- Chainlink (LINK) is currently outperforming the top 10 cryptocurrencies by market capitalization, including Solana (SOL) and XRP.
- A whale wallet spent $4.9 million to purchase 175,424 LINK tokens on December 12, 2024, contributing to LINK’s rally.
- Speculation about a potential partnership between BlackRock and Chainlink to tokenize securities, as well as increased investor confidence due to the pro-crypto stance of the US President-elect, are driving LINK’s price surge.
Chainlink, also known by its acronym LINK, is currently outperforming some of the top 10 cryptocurrency projects by market capitalization. In contrast to other cryptocurrencies such as Solana and XRP, which are currently in the red zone, LINK is demonstrating impressive growth. The asset has risen by 14% in daily charts, 216% in weekly charts, and 1203% over the previous month. Since December 2023, LINK’s price has seen an impressive increase of 1063%.
The Catalysts Behind Chainlink’s Rally
Several factors have contributed to LINK’s recent surge. The asset has experienced a significant increase in whale purchases, with one whale wallet spending $49.4 million to buy 175,424 coins on December 12, 2024. This has pushed LINK’s price beyond the $30 mark and spiked open interest in the project to a high of $860 million.
Moreover, the surge could be attributed to World Liberty Financial increasing its LINK holdings. With the backing of US President-elect Donald Trump who is known for his pro-crypto stance, the company’s decision has boosted investor confidence significantly.
There is also rampant speculation about a potential partnership between BlackRock and Chainlink to tokenize BlackRock’s securities. This could potentially trigger a substantial price spike for the asset.
Chainlink’s Future: Predictions and Speculations
Despite its recent success, Chainlink is still down by more than 45% from its all-time high of $52.70, which it hit more than three years ago on May 10, 2021. However, according to CoinCodex, LINK is expected to continue its rally in the coming months. The platform foresees the asset reclaiming its previous peak by February 13, 2025, and predicts LINK could reach a high of $64.25 by February 21, 2025. If this prediction holds true, it would translate to a rally of approximately 121.55% from current price levels.
Conclusion
Chainlink’s recent performance is a testament to the potential and volatility inherent in the crypto market. With an increase in whale purchases and potential partnerships on the horizon, the future looks promising for this cryptocurrency. However, as with any investment, it’s crucial to conduct thorough research and seek advice from a licensed financial advisor when considering investing in Chainlink or any other cryptocurrency.
