This article is also available in Spanish.
Chainlink (LINK) is currently experiencing significant momentum in the cryptocurrency market, leading to speculation that its value could rise to $30 in the near future.
LINK, which is currently trading at approx $13.45, It has recently seen a rise in price momentum, which is attributed to a number of crucial factors that indicate additional upside potential.
Related reading
Analysts particularly find great interest in the token’s technical framework, whale activity, and general market movements.
Whale accumulation, low exchange supply, increased on-chain activity, and bullish derivatives data favor Chainlink. If the bull flag pattern breaks, World of Charts predicts that LINK price may challenge $30 in the following weeks.
LINK breaching the $30 threshold could send the cryptocurrency rising by 125%.
Accumulation of whales, a catalyst for optimistic sentiment?
Increased whale activity is one of the primary factors contributing to LINK’s recent price movement. Over the past seven weeks, token holders, with balances ranging from 100,000 to 10 million LINK, have amassed a staggering $370 million in LINK.
This represents the highest accumulation in three months, amounting to an 8.2% increase in holdings. Whale accumulation is often seen as an indicator of optimism regarding the health of the token, as these investors tend to hold their positions for a long time.
Further whale movements will likely have an impact on how people feel about the market as a whole. When wealthy individuals buy more LINK, ordinary buyers may do the same, which will increase its value even more. Since the price recently crossed the $13.30 level, it has already sparked more buying interest. If LINK stays above this level, it could help the price rise towards $30.
Prepare for price increases
Another thing that could cause LINK’s price to rise is that there is less pressure to sell on the platforms. According to CryptoQuant data, LINK has seen a significant rise in withdrawals from exchanges. On November 8, it reached a 30-day high.
Removing a token from exchanges usually indicates that token holders are not expected to make any quick trades, indicating that the market is experiencing distress. Since there are only a few tokens on exchanges, the price may rise quickly in reaction to any increase in demand.
Low selling pressure and high whale activity are preparing the surroundings for a price explosion. If more investors start to see LINK as a long-term investment – especially if demand continues to outpace supply – the value of the token could rise further.
🧑💻 Below are the top crypto real-world assets (RWA’s) by development. Trend indicators represent the rise or fall in each project’s rating since last month:
➡️ 1) @chainlink $link 🥇
➡️2) @synthetix_io $Snex 🥈
➡️3) @duskfoundation $dusk 🥉
➡️4) @oraichain Weather $
📈5) @skyecosystem… pic.twitter.com/t5nnyIWV0g— Santiment (@santimentfeed) November 5, 2024
Chainlink development activity is conducive to long-term expansion
Aside from the price behavior, Chainlink’s continued expansion is another crucial factor in inspiring people. The network’s creators have greatly intensified their work; In the past month alone, development activity has increased by a staggering 4,000%.
Related reading
Meanwhile, partnering with financial giants like Swift, Euroclear or UBS can only prove that Chainlink is a relatively new ally to help the financial sector deal with data fragmentation.
Chainlink’s real-time validation through data hex could find it at the forefront of AI and blockchain-based decentralized finance. The more institutions start using Chainlink technology, the greater the utility and value, which can help support sustainable prices for the token.
Chainlink appears to be fairly well positioned for a potential near-term rally, especially if continued development and whale accumulation continues, coupled with very strong technical indicators.
Featured image from Pexels, chart from TradingView