As 2024 approaches, altcoins are overtaking the largest cryptocurrency, Bitcoin (BTC). Against this background, the popular decentralized oracle network Chainlink (LINK) continues to make strong moves. Over the past 24 hours, LINK’s price has risen 17% to $17.50, while its volume has almost doubled to $1.1 billion. It appears to be driven directly by the massive activity of whales.
Whales are accumulating links
Whales have been accumulating LINK over the past week as price consolidated above $14. Veteran cryptocurrency analyst Ali Martinez reported on a major development in Chainlink, revealing that whales had collected approximately 7 million LINK last week, worth approximately $105 million. Demonstrating the growing confidence of major players in the Chainlink ecosystem.
Furthermore, the current price chart suggests that LINK is showing a trend of breaking out of a strong consolidation zone. If the altcoin’s price sustains above $17, a flag and pennant breakout could occur, leading to a possible rise to $25 by 2024. Currently, LINK’s nearest significant resistance level is the $20 mark.
Various on-chain indicators show strength
A review of various on-chain metrics shows that the only negative metric for Chainlink is development activity, which showed a decline during the month. However, market watchers noted that the drop could be due to the Christmas holiday. Despite this, decentralized oracle networks have faced significant growth in social and transaction volume during the same period.
Data from on-chain data provider Santiment shows a significant increase in active wallet addresses from September to mid-November this year, with a particularly pronounced peak in early December. This growth indicates an increase in network activity and adoption during the aforementioned time frame.
尽管取得了这些进展，但网络价值与成交量（NVT）比率（评估山寨币价格的关键指标）自 9 月份以来一直在下降。NVT 比率的下降表明市场价值与链上成交量之间的关系，表明 LINK 的定价可能低于其潜在价值。
(Personal opinion and does not constitute advice)
In the crypto industry, if you want to seize the next bull market opportunity, you must have a high-quality circle, so that everyone can stay together and maintain insight. If you are just one person, looking around at a loss and finding that there is no one around, it is actually very difficult to persist in this industry.
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