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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.