On December 12, 2024, Chainlink (LINK) has caught the attention of both whales and institutions, resulting in a significant price surge in the past 24 hours. Whale transaction trackers on social media platforms have reported a notable accumulation of LINK tokens by prominent entities.
Whales and Institutions Rising Interest in LINK
During the Asian trading hours, Eyesonchain, a blockchain-based transaction tracker, revealed that Trump’s World Liberty Financial made a substantial purchase of 41,335 LINK tokens, equivalent to $1 million. This acquisition was executed at an average price of $24.19 per token. Additionally, Lookonchain, another transaction tracker, disclosed that a whale invested 1,263 ETH, valued at $4.95 million, to acquire 175,424 LINK tokens at an average price of $28.18.
Chainlink (LINK) Open Interest Reaches All-Time High
These sizeable acquisitions within a short timeframe have garnered widespread attention within the crypto community, leading to a surge in LINK’s price and future open interest (OI). According to Glassnode, a renowned on-chain analytics firm, LINK’s price has reached its highest level in the past two years, with its future OI hitting a record high of $770.27 million.
Current Price Momentum
As of now, LINK is trading around $28.23, reflecting a price surge of over 18.5% in the past 24 hours. The trading volume has also increased by 65%, indicating heightened participation from traders and investors amidst the increased involvement of whales and institutions.
Chainlink (LINK) Technical Analysis and Upcoming Levels
Expert technical analysis suggests that LINK is currently facing strong resistance near the $29 level and is making efforts to surpass this barrier. With significant institutional interest, active involvement of crypto whales, and growing trader confidence, there is a high probability of LINK breaking through this resistance level in the coming days.
If LINK successfully breaches the $29 mark and closes a candle above $29.50, it could potentially witness a 20% surge to reach the next resistance level at $35. Subsequently, it may surge by 80% to hit the $52.50 level, which represents its all-time high.
It’s important for traders and investors to note that LINK has shown significant stretching on both weekly and daily time frames. Therefore, there might be a possibility of a price correction during the upcoming rally, offering support for LINK in its bullish trend.