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Chainlink (LINK) is on the rise due to the whale effect: $25 is the target?
Chainlink (LINK), which took action with whales accumulating, has risen close to 20 percent in the last 24 hours.
The cryptocurrency market is making its last moves of the year. Cryptocurrencies, which turned market conditions into opportunities, started to make sensational exits. Arbitrum (ARB), in particular, marked the week with a surprising rise.
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Chainlink has also seen remarkable activity. Chainlink whales accumulated 7 million LINK ($105 million) in a week. Taking action as whales accumulated, LINK rose to $17.7. The rise of LINK has revealed new targets.
Chainlink (LINK) is among the highlights of the day
According to renowned crypto analyst Ali Martinez, Chainlink whales have accumulated 7 million LINK ($105 million) in the past week. This buying activity by whales has energized LINK. Over the past 24 hours, LINK has risen by 18% to $17.7. Unable to respond to the selling pressure from this region, LINK pulled back to $16.85.
Network activity and price volatility on LINK also affected trading volume. LINK volume reached $1.1 billion, an increase of almost 100 percent.
Crypto analyst Rekt Capital asked if LINK's current price has a re-accumulation range. According to the analyst's chart, if LINK sustains above $17, it could lead to further upside. Rekt Capital points to the $19.43 resistance followed by the price zone above $24.
On-chain metrics also showed results that raised expectations for Chainlink. Development activity declined due to Christmas. Chainlink, on the other hand, has recorded remarkable activity in terms of social volume and trading volume. According to Santiment data, active addresses experienced a significant increase between September and November.
Chainlink, which has increased its adoption rates, also continues to strengthen its community. Such ecosystem development efforts have a positive impact on the price of LINK.
As whales continue to accumulate, traders expect a big upside in Chainlink With a 215% gain since the beginning of the year, Chainlink could enter 2024 like a bombshell.