Highlights:
- Chainlink finally broke above the $13.65 price level after several attempts.
- The new feat coincided with a period characterized by heightened whale activities.
- Chainlink might reach $15 today, possibly attaining the $20 level by next week.
According to analytical intelligence firm Santiment, Chainlink (LINK) finally broke above $13.65 after several attempts. Santiment revealed its findings on Chainlink’s recently attained feat via a fresh tweet. In the X post, the analytical platform noted that the last time LINK breached the $13.65 price level was in July.
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Relaying its analytical discoveries on X, part of Santiment’s tweet stated: “Chainlink has decoupled from the altcoin pack, breaching $13.65 for the first time since July.” The on-chain analytical firm added investors’ faith in LINK’s appreciation potential played a significant role in its meteoric rise. Traders’ positive convictions on the token were visible in LINK’s surged accumulations and on-transactions count.
Chainlink Records Massive Whale Actions
Highlighting the surged LINK procurements and on-chain transactions metric, Santiment noted that Chainlink’s whale activities struck a three-month high. For context, whales, according to Santiment’s perception, are Chainlink holders, boasting 100K to 10 million LINK stores.
🔗📈 Chainlink has decoupled from the altcoin pack, breaching $13.65 for the first time since July. Whale activity is at a 3-month high, and key stakeholders holding between 100K-10M LINK have accumulated $369.8M worth of the coin in 7 weeks, a +8.2% increase in their holdings. pic.twitter.com/T1BzeVjS7V
— Santiment (@santimentfeed) November 8, 2024
Giving more details, the on-chain tracker mentioned that it spotted 264 whale transactions in a single day. The over 200 transaction counts were the highest ever recorded since August. Notably, traders actively accumulated LINK in August following the crypto market crash as of then.
In addition, the past seven weeks saw large investors increase their LINK holdings by a whopping 8.2%. Santiment noted that these large investors purchased 27.1 million tokens valued at about $369.8 million.
LINK’s Price Reactions
At the time of press, LINK is changing hands at about $13.5, reflecting a 5.2% upswing in the past 24 hours. Within the same timeframe, Chainlink fluctuated between minimum and maximum price levels, ranging between $12.71 and $13.73. Moreover, in its weekly price change data, LINK recorded a 20.4% surge with price extremes, fluctuating between $10.24 and $13.68.
Like all other crypto projects, the prices above underscore the marked crypto market recovery, which does not seem to end soon. On CoinGecko, Chainlink ranks as the eighteenth most valuable crypto asset, with about $8.46 billion in market capitalization. Its 24-hour trading volume is up 71.19%, displaying a $615.54 million valuation.
IntoTheBlock Corroborates Santiment Claims
In its submission, another analytical outlet, IntoTheBlock, spotlighted metrics similar to those presented in Santiment’s tweet. Per IntoTheBlock, the past seven days saw an increment in LINK transactions exceeding $100K. The analytical firm noted that such transfers amounted to roughly $413.57 million.
Meanwhile, Chainlink’s total exchange netflows reflected a negative $5.75 million valuation. On IntoTheBlock, the negative value signifies that more LINK tokens exit exchanges than those returning. Other relevant variables revealed that Chainlink reflected 68% in large holders concentration, underscoring a massive pool.
LINK will Reach $15 Today and Might Likely Hit $20 Next Week
Coinpedia Markets, a renowned crypto price tracker, shared its LINK analysis findings. Per the price tracker, Chainlink has formed an ascending triangle pattern. Therefore, chances abound that it might strike $15 today.
Coinpedia Markets added, “If Chainlink rises and closes a daily candle above the $15 level, it is highly likely to soar by 48% to reach $20 next week.” The on-chain tracker backed up its assertion with some price movement prediction indicators.
According to Coinpedia Markets, LINK’s daily timeframe metrics revealed that it is trading above its 200 Exponential Moving Average (EMA). In addition, its Relative Strength Index (RSI) reflected 64.84, which invariably implies bullish propensities. In conclusion, the crypto price tracker mentioned that Chainlink’s open interest increased by about 11.5% in the past 24 hours. The spiked variable signifies a surging traders’ interest in the token.
$LINK has formed a bullish ascending triangle pattern and is on the verge of breakout at $15 today. 📈
If #Chainlink rises and closes a daily candle above $15 level, it is highly to soar by 48% to reach $20 next week.🚀#LINK is trading above 200 EMA on the daily time frame,… pic.twitter.com/mLfNmGb8EK
— Coinpedia Markets (@MarketCoinpedia) November 9, 2024
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