Chainlink’s price has surged by 20% over the past week, driven by increased accumulation. Recently, Chainlink (LINK) has gained significant attention and its price has risen substantially.
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LINK’s network activity rose alongside its price, showing promising metrics for continued price growth, although a few indicators suggested caution.

Chainlink’s Recent Developments
Chainlink (LINK) has seen a surge in popularity while Bitcoin (BTC) dominance has slightly declined recently. IntoTheBlock highlighted several noteworthy developments related to Chainlink in a recent tweet.

Source: CoinStats
The tweet first noted a significant increase in LINK search trends, indicating growing interest in the token. This rise in popularity has positively influenced the blockchain’s network activity, with the number of transactions spiking. Specifically, LINK recorded 5.82 thousand transactions in the last day, nearing its monthly peak.

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Interestingly, despite the increase in transactions, there hasn’t been a major change in the number of new addresses, suggesting stable user growth.
Investor Accumulation in Chainlink (LINK)
Net Withdrawals from Exchanges: Accumulation of Chainlink (LINK) tokens by investors has been notable recently. According to the tweet, there have been consistent net withdrawals from exchanges. This behavior suggests that investors are increasingly holding onto their LINK rather than selling, reflecting confidence in the token’s future performance.

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Whale Accumulation: Furthermore, whales—addresses holding over 0.1% of the LINK supply—have been actively accumulating the token. Over the past month, these addresses collectively accumulated a net total of 25 million LINK. This significant accumulation by large investors highlights robust confidence and strong interest in the potential growth of Chainlink.
Chainlink: Recent Developments Highlighted by IntoTheBlock
IntoTheBlock recently shared significant developments regarding Chainlink (LINK) in a tweet.

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The tweet highlighted a notable increase in LINK search trends, indicating growing interest in the token among investors and enthusiasts. This surge in popularity positively impacted the blockchain’s network activity, leading to a spike in the number of transactions. On the last day alone, LINK recorded 5.82 thousand transactions, nearing its monthly peak.
Interestingly, despite the rise in transactions, there wasn’t a substantial change in the number of new addresses created, suggesting stable user growth.
On the investor front, accumulation of LINK tokens showed promising signs. The tweet noted a trend of net withdrawals from exchanges, signaling that investors are increasingly holding onto their LINK rather than selling. Additionally, whales have been actively accumulating LINK, with addresses holding over 0.1% of the supply accumulating a net total of 25 million LINK over the past month. This behavior underscores strong confidence and investment in Chainlink’s future prospects.

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Chainlink’s Recent Performance and Market Analysis
Bull Rally and Market Capitalization: The rise in accumulation of Chainlink (LINK) tokens has initiated a bullish trend. According to CoinMarketCap, LINK surged by over 20% in the past week, reaching $16.22 with a market capitalization exceeding $9.5 billion.
As a result of this rally, LINK’s MVRV ratio, indicating the profit status of investors, saw a significant increase. Open Interest also rose alongside its price, suggesting potential for continued upward movement.

ChainLink-on-Ethereum-LINK: Source – Santiment
Bullish Sentiment and Price Fluctuations: Santiment recently highlighted a surge in bullish sentiment around Chainlink, the highest seen in over a year. Despite these positive indicators, LINK’s price dropped by nearly 2% in the last 24 hours.

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However, the Chaikin Money Flow (CMF) indicated a notable uptick, suggesting that the recent price correction might be short-lived and that LINK could resume its upward trajectory soon.
Concerns and Technical Analysis: Nevertheless, Chainlink’s price touched the upper limit of the Bollinger Bands, which raises concerns about potential overbought conditions. Investors are watching closely to see if LINK can sustain its recent gains or if further adjustments are needed in the short term.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #Ethereum #ChainLink #Link $LINK $ETH $BTC

On May 17, 2024, several leading cryptocurrencies like Solana (SOL), Cardano (ADA), and Solana-based Chainlink (LINK) saw significant price increases.
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During this surge, Spartan Group made a substantial deposit of 140.4K LINK tokens valued at $2.32 million into Binance, the world’s largest cryptocurrency exchange.

Spartan Group Profits from LINK Token Surge and Dump
Spotonchain, an on-chain analytics firm, reported that Spartan Group, a prominent Singapore-based blockchain investment and advisory firm, deposited a substantial amount of over 140,000 LINK tokens worth $2.32 million into Binance. This deposit coincided with a 20% surge in the LINK token price.

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However, historical data shows that Spartan Group had previously withdrawn a similar amount of LINK tokens when prices were trading around $6.472 in July and September 2023. This move resulted in profits exceeding $1.41 million, marking a remarkable 156% return on their initial investment. Notably, the recent deposit occurred near a significant resistance level of $16.60, potentially influencing future price movements.
As of the latest data, LINK is currently trading near $16.63, having experienced a substantial 20% increase in the last 24 hours. Over the past week, LINK has seen a 16% uptick, and over the past month, it has surged by more than 25%. Technical analysts suggest a bullish outlook for LINK, although caution is advised due to strong resistance at the $16.60 mark, with potential retracement levels anticipated around $15.60. Recently, LINK also broke out from a bullish triple-bottom price pattern, further adding to its current market dynamics.

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LINK’s Technical Outlook and Market Activity
According to recent price action and technical analysis, Chainlink (LINK) needs to achieve a daily candle closing above $17 to sustain its bullish momentum on the chart. A successful closure at this level could potentially pave the way for further price surges toward $18 and $20 in the near term. Notably, the LINK 24-hour trading volume has surged by 250%, currently reaching approximately $1.25 billion, indicating strong interest from investors and traders.
Also Read:   Dogecoin (DOGE) Price Looks for 'Golden Cross': Big Rally Coming?

LINKUSDT_2024-05-17: Source – TradingView

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In contrast, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) faced challenges in gaining momentum today. However, Solana (SOL), Cardano (ADA), and Polkadot (DOT) have seen notable price increases, with SOL rising over 3%, ADA surging by 7.5%, and DOT gaining 5% within the same period. This divergence in performance highlights varied market dynamics across different digital assets amid ongoing volatility.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #Ethereum #Solana #ChainLink #ADA $SOL $LINK $ADA

The latest Chainlink platform update has significantly boosted confidence in the token, prompting whales to accumulate. Despite this bullish sentiment, the LINK community lacks the necessary strength, potentially complicating the continuation of the bullish trend.
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Bullish sentiment is sweeping through the crypto market, driven by Bitcoin’s strength and elevated performance of altcoins, including memecoins and popular tokens. Chainlink (LINK), after a period of intense bearish consolidation, has recently broken out with a 20% rise from its lows.

Chainlink’s Recent Surge and Whale Accumulation
Chainlink’s recent price jump is speculated to be driven by its latest platform update and completion of the Smart NAV Pilot program, aimed at accelerating fund tokenization. This initiative involved tests with major U.S. banks like JPMorgan, Templeton, and BNY Mellon.

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The update has reignited interest among whales, who have increased their accumulation significantly. Following a price drop, whales began accumulating again, particularly after a significant dip in the first half of April. This renewed accumulation has brought the accumulation level to a six-month high.
According to data from Santiment, there are now 564 whales holding more than 100,000 LINK tokens, marking a more than 5% increase in just five weeks. This surge in whale holdings may be driven by a notable rise in social dominance.

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Looking ahead, if social dominance stabilizes and fear of missing out (FOMO) drives further investor interest, a new bullish uptrend could potentially push LINK prices above current highs.
Also Read:   Doge and Shiba Inu Anticipate Big Gains of Over 100%
Chainlink (LINK) Price Analysis and Outlook
Chainlink (LINK) recently broke out of a lengthy consolidation phase below $10, surging above $16 before encountering strong resistance near new yearly highs above $22. Since then, the price has been trading within a range of $13 to $16, facing challenges in surpassing the crucial resistance at $16.5.

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Following the breakout, bulls established a solid support zone between $13 and $13.7, from where the price has begun a new upward movement. Despite this, breaking through the key resistance level at $16.5 has proven challenging.
Recent indicators show increasing bullish momentum, reflected in the bull-bear power dynamics and the RSI attempting to breach the upper trend line. These technical signals suggest a potential continuation of the upward trend for Chainlink (LINK), possibly targeting levels above $18.
However, achieving sustained levels above $20 may present a formidable challenge for LINK, requiring strong bullish conviction to overcome.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #Ethereum #ChainLink #Link $LINK
$BTC $ETH

The world’s largest settlement system, the Depository Trust and Clearing Corporation (DTCC), and blockchain oracle Chainlink have concluded a pilot program with several major U.S. banks, including JPMorgan and BNY Mellon, aimed at increasing the tokenization of traditional finance funds.
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The Smart NAV Pilot program tested a method of bringing traditional finance fund data onto blockchains. It aimed to standardize the provision of net asset value (NAV) data of funds across blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), according to a May 16 DTCC report.

DTCC and Chainlink Pilot Reveals Benefits of On-Chain Fund Data
The pilot found that by delivering structured data on-chain and creating standard roles and processes, foundational data could be embedded into a multitude of on-chain use cases, such as tokenized funds and “bulk consumer” smart contracts. These contracts hold data for multiple funds, enabling more efficient and versatile financial operations.

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These capabilities could support future industry exploration and power numerous downstream use cases like brokerage applications, more automated data dissemination, and easier access to historical data for funds. This would streamline various financial processes and improve overall efficiency.
The pilot also helped establish better-automated data management with limited impact on existing market practices for traditional financial institutions. It enabled clients to retrieve historical data without manual record keeping and provided broader API solutions for price data, according to the DTCC report.

Key NAV pilot takeaways. Source: DTCC

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The U.S. banking firms that participated in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S. Bank.
Also Read:   Worldcoin Unveils Enhanced Biometric Data Security System
Chainlink’s LINK Token Surges Following DTCC Report
Chainlink’s native token, LINK, rose 12.5% to $15.90 following the release of the DTCC’s report, according to CoinGecko. LINK has gained over 130% in the past 12 months amid a broader uptick in the crypto market.

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The price of LINK spiked 12.5% following the DTCC report. Source: CoinGecko
The DTCC report highlights growing enthusiasm for real-world asset tokenization from major traditional financial institutions. This trend is reflected in recent initiatives like the one from BlackRock.
On March 19, BlackRock launched a tokenized money market fund (MMF) dubbed BUIDL on the Ethereum network, offering native U.S. dollar yields. The fund allows investors to purchase tokens representing shares in the fund, which invests in assets like U.S. Treasury bills. Known as the “digital liquidity fund,” it is digitized on the Ethereum blockchain and operates as an ERC-20 token called BUIDL.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #Ethereum #ChainLink #Link $LINK $BTC $ETH

Despite efforts, the price of LINK struggles to surpass $16.041, consistently showing lower lows and highs, signaling a bearish trend. However, despite these challenges, the transaction velocity for LINK remains high, indicating ongoing frequent trading activity.
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Lately, Chainlink has experienced a surge in development activities on its network. This increase is particularly noticeable in the Real World Assets (RWA) sector, where Chainlink now leads in GitHub activity.

Chainlink Faces Challenges Amid Development Progress
In recent times, Chainlink has witnessed a surge in development activities, particularly in the Real World Assets (RWA) sector, showcasing its leading position in GitHub activity. This heightened activity demonstrates a strong dedication to improving blockchain solutions for tangible assets.

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Source:  @chainlink
However, amidst this progress, Chainlink has encountered setbacks in other areas. Data from Token Terminal reveals a significant 66% decrease in daily active users on the network over the past month. Moreover, the revenue generated by Chainlink has plummeted by 90%.

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Source: Token Terminal
These declines are reflected in the price of LINK, which has experienced a notable downturn since March 26, when it began falling from $20.737. The consistent pattern of lower lows and lower highs in LINK’s price signals a bearish trend in the market.

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Source: Tradingview
Despite efforts, LINK has struggled to surpass the $16.041 level throughout April and May, facing consistent resistance at this point.

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Mixed Signals for Chainlink Amidst Declining Metrics
The Chaikin Money Flow (CMF) index has dipped to -0.13, indicating a notable reduction in the influx of money into LINK. Alongside this, the Relative Strength Index (RSI) for LINK has fallen to 42.06, further signaling a decline in bullish momentum for the token.

ChainLink-on-Ethereum-LINK: Source – Santiment
Moreover, Chainlink’s network growth has decreased, suggesting a slowdown in the creation of new addresses and potentially increasing selling pressure on the token.
Despite these negative indicators, the velocity of LINK transactions remains notably high, indicating continued frequent trading activity.
While ongoing development activities hint at potential future enhancements for Chainlink, current network and financial metrics depict a challenging period. This presents a mixed outlook for LINK, where developmental strides may eventually help reverse negative trends if they translate into broader network usage and improved market sentiment.
Looking ahead, Chainlink may need to focus on further enhancing its platform and offerings to regain and expand user engagement, as well as ensure financial stability.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #Ethereum #Memecoins #ChainLink #Link $LINK $BTC $ETH