Chainlink (LINK) Price Shoots 17% Amid Strong Whale Activity
Altcoins are once again taking up the lead as we approach 2024, and Chainlink (LINK) continues to make strong moves. In the last 24 hours, the Chainlink (LINK) price has gained by 17% shooting all the way to $17.50.
The trading volumes have shot up by nearly 100% moving all the way to $1.1 billion. The recent price thrust in Chainlink comes on the backdrop of strong whale activity.
Chainlink (LINK) Whales on Buying Spree
Over the past week, Chainlink whales were scooping up large supplies while the LINK price consolidated above $14 levels. Renowned crypto analyst Ali Martinez has reported a significant development in the Chainlink market. In the span of a single week, whales associated with Chainlink have acquired around 7 million LINK tokens, amounting to a staggering $105 million. This substantial buying activity signals a notable surge in confidence among major players in the Chainlink ecosystem.
On the technical chart as well, Chainlink (LINK) seems to be in a strong re-accumulation zone. If the LINK price sustains above $17, it can lead to a further rally all the way to $25 going into 2024, as per the flag-and-pole breakout.
What if Chainlink has been a Re-Accumulation range at highs all this time?#LINK #Crypto #Chainlink pic.twitter.com/9iRb4oxhU1
— Rekt Capital (@rektcapital) December 27, 2023
On-Chain Metrics Showing Strength
Upon scrutinizing diverse on-chain metrics, it is evident that Chainlink’s development activity experienced a decline in December, possibly attributed to the festive season. Nevertheless, the cryptocurrency displayed noteworthy activity in terms of social volume and transaction volume during the same period.
Santiment’s data revealed a notable surge in active addresses from September to mid-November, with a particularly pronounced spike in early December. This surge suggests increased network activity and adoption during this timeframe.
Notwithstanding these advancements, the Network Value to Transactions (NVT) Ratio, a crucial metric for assessing the token’s valuation, has witnessed a decrease since September. This decline in the NVT ratio, indicating the relationship between market capitalization and on-chain transaction volume, implies a potential undervaluation of LINK and signals robust user adoption.
The immediate major resistance for the LINK price on the upside is $20. It will interesting to see whether this comes before the clock ticks into 2024.
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
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.
