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.

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.