Chainlink (LINK) recently experienced a dip in price, dropping to $20.1 over the weekend before recovering to a little over $23. This dip resulted in a weekly loss of almost 22%. Despite the decline, many whales in the cryptocurrency market took advantage of the lower price to accumulate the token. There has been a noticeable increase in the holdings of wallets containing between 10 million and 100 million LINK coins, with the total amount rising from approximately 475.79 million to 479.78 million in a short period. This accumulation trend suggests growing confidence among large holders in LINK’s long-term potential.
Popular crypto analyst Ali Martinez noted that the increase in LINK holdings translates to a purchase of over $44 million worth of LINK, reflecting bullish behavior among whales during the price retracement. Lookonchain, a blockchain analytics platform, also confirmed this trend by identifying nine new wallets that withdrew a total of 362,380 LINK tokens, worth around $8.19 million, from Binance within the last 48 hours. This further validates the strong conviction among whales in the LINK token.
Prior to the recent market turmoil, the LINK token experienced a significant price increase and an increase in market activity, attributed to World Liberty Financial (WLFI) increasing its holdings. This renewed interest has led to a sharp rise in market activity, with CoinCodex predicting that Chainlink’s price could increase by more than 53%, potentially reaching $35.56 by January 22, 2025. The market sentiment is currently neutral, with a Fear & Greed Index standing at 70 (Greed). In the past 30 days, Chainlink had 16 green days out of 30, with a volatility of 17.48%.
Chainlink has emerged as a leader in the real-world assets (RWA) sector, with market intelligence platform Santiment reporting that it is at the forefront of development activity in the sector. The decentralized oracle network has outperformed other projects in the sector, including Synthetix (SNX) and Dusk Foundation (DUSK). According to Santiment’s analysis, Chainlink recorded nearly 394 significant GitHub events in the last 30 days, while Synthetix and Dusk Foundation had 176.6 and 34.7, respectively. Furthermore, Chainlink has established partnerships with major companies such as Coinbase, SWIFT, UBS, and Emirates NBD for the RWA tokenization industry.
In conclusion, despite the recent price dip, Chainlink has shown resilience and has garnered increased interest from whales in the cryptocurrency market. The accumulation of LINK tokens by large holders reflects a strong belief in the token’s long-term potential. With partnerships with leading companies and a strong position in the RWA sector, Chainlink is poised for potential growth in the coming years. Investors and traders are keeping a close eye on Chainlink as it continues to make strides in the cryptocurrency and blockchain industry.
