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Cryptocurrency News Articles

Chainlink (LINK) Primed For A Potential Rally As Whales Accumulate, Exchange Supply Drops & Development Activity Skyrockets

Nov 10, 2024 at 01:00 pm

Chainlink (LINK) is currently experiencing significant momentum in the cryptocurrency market, leading to speculation that its value may increase to $30

Chainlink (LINK) Primed For A Potential Rally As Whales Accumulate, Exchange Supply Drops & Development Activity Skyrockets

Cryptocurrency Chainlink (LINK) is experiencing significant momentum in the market, with speculations indicating a potential increase in its value to $30 in the upcoming weeks.

Currently trading at around $13.45, LINK has seen a recent surge in price momentum that is being attributed to several key factors that point toward further upside potential.

Analysts are particularly interested in the token’s technical structure, whale activity, and broader market movements.

According to World of Charts, the recent price action and technicals hint at a bullish flag pattern on the LINK chart. If the pattern breaks bullish, the crypto could be headed toward a price of around $30.

This would mark an over 125% increase from LINK’s current price.

Whale Buildup May Be Spurring Optimistic SentimentIncreased whale activity is among the major contributors to LINK’s recent price movement.

Over the last seven weeks, large holders of the token — with balances ranging from 100,000 to 10 million LINK — have accumulated a massive sum of over $370 million in LINK.

This marks the highest accumulation in three months, with holdings increasing by 8.2%. Whale accumulation is often seen as a sign of optimism in a token, as these investors tend to hold their positions for the long term.

The increased whale activity is also likely to be impacting overall market sentiment. As deep-pocketed individuals continue to buy more LINK, it could also encourage regular traders to follow suit, putting even more upward pressure on the token price. Notably, a recent breakout occurred above $13.30, indicating further buying interest. If LINK manages to sustain above this level, it could bolster the price movement toward $30.

Preparing For A Price SurgeAnother factor that could be setting the stage for a price increase is decreasing selling pressure on exchange platforms.

According to data from CryptoQuant, LINK has seen a strong uptick in exchange withdrawals, hitting a 30-day high on November 8.

Usually, the removal of tokens from exchanges indicates that holders aren’t planning to be making any quick trades, suggesting that the market is experiencing tightness. With fewer tokens on exchanges, the price can quickly adjust in response to any demand.

The decreasing selling pressure, coupled with the increased whale activity, is setting the scene for a price breakout. If more traders begin to view LINK as a long-term investment — especially if demand continues to outpace supply — the token could see even higher price appreciation.

Here are crypto's top Real World Assets (RWA's) by development. Directional indicators represent each project's ranking rise or fall since last month:

1) @chainlink $LINK

2) @synthetix_io $SNX

3) @duskfoundation $DUSK

4) @oraichain $ORAI

5) @skyecosystem… pic.twitter.com/t5nnyIWV0g

— Santiment (@santimentfeed) November 5, 2024

Chainlink Development Activity Poised For Long-Term GrowthApart from price movements, Chainlink's continuous development is another key aspect that is inspiring people.

The network’s creators have ramped up their work massively; development activity has increased by an impressive 4,000% in just the last month.

Meanwhile, partnerships with financial giants like Swift, Euroclear, or UBS to name a few, only further attests Chainlink as a new ally for the financial sector in dealing with data fragmentation.

Chainlink’s real-time validation of data through its oracles could place it at the forefront of decentralized finance that is powered by both AI and blockchain technology. The more institutions begin to utilize Chainlink technology, the greater utility and value it gains, which can help sustain higher prices on the token.

Overall, Chainlink does appear well-positioned for a potential rally in the near term, especially if the ongoing development and whale accumulation continue to take place, combined with very strong technical indicators.

News source:www.newsbtc.com

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