3 signs that forecast Chainlink price will rise to $50

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market cycles and trends. The current rally in Chainlink (LINK) has caught my attention due to its sustained strength and positive fundamentals.

This week, the price of Chainlink experienced a robust surge, peaking at $29.4, which marks its highest point since last November.

In a noteworthy trend, Chainlink (LINK), the leading oracle network within the cryptocurrency sector, has seen an upward movement for four consecutive weeks. This marks its longest uninterrupted climb since the year 2023.

It seems that signs point towards a potential increase in LINK’s price over the upcoming months, perhaps even reaching $100. This optimism stems from the fact that large investors (often referred to as ‘whales’) have been gradually amassing the coin for several months now. According to Santiment, these big holders with more than 100,000 coins have bought approximately 5.69 million LINK tokens within the last two months.

Instead, it’s worth noting that those who own fewer than 100,000 coins have collectively sold approximately 5.67 million coins. In the past, such a pattern has often been a positive sign for a cryptocurrency.

🔗📈 For the first time in nearly three years, Chainlink (LINK) has crossed $29, sparking enthusiasm within the community. This recent price separation is fueled by an increase in large-scale investors (whales and sharks) amassing LINK tokens. Specifically, wallets holding over 100,000 LINK have added approximately 5.69 million LINK to their holdings. 🐳🦈

— Santiment (@santimentfeed) December 12, 2024

It has been observed that whales have been steadily acquiring Chainlink tokens. To illustrate, as per Etherscan’s data, a significant investor transferred coins valued over $1.7 million from Coinbase on Thursday.

Over the past week, the number of tokens traded on exchanges has decreased to approximately 254.4 million. This figure has been gradually declining for several months now.

In the last few months, Chainlink has established substantial connections. Notably, they revealed alliances with Coinbase and Emirates NBD, a bank boasting more than $200 billion in resources, earlier this week.

In addition, Chainlink has collaborated with entities such as Swift Network. It’s worth mentioning that Swift recently executed a substantial tokenization transaction with UBS, the globe’s leading wealth manager. Swift intends to assimilate Chainlink’s technology into its financial transfer operations, handling transactions valued at over $150 trillion annually.

In addition, Chainlink stands as the largest oracle network in terms of overall value locked, surpassing the combined value of the top ten oracle networks, with a secured value of approximately $38 billion.

Chainlink price has strong technicals

Over the last several weeks, the graph for LINK demonstrates a robust upward trajectory, or bullish trend. Notably, it has surpassed a significant resistance point at around $22.85 – its highest peak in March this year.

1) The coin’s value has surpassed the 50% Fibonacci retracement point, and its price momentum indicator now hovers above the neutral mark (zero line).

Keep an eye on the upcoming significant milestone at approximately $52, which represents Chainlink’s record high. If the price falls below the supportive level of around $22.85, it could potentially challenge the optimistic forecast.

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2024-12-13 01:56