TL;DR
- Chainlink surpassed $29 for the first time in 37 months, although it is currently at $28 after a brief retracement.
- Whales and institutional investors have accumulated more than 5.6 million tokens in two months, driving the price and open interest in futures to a record $770.27 million.
- If it surpasses $29.50, it could rise by 80%, reaching its all-time high of $52.50, although a short-term correction is possible.
Chainlink (LINK) has experienced an impressive rally in recent days, surpassing the $29 mark for the first time in the past 37 months. However, after a brief retracement, it has returned to $28.
The surge has been driven by strong interest from whales and large institutional investors, who have accumulated a massive amount of tokens in recent weeks. In fact, wallets with more than 100,000 LINK have added over 5.6 million tokens in just two months, demonstrating a clear interest in the cryptocurrency. On the other hand, smaller wallets have reduced their positions by a similar amount.
The increase in accumulation by whales is a key factor in understanding the rise in Chainlink’s price, as historically, when these investors buy during market volatility or panic, it tends to reflect in an increase in the market capitalization of assets. The accumulation behavior observed in recent weeks has led the community to anticipate further growth for the token, creating an optimistic atmosphere among investors.
LINK: Facing a Correction or Heading for a New ATH
LINK’s price has risen over 16.5% in the past 24 hours, reaching levels not seen since 2022, which has also driven futures open interest (OI) to a historic record of $770.27 million, indicating increased participation from traders and speculators in the market.
Despite the optimism, analysts point out that LINK could face a short-term correction, as the price has reached elevated levels on both the daily and weekly time frames. However, if it manages to break the $29.50 resistance and maintain the bullish momentum, experts predict that the token could rise by up to 80%, reaching its all-time high of $52.50.
The future of Chainlink seems largely dependent on the continued interest from large investors and Bitcoin’s ability to remain stable. If the market continues its recovery, the prospects may remain favorable
