Altcoins Surge as Chainlink (LINK) Price Soars
As we approach 2024, altcoins are once again leading the crypto market, and Chainlink (LINK) is making significant gains. In the past 24 hours, the price of Chainlink (LINK) has increased by 17%, reaching $17.50.
The trading volumes have also seen a substantial increase, rising by nearly 100% to $1.1 billion. This surge in the price of Chainlink is driven by strong buying activity from whales.
Whales Accumulate Chainlink (LINK) Tokens
In the last week, Chainlink whales have been acquiring large amounts of LINK tokens while the price consolidated above $14. This accumulation has amounted to approximately 7 million LINK tokens, worth $105 million. This indicates a significant increase in confidence among major players in the Chainlink ecosystem.
Technical Analysis Supports Further Rally
From a technical perspective, Chainlink (LINK) appears to be in a strong re-accumulation zone. If the price remains above $17, it could potentially rally to $25 in 2024, based on the flag-and-pole breakout pattern.
What if Chainlink has been a Re-Accumulation range at highs all this time?#LINK #Crypto #Chainlink pic.twitter.com/9iRb4oxhU1
— Rekt Capital (@rektcapital) December 27, 2023
On-Chain Metrics Demonstrate Strength
Examining various on-chain metrics, it is evident that Chainlink experienced a decline in development activity in December, likely due to the holiday season. However, the cryptocurrency showed significant activity in terms of social volume and transaction volume during the same period.
According to Santiment’s data, there was a notable increase in active addresses from September to mid-November, with a particularly significant spike in early December. This surge suggests heightened network activity and adoption during that period.
Despite these positive developments, the Network Value to Transactions (NVT) Ratio has decreased since September. This decline indicates a potential undervaluation of LINK and reflects strong user adoption.
Outlook for Chainlink (LINK)
The immediate major resistance for the LINK price is $20. It remains to be seen whether this level will be reached before the end of 2023.
Hot Take: Chainlink (LINK) Gains Momentum as Whales Accumulate
Chainlink (LINK) is experiencing a significant surge in price as we approach the new year. With strong buying activity from whales and positive on-chain metrics, the future looks promising for Chainlink. If the price can sustain above $17, a further rally to $25 is possible in 2024. The recent accumulation of LINK tokens by whales indicates growing confidence among major players in the Chainlink ecosystem. Additionally, the increase in active addresses and social volume further demonstrates the network’s adoption and activity. Despite a decline in development activity, Chainlink remains undervalued according to the Network Value to Transactions Ratio. Overall, Chainlink is positioned for continued growth and success.
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