Chainlink Whale Accumulation Going Strong, LINK Price Target $11

Chainlink Whale Accumulation Is Strong, LINK Price Can Rally 50%

August 8, 2023

Senior Journalist

Expertise : Cryptocurrency, Blockchain, Macro Finance

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.

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Chainlink Price Plunges 5%: How Long Will the Bearish Trend Continue?

While Bitcoin and the broader cryptocurrency market have entered a strong consolidation, big market players have set up their eyes on the Chainlink (LINK) altcoin.

The LINK price is currently trading 2.75% up at a price of $7.36 and a market cap of $3.9 billion. Despite strong consolidation in the broader crypto market, the LINK price is up by 20% over the last month. During the same period, there’s been a strong accumulation of LINK by the shark and whale addresses.

On-chain data provider Santiment explains that during this summer, Chainlink’s activity on GitHub has significantly increased, causing the asset to become one of the top 5 most actively developed assets.

Moreover, large holders with 100K-10M $LINK, known as whales & sharks, now possess the highest number of coins since December 2022. In just under four weeks, Chainlink’s shark and whale addresses have accumulated more than $192 million worth of LINK coins.

🔗🧑‍💻 #Chainlink's #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. 🐳https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1

— Santiment (@santimentfeed) August 7, 2023

Chainlink (LINK) Price Rally to $11

Popular cryptocurrency analyst Michaël van de Poppe recently shared a bullish price prediction for Chainlink on his YouTube channel.

In a recent YouTube video, Van de Poppe mentioned that following a long period of gathering, the cryptocurrency could potentially experience a surge of more than 50% from its present value. LINK has been trading between $5 and $9.5 for about 450 days, and it’s anticipated to decline and create a bullish higher-low pattern before making a strong rally.

The analyst highlighted that the range around $6.75 is essential for bullish positions, and he speculated that the cryptocurrency might then advance toward the $11 threshold.

Last month, the decentralized oracle network introduced its Cross-Chain Interoperability Protocol (CCIP) for early access users. This protocol is designed to improve cross-chain applications and services.

Now, this protocol is up and running for users on the Avalanche, Ethereum, Optimism, and Polygon blockchains. It was tested by around 25 partners before being launched on the mainnet.

This interoperability protocol has played a significant role in Chainlink’s collaboration with SWIFT, the global payment and messaging system mainly used by banks around the world.