On December 12, 2024, Chainlink (LINK) has captured the attention of both prominent investors and financial institutions, resulting in a remarkable increase in its price over the past 24 hours. The crypto community has been abuzz with news of significant acquisitions by major players, indicating a growing interest in LINK.
Whales and Institutions Show Growing Interest in LINK
During Asian trading hours, Eyesonchain, a reputable blockchain-based transaction tracker, reported on X (formerly Twitter) that Trump’s World Liberty Financial made a substantial purchase of 41,335 LINK, valued at $1 million. This acquisition was executed at an average price of $24.19, showcasing a strong vote of confidence in LINK’s potential.
Simultaneously, Lookonchain, another blockchain transaction tracker, highlighted a significant transaction where a whale invested 1,263 ETH, equivalent to $4.95 million, to acquire 175,424 LINK tokens. This purchase was made at an average price of $28.18, underscoring the increasing interest from high-net-worth individuals and institutions.
Chainlink (LINK) Open Interest Hits Record High
These substantial acquisitions within a short time frame have caught the attention of the crypto community, resulting in a surge in LINK’s price and open interest (OI). According to data from on-chain analytics firm Glassnode, LINK’s price has reached its highest point in two years, while its future OI has soared to a record $770.27 million.
Current Price Momentum
At present, LINK is trading around $28.23, reflecting an impressive 18.5% increase in the past 24 hours. The trading volume during this period has also risen by 65%, indicating heightened activity from traders and investors, fueled by the involvement of whales and institutions.
Chainlink (LINK) Technical Analysis and Upcoming Levels
Technical analysis experts indicate that LINK is currently encountering substantial resistance around the $29 mark. With robust institutional interest, crypto whales, and growing trader confidence, there is a strong likelihood that LINK could surpass this level in the coming days.
Based on recent price trends, if LINK successfully breaches this resistance and closes above $29.50, it could initially ascend by 20% to reach the next resistance level of $35. Furthermore, LINK has the potential to surge by 80% to attain the $52.50 mark, which represents its all-time high.
Nevertheless, traders and investors should exercise caution, as LINK has experienced significant gains on both weekly and daily time frames. A price correction could occur during the ongoing rally, providing necessary support for LINK’s continued bull run.
