Chainlink Whales Are Buying Again After Coinbase Partnership
The recent announcement of Chainlink’s partnership with Coinbase has sparked renewed buying activity from Chainlink whales. These whales, who had previously booked profits, purchased 1.7 million LINK tokens in just three trading days. This influx of whale inflows is seen as a bullish signal and suggests that the Coinbase partnership has renewed confidence in the market. If strategic retail investors join this bullish momentum, the LINK price could potentially gain up to 20% and reach $9.
Chainlink On-Chain Activity Sees Significant Increase
Since the integration of Chainlink’s price feeds into the Base network on August 8, the network activity of Chainlink has experienced a major boost. The number of active wallet addresses has increased by 82% in just a few days. This surge in network activity aligns with the announcement of the partnership with Coinbase, indicating growing demand and transaction activity across the network.
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Potential Roadblocks for LINK Price
The $9 territory poses a strong resistance level for the LINK price, with many addresses holding LINK tokens purchased at an average price of $9.33. If these holders decide to sell, it could trigger a pullback in price. Additionally, if the LINK price falls below $7 again, it could invalidate the optimistic prediction. However, initial support may be provided by 60,000 addresses that bought Chainlink tokens at an average price of $7.10.
Hot Take: Chainlink’s Partnership with Coinbase Will Drive Price Growth
The recent partnership between Chainlink and Coinbase has reignited buying activity from Chainlink whales and sparked increased network activity. This, combined with potential retail investor participation, could drive the LINK price to gain up to 20% and reach $9. However, strong resistance at $9 and the possibility of the price falling below $7 again pose potential roadblocks. Overall, the partnership with Coinbase has brought renewed optimism to the Chainlink market.
