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On Monday, the cryptocurrency market saw a huge surge in Chainlink (LINK) prices following a blockbuster acquisition by World Liberty Financial (WLFI), the cryptocurrency project linked to President Donald Trump.
Trump’s global financial freedom drives prices higher
In a series of quick transactions that were completed in just 15 minutes, World Liberty Financial purchased 220,000 LINK tokens, for an impressive total of $5.63 million, According to For Chinese correspondent Wu Blockchain.
This strategic move was accompanied by additional acquisitions, including 13,000 Aave tokens (AAVE) worth $4.41 million and 37,267 million TRON tokens (TRX) worth $8.86 million.
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The buying pressure generated by these transactions contributed to LINK’s price rising significantly by 44% over two weeks, with an immediate increase of over 11% in just 24 hours.
But despite this bullish momentum, LINK’s price remains approximately 49% below its all-time high of $52.70, which was achieved during the 2021 uptrend where it is currently hovering just above the $26 mark.
In a Social media sharing On X (formerly Twitter), WLFI detailed these takeovers, noting that they were made to commemorate the inauguration of Donald J. Trump as the 47th President of the United States.
The post highlighted additional purchases, including $47 million in Ethereum (ETH), $47 million in Wrapped Bitcoin (wBTC), and similar amounts in AAVE, LINK, TRX, and Ethena (ENA).
How Chainlink’s value can double
The Trump family’s involvement in the cryptocurrency space has sparked excitement among bullish LINK investors, fueling renewed confidence in the token’s prospects.
Analysts such as Michael van de Poppe have contributed to this, Pointing LINK recently experienced a record 30% correction, a pattern seen more than 15 times in previous sessions. Despite this, Van de Poppe expects an upward price movement for Chainlink towards the $35 mark as market conditions stabilize.
In addition to the positive sentiment, market expert Ali Martinez said I mentioned A massive withdrawal of more than 770,000 LINK tokens was made from cryptocurrency exchanges on Tuesday, indicating that investors are increasingly confident in LINK’s potential and a potential continuation of the bullish trend observed over the past month.
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Satoshi Flipper was also involved in LINK’s price action, Expression Optimism about code adoption and future performance. He noted the emergence of a falling wedge pattern that could push LINK towards an all-time high, indicating that a price doubling from current levels is possible.
Flipper stressed the importance of Chainlink in the broader cryptocurrency ecosystem, arguing that ruling out the possibility of further gains before reaching new highs would be a mistake.
Interestingly, I recently gained… He pointed out LINK’s monthly Relative Strength Index (RSI) currently stands at 67, approaching the critical 70 level that previously led to a massive 375% price surge.
This setup reflects the conditions that pushed the price from $3.50 to $20 in a previous cycle. If history repeats itself, such a rally could push LINK towards the $124.80 mark, nearly three times its current peak.
Featured image of DALL-E, chart from TradingView.com