The price of Chainlink (LINK) has continued its strong growth this week, reaching $29.4, its highest level since November 2021. The largest Oracle network in the crypto industry has been growing for four consecutive weeks, marking its longest positive streak since 2023.

According to data from Santiment, whales—wallets holding more than 100,000 LINK tokens—have accumulated 5.69 million LINK over the past two months. On the other hand, smaller holders (holding less than 100,000 LINK) sold 5.67 million LINK. This dynamic, where whales accumulate while smaller investors sell, is historically a bullish signal for price growth.
Whales are also transferring LINK off exchanges. For example, one whale recently moved LINK worth $1.7 million from Coinbase. The total number of Chainlink tokens on exchanges has dropped over the past seven days to 254.4 million, confirming a downward trend in available market supply.

2. Significant Partnerships

Chainlink has recently established several major partnerships that could boost its ecosystem growth:

  • Coinbase and Emirates NBD: Emirates NBD is a bank with over $200 billion in assets.

  • Swift Network: Swift conducted a large-scale tokenization transaction with UBS, the world’s largest wealth manager, and plans to integrate Chainlink’s technology into its system. Swift processes over $150 trillion in global transactions annually.

Thanks to these collaborations, Chainlink has become the leading Oracle network, securing a value of more than $38 billion, which exceeds the combined value of all other top 10 Oracle projects.

3. Strong Technical Analysis

Technical indicators for Chainlink suggest a continued bullish trend. On the weekly chart, the price recently broke through the key resistance level at $22.85, which was the highest point in March this year.
Other key factors include:

  • Breaking above the 50% Fibonacci retracement level, indicating further growth.

  • The Percentage Price Oscillator has moved above the zero line, confirming bullish sentiment.

The next critical level to watch is the all-time high of $52, which would represent an 88% increase from the current price. However, if the price falls below the $22.85 support level, the bullish outlook would be invalidated.

Chainlink price chart | Source: crypto.news

Conclusion

With whales accumulating, strong partnerships, and favorable technical indicators, Chainlink has the potential to reach new highs. A price of $50 seems achievable if the current trends persist.


#Chainlink , #CryptoNewss , #LINK🔥🔥🔥 , #Cryptocurrencies , #CryptoUpdate

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“