Chainlink Price Surges to Highest Level Since November 2021, Reaching $29.4

Chainlink’s Rally Shows No Signs of Slowing Down

Chainlink, the largest oracle network in the crypto industry, has been on a tear, rising for four consecutive weeks and marking its longest streak since 2023. The coin’s price surge has been fueled by a combination of factors, including increased accumulation by whales and significant partnerships.

Whales Accumulate Chainlink Coins

According to Santiment, wallets holding over 100,000 coins have acquired 5.69 million LINK tokens in the last two months. Conversely, holders with less than 100,000 coins have sold 5.67 million coins. This dynamic is typically positive for a cryptocurrency.

The accumulation of Chainlink coins by whales is evident in recent transactions. For example, one whale moved coins worth over $1.7 million from Coinbase on Thursday.

Tokens on Exchanges Drop, Signaling Increased Demand

Tokens on exchanges have dropped to 254.4 million in the last seven days, continuing a steady downward trend in the past few months. This decrease in tokens on exchanges suggests increased demand for Chainlink.

Chainlink Forges Significant Partnerships

Chainlink has announced collaborations with major players in the industry, including Coinbase and Emirates NBD, a bank with over $200 billion in assets. The oracle network has also partnered with organizations like Swift Network, which recently conducted a large-scale tokenization trade with UBS, the world’s largest wealth manager.

Swift plans to integrate Chainlink’s technology into its money movement business, which processes over $150 trillion annually. This partnership is a significant milestone for Chainlink, solidifying its position as the biggest oracle network in terms of total value secured, with over $38 billion secured.

Chainlink Price Has Strong Technicals

The weekly chart shows that LINK has maintained a strong bullish trend over the past few weeks, recently crossing the critical resistance level at $22.85, its highest swing in March of this year. The coin has also moved above the 50% Fibonacci Retracement level, and the percentage price oscillator has risen above the zero line.

Tips for investors:

  • Keep an eye on the next key level to watch, $52, Chainlink’s all-time high, which is about 88% above the current price.
  • A decline below the support level of $22.85 would invalidate the bullish outlook.
  • Monitor Chainlink’s partnerships and adoption, as they can impact the coin’s price.

Stay up-to-date with the latest cryptocurrency news and trends on Global Crypto News.

Post Views: 0