Chainlink, a prominent altcoin, has attracted the attention of major market players as whale addresses have amassed $192 million worth of LINK coins over the past four weeks. This accumulation, coupled with positive market indicators, suggests the potential for a significant LINK price rally, potentially reaching $11.
Despite the broader cryptocurrency market experiencing consolidation, the LINK price currently stands at $7.36 with a market cap of $3.9 billion, marking a 2.75% increase. Notably, LINK has demonstrated a 20% growth over the last month. During this period, large-scale accumulation of LINK coins by shark and whale addresses has been observed.
On-chain data provider Santiment reveals that Chainlink's activity on GitHub has significantly increased during the summer, making it one of the top five most actively developed assets. Additionally, the accumulation of LINK coins by whales and sharks, holders with 100K-10M $LINK, has reached its highest level since December 2022. In less than four weeks, these addresses have accumulated over $192 million worth of LINK coins.
Renowned cryptocurrency analyst Michaël van de Poppe recently shared an optimistic price prediction for Chainlink on his YouTube channel. Van de Poppe suggests that after a prolonged period of accumulation, the cryptocurrency may experience a surge of over 50% from its current value. LINK has been trading within a range of $5 to $9.5 for approximately 450 days, and it is anticipated to decline before establishing a bullish higher-low pattern and initiating a strong rally. Van de Poppe emphasizes the importance of the $6.75 range for bullish positions, speculating that the cryptocurrency may then aim for the $11 threshold.
Chainlink recently introduced its Cross-Chain Interoperability Protocol (CCIP) for early access users. This protocol enhances cross-chain applications and services and is now operational on the Avalanche, Ethereum, Optimism, and Polygon blockchains. Following extensive testing by approximately 25 partners, the protocol was launched on the mainnet. Notably, this interoperability protocol has played a significant role in Chainlink's collaboration with SWIFT, the global payment and messaging system widely used by banks worldwide.
In conclusion, the strong accumulation of $LINK coins by whale addresses, coupled with positive market indicators and the introduction of the Cross-Chain Interoperability Protocol, suggests a promising outlook for Chainlink. Analysts anticipate a potential rally of over 50%, with the LINK price potentially reaching $11
It is important to DYOR and note that this is Not Financial Advice