LINK, the native cryptocurrency of the Ethereum-based decentralized blockchain oracle network Chainlink, has witnessed a price breakout fueled by strong on-chain activity and increasing investor confidence.

An analysis by blockchain intelligence platform Santiment revealed that technical indicators for LINK suggest there is a potential for continued price gains and that the asset’s long-term outlook remains positive.

Positive Sentiment Around Chainlink

According to Santiment, the Chainlink community considers the network a pivotal player in the altcoin market due to its decentralized oracle technology. Community members view the project as one that could drive innovation in the blockchain space and bridge the gap between on-chain smart contracts and off-chain data sources. As a result, the social media narrative surrounding LINK’s potential is enthusiastic.

“Whether or not it will fully deliver on these high expectations remains to be seen, but the community’s confidence in the project continues to play a strong role in its ongoing market presence,” Santiment said.

LINK currently ranks 14th on the list of top crypto assets by market cap. Over the past few days, the cryptocurrency has gained 10.2%, driven by increasing accumulation by whales and large investors.

Risks and More Upside Potential

Whale transaction counts for trades worth $100,000, $1 million, and above have been rising, highlighting the interest of high-net-worth individuals and institutional investors in Chainlink. On-chain data shows that holders with massive amounts of LINK have aggressively accumulated the token over the past few weeks.

As of August 15, wallets holding one million or more LINK collectively held 685.5 million of the token. However, their stash had increased to 694 million by the time of writing, indicating an addition of 8.5 million coins within roughly six weeks. Santiment said the growth is one of the fastest jumps in whale coin accumulation in three years.

Additionally, Chainlink has recorded a significant performance against Bitcoin, with LINK outperforming the leading crypto asset by 8.8% during its latest surge.

Interestingly, Chainlink’s short and long-term Market Value to Realized Value ratios are currently in negative territory, indicating that LINK still has more upside potential and that there is still plenty of room for the asset to grow.

However, Santiment warned investors to apply caution as LINK could slide into slightly risky territory while recording short-term average returns.

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The broader market exhibited signs of recovery following intense sell pressure fueled by the German government’s decision to dump its entire reserves, and prominent altcoins, including Chainlink (LINK), recorded notable surges.

Further fueling this bullish narrative are several unknown entities, likely a whale or an institutional investor, who have continued to add LINK tokens to their stash.

LINK Accumulation

The latest data shared by Lookonchain suggests that 93 newly created wallets have collectively withdrawn a staggering 12.75 million LINK tokens, valued at approximately $167 million, from Binance since June 24, 2024.

This large-scale accumulation over the past three weeks hints at strategic positioning by a significant market player, potentially indicating bullish sentiment for LINK.

A similar analysis by popular crypto analyst Ali Martinez also revealed that whales have purchased more than 10 million LINK in the last two weeks alone, which is worth almost $120 million.

IntoTheBlock also highlighted a significant trend in LINK exchange netflows, which have been negative for the past two weeks. Approximately $110 million worth of LINK has been withdrawn from exchanges during this period – a trend that is often associated with an accumulation phase, suggesting investors are transferring LINK off exchanges into long-term holdings.

Such behavior indicates growing confidence in LINK’s prospects, as holders typically move assets off exchanges when they intend to hold them for extended periods. This accumulation phase aligns with the broader market sentiment, hinting at potential bullish developments for LINK in the near future.

What’s Next For LINK?

LINK is also showing signs of bullish momentum along with the broader crypto market. The asset was up by almost 5% and was currently trading at $13.85.

Experts are now eyeing LINK with heightened optimism, suggesting that it has broken down its support level and is now primed for a reversal. They predict an ultimate target range of $19 to $22, highlighting the potential for significant upward movement.

LINK was observed to have maintained a strong multi-year uptrend, and analysts believe the current conditions are setting the stage for a new bullish cycle. This positive outlook is boosted by recent whale accumulation and overall market sentiment, indicating that LINK may be on the cusp of a notable price surge.

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TL;DR

• The leading token in the real-world asset (RWA) category shows higher development activity compared to its rivals.
• Despite a recent dip in value, analysts are optimistic about a potential significant price rally for this asset in the near future.

This is the Winner

Real-world assets (RWA) represent certain physical assets, such as objects, properties, and others, and function on the blockchain through smart contracts. They have become quite popular lately, with a market capitalization equal to billions of dollars.

According to the market intelligence platform Sentiment, the token of that type that leads with the most development activity recorded in the past 30 days is Chainlink (LINK). 

“Chainlink currently produces 2.49x more daily activity than the next most active project, Synthetix, in the RWA sector,” the entity claimed.

Centrifuge (CFG), Dusk (DUSK), and Orai Chain (ORAI) rounded up the top 5 list.

“Santiment pulls notable github activity from project repositories via a back tested process to ensure only the team’s significant efforts to innovate and improve are included,” the platform explained.

LINK Price Predictions

Despite being down 10% on a two-week scale, multiple analysts remain optimistic that LINK’s value will experience a bull run in the near future. 

The popular X user Ali Martinez claimed that the TD (Tom DeMark) Sequential “is flashing buy signal on the Chainlink 12-hour chart.” He assumed LINK’s valuation could surge to $15.50 should it maintain above the critical resistance level of $13.87.

Michael van de Poppe was bullish, too, describing the token as one of the top 5 altcoins that can generate a 3x increase in BTC “with the lowest amount of risk.” 

Subsequently, CryptoWolf placed LINK on the list of “mooners” for the next bull cycle, while SlumDOGE Millionaire argued that it is one of the top “blue chip” cryptocurrencies at the moment.

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TL;DR

• Chainlink’s LINK is poised for a rebound from its current $14 price, indicated by a positive TD Sequential buy signal.
• Prominent analysts forecast significant returns for the asset, supported by favorable on-chain metrics suggesting a bullish move.

LINK Price Predictions

Chainlink’s native cryptocurrency – LINK – is yet another digital asset that suffered the negative consequences of the latest market correction. Its price is down nearly 8% in a week, currently hovering at the $14 mark.

According to some prominent analysts, though, the negative trend may soon be replaced by a rally. One example is the X user Ali Martinez, who claimed that the TD (Tom DeMark) Sequential “is flashing buy signal on the Chainlink 12-hour chart.” The trader believes LINK’s valuation could soar to $15.50 should it maintain above the major resistance level of $13.87.

TD Sequential is a technical indicator used primarily to identify the timing of market reversals. It was developed by Thomas DeMark and is popular among traders for its ability to provide signals based on the exhaustion of current price trends.

Michael van de Poppe is another analyst who outlined a bullish forecast for LINK. He thinks the token is among the top 5 altcoins that can generate a 3x increase in BTC “with the lowest amount of risk.” The other assets part of this club include Optimism (OP), WOO (WOO), Celestia (TIA), and SKALE (SKL).

Additional Bullish Forecasts

Crypto Wolf and SlumDOGE Millionaire have also recently predicted a bright future for LINK. The former added the asset to the list of “mooners” for the next bull cycle, while the latter argued it is one of the top “blue chip” cryptocurrencies at the moment.

Some on-chain metrics suggest a rally, too. According to CryptoQuant’s data, LINK exchange netflow has been predominantly negative in the past month, suggesting a shift from centralized platforms toward self-custody methods. This is considered bullish since it reduces the immediate selling pressure.

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Chainlink’s LINK token has surged 38% since late January, propelling it to a 24-month peak, with its market cap reaching $10 billion. This came as crypto whales accumulated over $50 million worth of tokens within the past several days.

Separately, data from Glassnode charts indicates that approximately $75 million worth of LINK has flowed onto cryptocurrency trading platforms since February 1st, resulting in a surge in its exchange balance to approximately 120 million tokens.

Whale Moves Millions in LINK Tokens

A mysterious whale has recently been accumulating Chainlink (LINK), according to Lookonchain. The unidentified entity, potentially an institutional player, has withdrawn 2.7 million LINK tokens from the cryptocurrency exchange Binance using 49 new wallets.

Whales/institutions continue to accumulate $LINK!

This mysterious whale/institution withdrew 2,745,815 $LINK($49.9M) from #Binance via 49 new wallets.

Whale”0x2A19″ withdrew 494,957 $LINK($9M) from #Binance in the past 10 days.https://t.co/QoP2waErBShttps://t.co/iaPHa9f0XB pic.twitter.com/GUW1S33NHf

— Lookonchain (@lookonchain) February 7, 2024

One of the whale’s wallets has transferred over $9 million worth of LINK tokens from the exchange within the past ten days. The Lookonchain’s public database reveals that these wallets hold varying amounts of LINK, ranging from $230,000 to $3.5 million each.

Meanwhile, there has been a notable increase in the activity of previously dormant wallets, leading to a record spike in the “Age Consumed” metric. Santiment suggests that the sudden circulation of old LINK tokens has contributed to the recent price surge.

The rise in LINK’s price has coincided with a significant uptick in its open interest (OI) in the derivatives market. As of February 6, the total value of outstanding derivative contracts for LINK reached a record high of $592.29 million.

Moreover, LINK’s funding rate remains positive, indicating bullish market sentiment and a higher demand for long positions. Traders increasingly leverage their positions to go long with LINK’s open interest surge.

While this strategy can potentially amplify profits in a rising market, it also poses a heightened risk of liquidation in a potential downturn.

Chainlink Experiences Increased Adoption

Amid these market dynamics, there’s been a significant increase in the adoption of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) technology for tokenizing real-world assets (RWA).

Last December, the blockchain network announced its intention to bridge the gap between traditional finance and blockchain technology through RWA, highlighting that the RWA sector will represent a $16 trillion business opportunity by 2030.

Consequently, the network has actively pursued partnerships with various traditional firms, including the Society for Worldwide Interbank Transfers (SWIFT), South Korean gaming giant Wemade, and the New Zealand Banking Group. Additionally, it has achieved notable integrations with blockchain projects such as Base and Circle’s USDC stablecoin.

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