Chainlink price reaches highest level in years as whale moves $9.6m worth to Aave

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As a seasoned researcher with years of experience in the cryptocurrency market, I find myself increasingly intrigued by the recent surge in Chainlink (LINK) prices. The three-week uptrend culminating in a high not seen since January 2022 is indeed a significant milestone.

Over the past three weeks, the value of Chainlink has persistently surged, hitting its peak since early January 2022.

In simpler terms, the cryptocurrency known as Chainlink (LINK) reached a peak of $26.40, making it the largest oracle network within the blockchain sector. This impressive surge boosted its total market value beyond $16 billion.

The rally coincided with the ongoing accumulation by whales.

As a researcher, I recently uncovered an interesting transaction in the crypto world. In a post on X platform, Lookonchain spotted a substantial movement of Chainlink (LINK) coins valued at approximately $9.6 million from Binance to AAVE (AAVE). It appears that this investor subsequently borrowed around 4 million units and deposited them back into Binance, potentially with the intention of acquiring more LINK.

As reported by Etherscan, a significant investor (often referred to as a ‘whale’) transferred Chainlink coins valued at approximately $7.16 million from Coinbase to a personal wallet for self-storage. Simultaneously, another whale moved LINK tokens worth more than $2 million to the exchange platform, OKX.

The amassing of whales (large investors) is frequently viewed as a positive indicator for cryptocurrencies due to their high transaction volumes. According to Nansen data, the quantity of Chainlink coins held on exchanges exceeded 253.4 million, slightly less than the previous week’s figure.

In the meantime, based on Santiment’s report, the recent increase in LINK appears to be driven more by a lack of FOMO (Fear of Missing Out) rather than widespread excitement. Therefore, the cryptocurrency analysis company anticipates further growth for this coin.

šŸ”— Chainlink has seen a surge in late-week gains, and to reach its 3-year peak from January 2022, it needs to increase by approximately 10.8%. Fortunately, there’s minimal retail excitement for LINK. Historically, markets tend to move contrary to the crowd’s predictions, so the lack of hype around Chainlink could potentially be a good sign.

ā€” Santiment (@santimentfeed) December 6, 2024

Chainlink price flips key resistance level

Over the recent weeks, the graph depicting weekly trends indicates a robust recuperation for the LINK price. This recovery has caused the crucial resistance level at $22.85 to transition into support as the momentum of this rally intensified. This significant price point is noteworthy because it marked the peak on March 11, being the highest swing in that timeframe.

The price of Chainlink has now reached the 50% level in a Fibonacci retracement, and it’s also switched the significant barrier provided by the Murray Math Lines indicator. At this point, it continues to stay above both its 50-week and 100-week moving averages.

Based on the Murrey Math Lines’ extreme overshoot, the short-term goal for LINK’s price is expected to be around $31.25. Over a longer timeframe, the coin could potentially double, reaching and even surpassing its previous all-time high of $52.

If the price dips under the crucial support level at $22.85, the positive outlook might no longer hold. A dip below this point could potentially cause it to slide down towards $20.

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2024-12-08 22:04