long term may be rewarded.
Analysts Predict $100 Target for LINK
Despite recent price fluctuations, analysts remain optimistic about Chainlink’s future. Popular crypto analyst WSB Trader Rocko, known for his accurate market predictions, maintains his view that LINK is still on track to reach $100 in the current bull run. If this prediction holds, it would mean a 354% increase from its current price level of $22.65. Rocko points to Chainlink’s expanding partnerships with major firms such as Coinbase, Swift, and Citi as key factors in its long-term success.
Technically Where is Chainlink
Chainlink’s involvement with major organizations like Swift, which handles over $150 trillion annually, is also seen as a significant catalyst. An analyst following the project suggests that Chainlink’s integration into Swift’s network could propel its market cap beyond $500 billion in the long run.
On the technical side, Chainlink’s price chart shows strong bullish signals, with a “Cup and Handle” pattern forming. This pattern, which indicates a potential price increase, suggests that LINK could target $40.80. Once this level is surpassed, the next milestone will be to break its all-time high of $52.90, setting the stage for its eventual rise to $100.
