Price Analysis

Chainlink Price: Does Trump’s LINK Accumulation Hint BlackRock Partnership?

Explore why the Chainlink price is rising as Donald Trump's World Liberty Financial accumulates LINK and why a Blackrock deal is possible
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Chainlink Price: Does Trump’s LINK Accumulation Hint BlackRock Partnership?

Highlights

  • Chainlink price has risen for six consecutive weeks amid accumulation by key entities.
  • Donald Trump’s World Liberty Financial has bought more LINK tokens.
  • There is speculation that Chainlink will partner with Blackrock.

Chainlink price has embarked on a strong rally, supported by the strong Bitcoin rally, partnerships, and whale accumulation. On-chain data shows that Donald Trump’s World Liberty Finance is accumulating the token as optimism of a potential partnership with Blackrock. So, how high can the LINK price rise?

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Linking Trump’s Buying Spree & Chainlink, BlackRock Partnership

LINK price has held steady after on-chain data showed that World Liberty Financial has been buying the token. Data shows that the network, which is associated with Donald Trump and his family has bought LINK tokens worth over $2.3 million. The company also owns Ethereum, Tether, and AAVE.

WLFI Chainlink Purchases

These purchases came after we reported that there was speculation that there will be a partnership between Chainlink and Blackrock. Such a partnership would be notable because Blackrock is the biggest asset manager in the world, with $11.5 trillion in assets. It would, however, not be a big surprise since Blackrock has emerged as a key proponent for the crypto industry.

The partnership will come as Chainlink continues inking deals. Just this week, the network inked partnership deals with companies like Coinbase and Emirates NBD, a bank with over $200 billion in assets. Also, whales have continued to accumulate LINK tokens recently.

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LINK Price Analysis Points To More Gains

Technicals suggest that the LINK price has more gains to come. On the weekly chart, we see that the coin has just crossed the upper side of the Andrew’s Pitchfork tool. A strong breakout like this often leads to more gains. 

Chainlink price has also crossed the crucial resistance level at $22.93, the highest swing in March. It was also the neckline of the slanted double-bottom pattern. It has also moved to the 50% retracement level and is above the 50-week moving average.

Therefore, the long-term view for the price of Chainlink is bullish, with the next target being at $53, which is about 85% above the current level. For that rally to happen, Chainlink will need to cross the 61.8% retracement point at $34.90 and the 78.6% point at $42.90. 

There is also a likelihood that the coin will drop and retest the support at $22.93 and then resume the uptrend. This is known as a break and retest pattern and is one of the most popular continuation signs.

Chainlink Price Chart

A drop below the psychological support at $20 will invalidate the bullish Chainlink price forecast and point to more downside.

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Frequently Asked Questions

Why is Trump’s WLFI project buying Chainlink?

These acquisitions are likely because WLFI project selected Chainlink as its oracle provider for when it launches.

Why is the World Liberty Financial acquisition significant?

The accumulation of LINK by World Liberty Financial is notable because it is mostly owned by Donald Trump and his family members.

How high can the LINK price rise?

The most likely scenario is where the coin rallies and tests the all-time high of $53, which is about 85% above the current level.
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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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