Key Insights:
Chainlink breached $29, making a high of $29.33 before cooling down to $28 levels.
LINK is at a 37-month high and could soon breach its ATH of $53.
Data by Santiment shows whales have actively bought LINK recently.
Eric Trump's WLFI platform, too, acquired $1 million in LINK.
Chainlink, the largest blockchain oracle service provider, has now risen to 37-month highs, in line with our earlier predictions when LINK crossed $23. Earlier today, LINK crossed $29 and made a high of $29.3 before retreating to $28 at press time.
Chainlink has been very bullish in the last month due to several fundamental, ecosystem, and technical reasons. Currently, LINK has breached its last major resistance at $29, and once it moves above $32, it could accelerate its rally even more. The crypto now aims for a new ATH above $53.
Whales have turned out to be a major factor in this rise, as shown by Santiment. In the last two months starting 11 Oct, smaller holders holding less than 100k LINK sold about 0.57% of the entire supply. Opposite this, wallets with 100k+ LINK(whales) bought this entire distribution and even more.
This date was a key turning point in LINK's accumulation/distribution curve as smaller investors exited LINK and larger investors (whales) poured their money into it.
One such whale bought $5 million worth of LINK. Among corporate buyers, Donald Trump-backed World Liberty Financial, bought $1 million worth of LINK last week. Trump's WLFI has seen a new high in the crypto markets after Tron-founder Justin Sun invested $30 million in it.
LINK has been a long-term bet in the crypto markets for several reasons. First, it enjoys a virtual monopoly. Second, it has a very diverse business, from Oracles to Cross-chain protocols and much more. Third and final, LINK has many highly valuable partnerships that help it tap into unchartered business territory with relative ease.
It has been usually observed that when major altcoins like Chainlink (12th largest by market cap) are accumulated, it signals a high growth phase for most altcoins, taking the entire crypto market cap higher with them.
In the last week, altcoins have shot up in the markets. The altcoin index now quotes a figure of 69 today, indicating a strong presence of altcoin wave.
Altcoin Season Index Grew From 63 Yesterday to 69 Today
Further, Ethereum, the leader among altcoins, has seen its market dominance rise to 13%. Experts estimate the price of Ethereum will rise to $15k within this year.
The same level of growth is expected in Solana, which now targets $4000 levels in the next couple of years. Solana has seen the formation of an ultra-wide super bullish cup and handle pattern on its charts.
The rise of top altcoins like Ethereum and Solana could lift major altcoins like Chainlink with relative ease as the latter plays a major role in securing Dapps and DeFi platforms across these blockchains.
Chainlink's focus on business diversification, high rate of adoption, virtual monopoly in the Oracle service industry, business partnerships, and futuristic solutions like CCIP have pushed its utility far ahead of that of many crypto projects.
At present, Chainlink serves three major crypto markets with high growth potential: DeFi, Prediction Markets, and Cross-Chain asset transfer.
It has formed highly valuable business partnerships with industries that provide it entry to new markets, customer sharing, and potential to chart unknown business territory. One such partnership is with 21X, with whom Chainlink is entering into the European regulated tokenization market (RWA)
Chainlink is also a major player in the cross-chain asset transfer markets. Its CCIP provides a reliable and safe cross-chain transfer mechanism for over 20 blockchains like Ethereum, Solana, Polygon, and others.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.