As the bull market regains traction, Chainlink targets $45 amid the comeback of dormant whale after 293 days.
As the crypto market reclaims the $3.5 trillion market cap, the DeFi tokens are back in action. With the market cap of DeFi tokens surpassing $163 billion, Chainlink LINK $27.90 24h volatility: 22.2% Market cap: $17.53 B Vol. 24h: $4.11 B is one of the top-performing DeFi tokens over the past 24 hours.
According to recent data, the LINK token price has surged by 26.65% over the past 24 hours and is now trading at $28.73. Following the bullish steps, Avalanche and Uniswap are rising in the top performers list.
Despite Chainlink’s bullish recovery, whale interest has significantly increased. In the last 24 hours, a dominant whale that has been absent for 293 days is now back in the market with the intent to buy more.
The whale has spent 658.14 Ethereum tokens worth $2.58 million to buy Chainlink tokens. In exchange for the massive sum, the whale accumulated 93,271 LINK tokens at an average of $27.71.
The new wallet has sent the 93,171 LINK tokens back to the original whale wallet and continues to hold 100 LINK tokens. The original wallet now has a total of 94,533 LINK tokens worth $2.62 million.
Apart from Chainlink, the whale holding includes 1,991 Ethereum tokens worth $7.79 million. As the long-dormant whale is back to buy more LINK tokens, the underlying confidence reflects a bull run ahead.
As the recovery rally in Chainlink gains momentum, the whale holding has significantly increased over the last month. Compared to $12.56 billion on Nov. 11, the holding of $1 million to more than $10 million worth of LINK has increased to $19.6 billion on Dec. 11.
This reveals a 42.33% surge in the $1 million to $10 million holding category and an astronomical rise of 69.78% in more than $10 million holdings. The recovery rally will likely create a new all-time high amid the Chainlink whales buying spree.
As the bullish rally gains momentum, the broader market anticipates Chainlink to create a new all-time high. With a market cap of $18 billion, the trading volume of Chainlink has increased to $2.54 billion, registering a 37% surge over the past 24 hours.
In the weekly chart, the Chainlink price action showcases a bullish breakout of a wedge pattern formed during the pullback phase. The breakout rally has formed four consecutive bullish candles over the past six weeks.
With a minor drop in mid-November, the bullish rally now accounts for a 170% increase. With a 24-hour high set at $29.45, the recovery rally has surpassed the 61.80% Fibonacci level at $25.36.
The massive recovery run has resulted in a positive alignment of the crucial exponential moving average lines in the weekly chart. Furthermore, the MACD and signal lines continue the growth trajectory with a surge in positive histograms. Hence, the technical indicators flashed a bad signal for Chainlink.
The uptrend in LINK tokens is now inching closer to the 78.60% Fibonacci level at $32.50. Based on the trend-based Fibonacci levels, the breakout rally could pump the Chainlink prices to $45.32 by the end of December if the uptrend continues.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
