Big investors, known as whales, are driving the rise in Chainlink’s price. There’s a chance LINK might go down a bit before making a comeback and aiming for $20. This is closely watched by investors as they anticipate what’s next for Chainlink.
Chainlink Whales Drive Surge in LINK Price
Chainlink (LINK), a prominent oracle service provider, has stood out as a star performer in the altcoin market, boasting nearly 90% gains in just the past month. The current LINK price hovers around $15, contributing to a market cap of approximately $7.9 billion.
Recent data indicates substantial accumulation by the 200 largest Chainlink whales over the past two days, even preceding the 100% LINK price rally. These whales have been steadily accumulating LINK coins, with their holdings surging by 40.18 million $LINK around October 17th when Chainlink traded below $7.40. Following this accumulation, LINK witnessed an impressive surge of +125% over 25 days, stabilizing around $14.60. Notably, the holdings in these top wallets have remained at elevated levels ever since, highlighting the ongoing confidence of significant LINK investors.
Chainlink Faces Volatility Amidst Bullish Signals
After a robust price rally in early November, Chainlink has encountered some volatility in the past week. The LINK price has experienced a 5.09% dip in the last 24 hours, currently trading around $14.30.
Crypto analyst Ali Martinez suggests that Chainlink is showing signs of breaking out from a bullish flag pattern. There’s anticipation of a potential retest of the breakout zone at $14, opening the path for Chainlink ($LINK) to make strides toward the $20 mark.
— Ali (@ali_charts) November 19, 2023
In recent developments, Weiss Crypto, a prominent crypto rating agency, has upgraded Chainlink to an “A-” rating. Notably, LINK is one of the select cryptocurrencies, alongside Bitcoin, to secure an “A” range rating from Weiss. These developments add an interesting layer to the current dynamics surrounding Chainlink, as it navigates both price fluctuations and positive industry recognition.
Swift and Chainlink Collaborate for Efficient Tokenized Value Transfer
Swift’s successful partnership with Chainlink and over 12 leading financial institutions has demonstrated the seamless and secure transfer of tokenized value across both public and private blockchains, facilitated by Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
In this collaborative effort, Chainlink served as an enterprise abstraction layer, establishing a secure connection between the Swift network and the Ethereum Sepolia network. The utilization of Chainlink’s CCIP was instrumental in ensuring complete interoperability between the source and destination blockchains.
Swift’s successful collaboration with #Chainlink and 12+ leading financial institutions demonstrated the ability to transfer tokenized value efficiently and securely across public and private blockchains using CCIP.
— Chainlink (@chainlink) November 21, 2023
This achievement, made possible through collaboration with major financial institutions and market infrastructures, underscores Swift’s capability to provide a unified point of access to multiple networks, leveraging existing secure infrastructure. Such an approach significantly mitigates operational challenges and reduces the investment required for institutions to participate in the evolution of tokenized assets.
Notably, Chainlink has recently announced the launch of Staking v2.0, further enhancing its capabilities and offerings in the blockchain space.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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