Dormant Chainlink Whale Is Back to Buy More LINK Tokens, Targets $45 by Month-End

As the crypto market reclaims the $3.5 trillion market cap, the DeFi tokens are back in action. With the market cap of DeFi tokens surpassing

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As crypto market footprints are closing in on a market valuation of $3.5 trillion, the DeFi tokens are back in the game. With a collective market cap of over $163 billion, Chainlink (CRYPTO: LINK) is among the top-performing DeFi tokens in the last 24 hours.

According to recent updates, the LINK token price surged by 26.65% in 24 hours, trading at $28.73. Following the bullish footsteps, both Avalanche (CRYPTO: AVAX) and Uniswap (CRYPTO: UNI) are rising in the top performers' list.

Dormant Chainlink Whale Is Back for More

Despite Chainlink's bullish recovery, whale interest has risen substantially. In the last 24 hours, a dominant whale, which was last seen to be active 293 days ago, is now back in the market to buy more.

The whale spent 658.14 Ethereum (CRYPTO: ETH) tokens, valued at $2.58 million, to buy Chainlink tokens. In exchange for the massive sum, the whale went on to accumulate 93,271 LINK tokens at an average of $27.71.

The new wallet then sent back 93,171 LINK tokens to the original whale wallet, continuing to hold 100 LINK tokens. The original wallet now holds a total of 94,533 LINK tokens, valued at $2.62 million.

Apart from Chainlink, the whale also holds 1,991 Ethereum tokens, valued at $7.79 million. As the long-dormant whale is back to buy more LINK tokens, the underlying confidence reflects a bull run ahead.

Whales Add $7.04B LINK in 30 Days

As the recovery rally in Chainlink gains momentum, the whale holding has also increased significantly in the last month. Compared to $12.56 billion on Nov. 11, the holding of $1 million to more than $10 million worth of LINK has increased to $19.6 billion on Dec. 11.

This marks a 42.33% surge in the $1 million to $10 million holding category and an astronomical 69.78% rise in more than $10 million holdings. The recovery rally is set to create a new all-time high amid the Chainlink whales' buying spree.

Chainlink Recovery Run Targets $45

As the bullish rally gains steam, the broader market anticipates Chainlink to create a new all-time high. With a market cap of $18 billion, the trading volume of Chainlink has increased to $2.54 billion, registering a 37% surge over the past 24 hours.

In the weekly chart, the Chainlink price action showcases a bullish breakout of a wedge pattern formed during the pullback phase. The breakout rally is formed with four consecutive bullish candles over the past six weeks.

With a minor drop in mid-November, the bullish rally now marks a 170% increase. At a 24-hour high of $29.45, the recovery rally has crossed the 61.80% Fibonacci level at $25.36.

The massive recovery run has resulted in a positive alignment of the crucial exponential moving average lines in the weekly chart. Moreover, both the MACD and signal lines continue their growth trajectory with a surge in positive histograms. Hence, the technical indicators flashed a bad signal for Chainlink.

The uptrend in LINK tokens is now inching closer to the 78.60% Fibonacci level at $32.50. Based on trend-based Fibonacci levels, if the uptrend continues, the breakout rally could pump Chainlink prices to $45.32 by the end of December.

A Bachelor of Science degree holder, Vishal began his crypto journey during the 2021 bull run and went on to navigate the subsequent market winter.

Vishal Dixit on LinkedIn

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