Chainlink Price: Whales Are Buying The Dip, LINK To $25?

The global crypto market continues to show pessimistic sentiments, with market capitalization declining to $3.2 trillion. Like major cryptocurrencies, the price of Chainlink (LINK) price has retraced in the second half of December.

It declined 5.6% in the last 24 hours. Despite the declining prices, large investors, often called whales, continue to show interest in LINK.

The Santiment Exposition on LINK Accumulation

Recent data from Santiment revealed whales holding between 1 million to 10 million LINK have accumulated 3.58 million coins in just three days. The 3.58 million LINK translates to $76.9 million at the current market price.

The recent accumulation from Chainlink whales implies they are buying the dip in large transactions.

Their actions show confidence in LINK’s future price trajectory. These large investors anticipate surges in LINK’s price to sell their coins and generate higher profits.

In contrast, retail investors have shown a different sentiment. These investors have sold 5.67 million LINK over the last two months.

Their actions may have contributed to increased impatience in the market, marked by profit-taking and fear of further price declines.

Meanwhile, the latest whale activity also includes short-term movements to exchanges.

Lookonchain said a whale recently deposited 250,000 LINK, valued at about $5.37 million, in Binance and OKX.

These transactions follow withdrawals of 595,000 LINK worth $17.31 million earlier this month at an average price of $29.1.

Chainlink Price Outlook and Future Projection

While some whales bought a substantial amount of LINK, the coin’s price has failed to react positively.

As of this writing, LINK price trades at $21.5, down 4.5% in the last 24 hours. However, the daily trading volume increased by 9.8% to $785 million.

Notably, LINK achieved a major breakout from a descending triangle pattern in November, pushing the coin to its recent high of $30.80.

LINK has, however, returned to a crucial support zone between $18.90 and $22.90 due to the ongoing correction.

The LINK price could rebound towards $25 if the current support holds. However, a breach below this zone might signal further downside.

Despite LINK’s declining prices, analysts have expressed bullish predictions about the cryptocurrency. Some have forecasted that Chainlink could hit $800 if adoption continues at a similar rate in the coming weeks.

Chainlink Ecosystem and Growing Protocol Integrations

Chainlink has continued to grow its ecosystem through high-profile integrations and collaborations. These include those with Swift, Euroclear, and major banking and capital markets institutions.

Recently, Shiba Inu partnered with Chainlink to revolutionize its layer-2 network, Shibarium. Specifically, Shibarium integrated CCIP for enhanced cross-chain functionality and scalability for decentralized applications.

Similarly, Chainlink announced a strategic partnership with 21X to launch Europe’s first EU-regulated tokenized securities market.

The platform is scheduled for release in early 2025, with regulatory oversight from Germany’s Federal Financial Supervisory Authority (BaFin).

This collaboration can improve market security, transparency, and efficiency in addressing problems in the current financial system.

Besides these collaborations, Chainlink’s CCIP private transactions have officially gone live. Notably, ANZ Bank is among the first to use the feature.

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