Chainlink Price Prediction: Why LINK Could Soon Hit $100
- Chainlink has gained upside momentum, rallying 12% in 24 hours
- Chainlink has now breached the $20 mark, and with high volumes
- LINK’s rally attributed to whale accumulation
- One whale has bought more than $83 million worth of LINK
Chainlink’s price has seen a 12% jump over the last 24 hours, making it one of the day’s top performers. As of 13:00 GMT+3, LINK was trading at $20.47, with volumes of $772.171 million, up 48% daily.
Whale Aggressively Accumulating LINK
Chainlink’s rally follows the continued accumulation of the token by a whale that has been buying up Chainlink since January. Data shows the whale’s activity has seen them accumulate 4.5 million LINK tokens worth $83.6 million.
This mysterious whale continues to accumulate $LINK!
And has accumulated a total of 4,556,684 $LINK ($83.6M) from #Binance via 55 fresh wallets in the past 5 days.https://t.co/cYgH52rHzxhttps://t.co/B32QIBNNu2 pic.twitter.com/cP7piTmNaT
— Lookonchain (@lookonchain) February 10, 2024
This has given investors renewed confidence in the token. That’s because whale activity influences demand and supply dynamics, and there is also the perception that whales usually have more information about an impending price move compared to retail investors.
The excitement around Chainlink comes when it has already broken out of a multi-month consolidation. For months, while the rest of the market showed upside momentum, LINK was stuck between $12 and $17. That’s despite being one of the strongest cryptocurrencies in the market in terms of fundamentals.
Since Chainlink broke out of this range-bound trading and the broader market looks good, investors have been keen on LINK as an investable asset.
Aggressive whale accumulation of Chainlink coupled with a LINK breakout from a multi-month range are the key drivers behind the ongoing Chainlink price rally.
Chainlink Price Sustains Upside Momentum After Last Week’s Breakout
Chainlink’s price indicates a buildup of bullish momentum after Chainlink broke from a multi-month range by breaking the $17 resistance.
Given the increasing volumes at the moment for Chainlink, it is clear that investors expect Chainlink to keep surging in value going forward.
If the current upside momentum continues, especially the heavy buying volumes around Chainlink, LINK could be headed to $100 or more in the coming days.
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— Chainlink (@chainlink) February 10, 2024
At this point, even if Chainlink were to pull back, the odds are that it would find strong support at $18, which is now a firmly established support level. A consolidation around $20 to $18 could be followed by another breakout now that the broader market is bullish.
Chainlink Price Prediction: Why $100 Is Within Reach
The current upside breakout for Chainlink will likely renew bullish optimism around LINK. The rising volumes indicate buyers are moving into Chainlink in anticipation of another leg up, triggering FOMO.
FOMO around Chainlink will likely increase as information about whale accumulation filters into the market. Already, the news has seen LINK push through $20, and as investors chase the next big thing for the bull run, Chainlink could easily experience a rally that pushes it to $100 or more in a few days.
Bitcoin And Ethereum Also Pushing LINK Forward
The odds of Chainlink pushing to $100 or more are also boosted by price moves around Bitcoin and Ethereum. Bitcoin is the primary determinant of cryptocurrency prices, and at the moment, it is showing all the right signals.
Bitcoin has been rallying for the past weeks and is now trading at $48,200. If Bitcoin breaks through the $48,600 resistance, it could quickly retest its all-time highs in the next week.
In such a scenario, the entire market could see parabolic price moves, and with Chainlink currently in a breakout, it stands to benefit the most.
Chainlink’s chances of a parabolic price rally are bolstered by the fact that Ethereum is showing signs of a potential rally. This means ERC-20 tokens could be up for a rally similar to what Solana-based tokens have experienced recently. Since Chainlink is one of the most fundamentally strong ERC-20 tokens, investors’ odds of gravitating toward it are pretty high.
Overall, everything points to Chainlink emerging as one of the best-performing cryptocurrencies in the coming week.
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Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
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