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The price of the crypto Chainlink (LINK) recently fell by 13%, reaching $27. This downward trend erases the gains from the previous week. The flip side: crypto whales continue to accumulate this promising token.
Chainlink: a 13% drop in a turbulent crypto market
The price of the crypto asset Chainlink (LINK) declined by 13% in three days. It reached $27, down from an annual peak of $30.95. This correction reflects the overall weakness of the cryptocurrency market. For example, the price of Bitcoin has dropped to $105,000. The leading crypto is thus recording a 3% decrease from its weekly high of $108,000.
According to technical indicators, LINK has broken its support at $27.58. It is forming a bearish “triple top” pattern. This signals increased selling pressure. According to expert cryptocurrency analysts, the price may hit a psychological floor at $25 before a potential rebound.
This drop could, however, be seen as a buying opportunity, particularly for investors betting on high-adoption projects in DeFi.
Despite this decline, Chainlink continues to play a key role in blockchain. The proof is that it secures a total value of $41 billion through partnerships with major platforms like AAVE and Compound. These solid fundamentals place LINK among the most promising projects in the crypto ecosystem.
Strategic accumulation: whales and institutions bet on Chainlink
Despite the price decline, a crypto whale has intensified its accumulation of LINK tokens. Specifically, it added 65,000 units to its portfolio on December 18. This represents nearly $1.8 million. According to LookOnChain, this transaction brings the whale’s total acquisition to over $17.3 million.
In parallel, institutions like World Liberty Financial (led by Donald Trump) have also shown their interest in Chainlink. Recently, this decentralized finance platform acquired $2 million worth of LINK tokens to integrate Chainlink’s Oracle solutions into its systems.
Technical indicators and outlook: what does the future hold for crypto LINK?
From a technical standpoint, Chainlink shows signs of short-term weakness. Its price hovers around the Fibonacci retracement level of 23.6%, at $26. However, it remains below the median line of Andrew’s Pitchfork model.
That’s not all! This crypto asset has also broken its 50-period moving average. This could signal a continuation of the decline to $25.
However, some crypto analysts remain optimistic about a potential rebound. This forecast relies on:
- the growing demand for Chainlink’s DeFi solutions,
- its major partnerships such as the one with Swift Network,
- discussions around a potential ETF based on LINK.
Upstream, the data from IntoTheBlock reveals a continuous increase in the number of holders: over 688,000 active addresses in December (compared to a monthly average of 686,000).
Despite a significant correction, Chainlink remains an essential player in cryptocurrency and decentralized finance.
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Je m’appelle Ariela et j’ai 31 ans. J’oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n’ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c’est un univers qui m’intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d’en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
