Chainlink 45% Surge Comes Without Retail FOMO, LINK Price Rally to Continue?

Bhushan Akolkar
December 7, 2024
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Chainlink Price

Highlights

  • Chainlink's on-chain data indicates minimal retail FOMO, a positive sign for a sustained LINK price rally.
  • Chainlink's rally aligns with growing adoption in traditional finance (TradFi).
  • A whale recently purchased $46 million worth of LINK, further boosting momentum.
  • LINK’s strong technical position has analysts predicting a possible 500% rally to $200.

Chainlink has emerged as one of the top-performing altcoins with 45% gains on the weekly chart. The LINK price surged all the way to $26.7 levels for the first time since January 2022, after giving a crucial breakout above $20. On-chain data shows that the current surge comes without any retail frenzy which is a positive indicator for a sustained rally ahead.

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Chainlink Approaches 3-Year High With Minimal Retail FOMO

In the last 24 hours, the Chainlink price surged by another 12% hitting a three-year high all the way to $26.3 level. The daily trading volume for LINK has also surged 17% to $1.72 billion while the open interest has surged 12.32% moving to $739 million.

Chainlink (LINK) has experienced a notable late-week rally, positioning itself just 10.8% below its three-year high from January 2022. According to the on-chain analytics platform Santiment, the lack of significant retail frenzy around LINK’s recent price movement is a positive indicator for sustained growth.

Historically, markets tend to move contrary to popular sentiment, and the current skepticism among retail investors could act as a catalyst for further gains, noted Santiment.

Chainlink LINK price
Courtesy: Santiment

Chainlink co-founder Sergey Nazarov expressed optimism about the expanding use of the blockchain’s services in traditional finance (TradFi) and capital markets. Speaking about the network’s progress, Nazarov remarked: “I see this long list of initial capital markets users and early adopters of multiple Chainlink services as just the beginning.”

He likened LINK’s role in TradFi to its success in decentralized finance (DeFi), where it has become a critical standard. Nazarov also noted ongoing active integration efforts, signaling increasing adoption of Chainlink’s solutions in bridging blockchain technology with traditional financial systems. The Chainlink co-founder added:

“Whether you’re an asset manager, custodian bank, central bank, financial market infrastructure or various other traditional financial system participant, the Chainlink standard gets you transacting across multiple chains quickly, securely and in a compliant manner. There is no other standard that currently does that”.

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LINK Price Rally By 500% Ahead

The recent LINK price rally comes on the backdrop of a notable LINK whale activity with a big investor scooping $46 million worth of coins. Despite the current run-up, the LINK price is still trading at a 50% discount from its all-time high of $50. Notably, it also highlights the growing investors’ confidence in the top altcoins alongside BTC.

However, crypto market analysts continue to predict a staggering 500% LINK price rally giving a massive target of $200 ahead. Chainlink’s price has surged past a critical resistance level at $22.80, marking three consecutive weeks of gains. On the weekly chart, LINK remains above its 50-week and 200-week Exponential Moving Averages, signaling strong bullish momentum.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.