- Chainlink (LINK) is poised for a massive rally, fueled by strong accumulation by whales and sharks, holding the most coins since December 2022.
- A significant spike in Chainlink’s GitHub activity and the launch of its Cross-Chain Interoperability Protocol (CCIP) contribute to this bullish outlook.
In our exciting update from last week, we delved into the innovative strategies of the Golden Cask Club (GCC), but today’s spotlight is on Chainlink (LINK). The cryptocurrency is showing remarkable signs of a potential 50% rally, powered by strong whale accumulation and innovative developments.
Chainlink’s Market Status
As Bitcoin and the broader cryptocurrency market continue their robust consolidation, the focus of big market players is shifting towards Chainlink’s altcoin. Priced at $7.36 and holding a market cap of $3.9 billion, LINK has seen a 20% rise over the past month. This growth is largely attributed to the significant accumulation of LINK by shark and whale addresses.
Santiment, an on-chain data provider, recently tweeted:
🔗🧑💻 #Chainlink's #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. 🐳https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1
— Santiment (@santimentfeed) August 7, 2023
Santiment, an on-chain data provider, has revealed that Chainlink’s development activity on GitHub has been notably high this summer. This has placed it among the top 5 most actively developed assets. Additionally, large holders with 100K-10M $LINK, known as whales & sharks, now have the highest number of coins since December 2022, accumulating more than $192 million worth of LINK in under a month.
Bullish Forecast for LINK Price
Popular cryptocurrency analyst Michaël van de Poppe recently predicted a bright future for Chainlink. After a long period of accumulation, LINK could potentially rally by more than 50% from its present value. With LINK trading between $5 and $9.5 for around 450 days, the anticipation is for a decline, followed by a bullish higher-low pattern, leading to a strong rally. The $6.75 range is vital for bullish stances, and it might result in an advancement towards an $11 mark.
Chainlink’s Technological Advancements
Chainlink introduced its Cross-Chain Interoperability Protocol (CCIP) to early access users last month. This protocol is crafted to enhance cross-chain applications and services. Now fully operational on blockchains like Avalanche, Ethereum, Optimism, and Polygon, it has been tried and tested by nearly 25 partners before its mainnet launch.
This protocol plays a significant part in Chainlink’s collaboration with SWIFT, the renowned global payment and messaging system. It marks a significant stride in Chainlink’s growth, reinforcing the probability of its anticipated 50% rally.
The future indeed seems bright for Chainlink, with strong accumulation by whales and positive market indications aligning towards substantial growth potential. The crypto community eagerly watches as LINK prepares for an exhilarating ascent.
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