In a notable event this Monday, the cryptocurrency market faced major changes with Federal Reserve Chairman Jerome Powell’s firm hawkish stance following the rise in US interest rates. Leader Bitcoin (BTC) fell from $43,400 to $42,200, affecting most other cryptocurrencies, down an average of 1.3%.
However, even in this downturn, Chainlink (LINK) stood out and showed an impressive rise, surpassing $18. Interestingly, market reports suggest that there is active buying among cryptocurrency whales, with a particular focus on LINK.
What’s in LINK’s Horizon?
Following this surge, large groups of investors known as cryptocurrency whales began accumulating Chainlink (LINK) tokens. According to insights from blockchain analytics firm Lookonchain, in recent days, an unidentified entity has secretly acquired $42 million worth of LINK tokens.
According to data from Lookonchain, 47 newly established wallets collectively withdrew a significant 2,237,504 LINK tokens from Binance, highlighting the significant buying activity orchestrated by this mysterious entity. This intentional accumulation not only signals confidence in Chainlink’s potential, but also highlights its utility in the cryptocurrency space.
However, in a twist just a day ago, $4.12 million worth of LINK tokens left Binance and found new homes in eight recently created wallets. The continued accumulation of LINK indicates a deliberate effort to gain acceptance for this particular cryptocurrency.
Also Read: Chainlink (LINK) Price Could Soar 38% in the Coming Years
Market Impact: LINK’s Impressive Soar
The impact of these transactions on the market was tangible. The price of LINK rose 2% in the last 24 hours and rose to $19.09, reflecting a remarkable surge of 41.09% in the last 30 days. However, cryptocurrency analyst Ali Martinez warns that Chainlink could face strong resistance between $19.40 and $20.03 at this stage, with 5,330 addresses holding over 8.59 million LINK. However, if there is a breakout, Martinez believes the next important resistance will be at $26.87, potentially resulting in a 38% price surge.
In particular, Changelly added an optimistic outlook, predicting the rise of Chainlink (LINK). The platform predicts that LINK will reach $20.65 on February 12, 2024, and is likely to reach $22 by February 15, 2024.
Additionally, LINK’s trading volume experienced a significant increase, reaching $941,499,686 in the last 24 hours.
glimpse into the future
Chainlink’s $52 peak in May 2021 may seem like a distant memory, but recent performance suggests a resurgence of interest at a similar pace. This trajectory indicates that Chainlink is poised to continue its upward trajectory, establishing itself as one of the top 10 cryptocurrencies to watch closely in the coming months.