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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Whale Activity Sparks Chainlink Rally, $52 Target On Traders’ Radar

Christian Encila
Christian Encila
9 months ago
3 mins read
Chainlink

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It’s simple to understand why Chainlink (LINK) has recently drawn attention in the cryptocurrency community. The digital asset has experienced a remarkable 40% increase in just one week.

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Demand for LINK significantly increased from $16.54 on November 26 to $25.73 by December 3. As the largest price increase since January 2022, this spike indicates a new wave of investor enthusiasm and momentum.

LINK price up in the last seven days. Source: Coingecko

Surge Fueled By Whale Activity

Whale activity is one of the main drivers for this rally. LookonChain reported on December 3 that a whale address scooped up 269,861 LINK tokens, valued at $6.68 million. The acquisition of 107,838 tokens on a decentralized exchange by the whale, costing $2.6 million, shows that confidence in LINK continues to grow.

Furthermore, 162,024 LINK tokens, which were valued at $4.08 million, were withdrawn from Binance, underscoring the increased interest of institutional investors.

The price of $LINK has surged 36% today!

A whale bought 269,861 $LINK($6.68M) in the past 12 hours.

The whale spent $2.6M to buy 107,838 $LINK at $24.1 on DEX and withdrew 162,024 $LINK($4.08M) from #Binance.https://t.co/Zuxgpk23Sm pic.twitter.com/hNQ65oZkfi

— Lookonchain (@lookonchain) December 3, 2024

This isn’t just something whales do. Other large holders also play a crucial part. As small and medium-sized investors increase their shares, new investors are now jumping on the Chainlink bandwagon.

IntoTheBlock data shows that over the last 30 days, the number of LINK tokens owned by small buyers (1,000 to 10,000) has grown by 35%.

In the same vein, mid-tier investors, who held 10,000 to 100,000 LINK, experienced a significant 86.79% increase in accumulation.

LINK market cap currently at $15.2 billion. Chart: TradingView.com

Bullish Forecasts & Strong Market Performance

Chainlink’s market capitalization has now exceeded $15 billion, following a 25% increase in the past 24 hours. The asset’s remarkable performance is also contributing to the current optimism in the DeFi sector, which is on the brink of a $150 billion market capitalization.

$LINK/usdt DAILY

It’s $LINK SEASON, now we do $22 –> $52 🚀🚀 https://t.co/kJOaCpeyML pic.twitter.com/dg3H5au2fU

— Satoshi Flipper (@SatoshiFlipper) December 3, 2024

Well-known figures such as Satoshi Flipper have predicted a target price of $52 for LINK, which is a particularly bullish outlook among analysts. A breakout rally has gained more steam, emulating the 2022-2023 trendline breakout, which signaled a substantial rebound in the broader market.

Source: Coinglass

Coinglass indicators show a 57% growth in futures open interest to $708 million and rising investor interest. Trading volume in derivatives rose 450% to $5 billion. This shows a surge in speculative activity, which bodes well for LINK’s growth.

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Chainlink: The Road Ahead

Chainlink’s price behavior suggests that the present surge could last; but, its long-term success depends on its capacity to maintain momentum. Strong purchasing pressure and rising whale activity point to a continuous optimistic view.

However, investors should exercise caution, as markets can fluctuate rapidly. LINK may achieve new price milestones in the upcoming weeks if it maintains its upward trajectory.

Featured image from IndiaMART, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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