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Chainlink price continued its strong rally this week, reaching a high of $29.4, its highest level since November 2021.
Chainlink (LINK), the largest oracle network in the crypto industry, has risen for four consecutive weeks, marking its longest streak since 2023.
There are indications that LINK’s price will continue to rise in the coming months, with potential to reach $100. First, whales have steadily accumulated the coin over the past few months. According to Santiment, wallets holding over 100,000 coins have acquired 5.69 million LINK tokens in the last two months.
Conversely, holders with less than 100,000 coins have sold 5.67 million coins. Historically, such dynamics are typically positive for a cryptocurrency.
🔗📈 Chainlink has surpassed $29 for the first time in 37 months, generating excitement from the community. This latest decoupling of LINK's price has been supported by rising levels of whale & shark accumulation.
— Santiment (@santimentfeed) December 12, 2024
🐳🦈 Wallets with 100K+ LINK have added 5.69M LINK to their… pic.twitter.com/4c1uEZuEJj
Whales have continued to accumulate Chainlink coins. For example, according to Etherscan, one whale moved coins worth over $1.7 million from Coinbase on Thursday.
In line with this, tokens on exchanges have dropped to 254.4 million in the last seven days. They have been in a steady downward trend in the past few months.
Second, Chainlink has forged significant partnerships in recent months. Earlier this week, the developers announced collaborations with Coinbase and Emirates NBD, a bank with over $200 billion in assets.
Chainlink has also partnered with organizations like Swift Network. Notably, Swift recently conducted a large-scale tokenization trade with UBS, the world’s largest wealth manager. Swift plans to integrate Chainlink’s technology into its money movement business, which processes over $150 trillion annually.
On top of this, Chainlink has become the biggest oracle network in terms of total value secured. The $38 billion it has secured is higher than the other ten oracles, combined.
Chainlink price has strong technicals
Chainlink price chart | Source: crypto.news
The weekly chart shows that LINK has maintained a strong bullish trend over the past few weeks. It recently crossed the critical resistance level at $22.85, its highest swing in March of this year.
The coin has also moved above the 50% Fibonacci Retracement level, and the percentage price oscillator has risen above the zero line.
The next key level to watch is $52, Chainlink’s all-time high, which is about 88% above the current price. A decline below the support level of $22.85 would invalidate the bullish outlook.