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It’s easy to understand why Chainlink (LINK) has recently gained attention in the cryptocurrency community. Digital assets have had a great experience A 40% increase in just one week.
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Demand for LINK rose significantly from $16.54 on November 26 to $25.73 by December 3. As the largest price increase since January 2022, this rise signals a new wave of investor enthusiasm and momentum.
Boom fueled by whale activity
Whale activity is one of the main drivers of this rise. LookonChain reported on December 3 that the whale address received 269,861 LINK tokens, worth $6.68 million. The whale’s acquisition of 107,838 tokens on the decentralized exchange, at a cost of $2.6 million, shows that trust in LINK continues to grow.
Furthermore, 162,024 LINK tokens, worth $4.08 million, were withdrawn from Binance, underscoring the growing interest of institutional investors.
price $link Up 36% today!
Whale bought 269861 $link($6.68 million) in the last 12 hours.
The whale spent $2.6 million to buy 107,838 items $link At $24.1 on DEX and withdrawing $162,024 $link($4.08 million) from #Binance.https://t.co/Zuxgpk23Sm pic.twitter.com/hNQ65oZkfi
– Loconchain (@loconchain) December 3, 2024
This isn’t just something whales do. Other high-volume owners also play a crucial role. With small and medium investors increasing their shares, new investors are now joining the Chainlink bandwagon.
IntoTheBlock data shows that over the past 30 days, the number of LINK tokens owned by small buyers (1,000 to 10,000) has increased by 35%.
In the same vein, middle-class investors, who own between 10,000 and 100,000 links, saw a significant increase in accumulation by 86.79%.
Bullish expectations and strong market performance
Chainlink Market value It has now exceeded $15 billion, after a 25% increase in the past 24 hours. The asset’s impressive performance also contributes to the current optimism in the DeFi sector, which is on the verge of a $150 billion market cap.
$link/usdt daily
that it $link season, now we pay $22 -> $52 🚀🚀 https://t.co/kJOaCpeyML pic.twitter.com/dg3H5au2fU
– Satoshi Flipper (@SatoshiFlipper) December 3, 2024
Well-known figures like Satoshi Flipper have predicted a $52 price target for LINK, a particularly bullish outlook among analysts. The breakout rally has gained more steam, mimicking the breakout of the 2022-2023 trend line, which indicates a significant recovery in the broader market.
Coin indices It shows a 57% growth in open futures contracts to $708 million and increased investor interest. The trading volume in financial derivatives increased by 450%, reaching $5 billion. This shows a rise in speculative activity, which bodes well for LINK’s growth.
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Chainlink: The way forward
Chainlink price behavior indicates that the current rally may continue; But its long-term success depends on its ability to maintain momentum. Strong buying pressure and rising whale activity indicate a continued bullish outlook.
However, investors should be careful, as markets can fluctuate quickly. LINK may achieve new price milestones in the coming weeks if it maintains its upward trajectory.
Featured image from IndiaMART, chart from TradingView