Chainlink Whales Trigger Price Rally; $LINK Price At $9 Next?

Crypto News: Altcoin Chainlink (LINK) appears to be among the coins dominating the crypto market amid Bitcoin’s continuation in the sideways movement. In the recent times, the altcoin displayed strong and positive momentum with a weekly gain of around 6%, compared to the near zero deviation of Bitcoin over the same period. Meanwhile, on-chain data suggests that heavy whale accumulation is one of the big reasons behind the Chainlink price rise. Last week, CoinGape reported that the coin recorded a rise of 787% in its daily trading volume.

Also Read: XRP Perpetual Futures Volume Data Signal Massive Price Rally Above $1: Kaiko

Chainlink Whale Action: Next Price Target

According to on-chain data from Santiment, Chainlink had on July 26, 2023 “jumped ahead of the altcoin pack” thanks to massive transaction volumes. Compared to the $211 million in trading volume the previous day, LINK had a more than 100% jump at $344 million volume on July 26. The Chainlink price is being boosted by heavy whale accumulation. So far in 2023, the altcoin recorded the highest amount of transactions, worth over $1 million. Also, crypto addresses holding 100,000 to 10 million $LINK coins are continuing to accumulate the coins at a rapid pace.

Meanwhile, the LINK coin’s recent breach of resistance at the $7.7 level brings to the forefront the new resistance level at $9, CoinGape price analysis said.

In terms of the blockchain development progress, the Chainlink Cross-Chain Interoperability Protocol (CCIP) has officially launched on Avalanche, Ethereum, Optimism, and Polygon mainnets recently. The CCIP has been introduced as an open-source global standard for decentralized inter-blockchain messaging, data, and token movements.

Also Read: Republican Leaders Announce No Deal On Stablecoins In US Congress