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Chainlink's ($LINK) future OI has reached an all-time high of $770.27 million.
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$LINK’s price has jumped to its highest level in the past two years.
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$LINK could soar by 80% to reach the $52.50 level, which is its all-time high if it closes a daily or weekly candle above the $29.50 level.
On December 12, 2024, Chainlink ($LINK) seems to be in the eyes of both whales and institutions, leading to a notable price surge in the past 24 hours. According to a whale transaction tracker on X (formerly Twitter), significant accumulation has been reported, ranging from wallet-linked Trump to whales.
Whales and Institutions Rising Interest in $LINK
During the Asian trading hours, Eyesonchain, a blockchain-based transaction tracker made a post on X that Trump’s World Liberty Financial acquired a significant 41,335 $LINK, worth $1 million. This notable purchase was made at an average price of $24.19.
Additionally, another blockchain-based transaction tracker Lookonchain made a post on X that a whale had invested a substantial 1,263 ETH worth $4.95 million to acquire 175,424 $LINK tokens at an average price of $28.18 level.
Chainlink ($LINK) Open Interest Reaches All-Time High
These two substantial acquisitions in less than 12 hours have gained widespread attention from the crypto community, resulting in a record jump in price and future open interest (OI).
According to the on-chain analytics firm Glassnode, $LINK’s price has jumped to its highest level in the past two years, while its future OI has reached an all-time high of $770.27 million.
Current Price Momentum
Currently, $LINK is trading near $28.23 and has registered a price surge of over 18.5% in the past 24 hours. During the same period, its trading volume jumped by 65%, indicating heightened participation from traders and investors amid ongoing whales and institutions participation.
Chainlink ($LINK) Technical Analysis and Upcoming Levels
According to expert technical analysis, $LINK is currently facing strong resistance near $29 and is attempting to breach this level. With significant institutional interest, crypto whales, and trader confidence, there is a strong possibility it could break through this level in the coming days.
Based on the recent price action, if $LINK breaches this level and closes a candle above $29.50, there is a strong possibility it could initially soar by 20% to reach the next resistance level of $35, and later surge by 80% to reach the $52.50 level, which is its all-time high.
However, traders and investors need to understand that $LINK has significantly stretched on both the weekly and daily time frames. There is also a possibility of a price correction during the upcoming rally, which could provide support for $LINK in its bull run.