Chainlink Link Price Breaks 3-year Barrier As Whales Jump In On Bull Market Frenzy

LINK, the native cryptocurrency of the decentralized oracle blockchain Chainlink, has hit a new milestone after breaking the 29 price barrier for the first time in over three years. The token continues to outperform the rest of the market as its price and market cap are up 20 today, continuing its 100 climb over the past month.

Crypto analytics firm Santiment attributed the recent surge in LINK's price to an increase in whale activity. Data suggests that LINK whales have acquired a corresponding amount of tokens dumped on the market by retail investors.

Over the last two months, whales holding more than 100,000 LINK 2.91 million in their wallets, have collectively spent 5.69 million accumulating the coin. Similarly, fewer than 100,000 retail holders have dumped their LINK into the market, with data suggesting that these traders sold 5.67 million LINK, valued at approximately 165.68 million, from their collective wallets.

This move could be seen as the investors being impatient, panic-selling, or profit-taking before the token's price would drop again.

According to on-chain transaction tracker Eyesonchain, President-elect Donald Trump's DeFi project World Liberty Financial WLFI acquired 41,335 LINK, worth 1 million. The purchase was made at an average price of 24.19 per token. Similarly, another whale invested 1,263 ETH, valued at nearly 5 million, to purchase 175,424 LINK at an average price of 28.18 per token.

These two substantial acquisitions within 12 hours of each other resulted in Chainlink gaining widespread attention within the crypto community. It also resulted in the token experiencing a record price jump and future open interest OI. As per data sourced by blockchain analytics firm Glassnode, LINK's price has jumped to its highest level in two years, while its future OI has hit an all-time high of 770.27 million.

While Santiment suggests that whale actions triggered the upward price movement for LINK, the firm maintains that Chainlink's success could be tied to the general resurgence of the crypto market, led by Bitcoin BTC. The positive performance of the flagship cryptocurrency and its stability often dictates the price trajectory of the rest of the market, including LINK.

The previous day, Bitcoin reclaimed the 100,000 price level and is inching towards a new all-time high. Chainlink may hit new highs this cycle if the market sentiment remains favorable and BTC sustains its growth. LINK is forming a bullish pattern on its price chart, suggesting that it could make huge gains in 2025.

Much of this also depends on events closely related to the blockchain. Last month, Chainlink announced that it has partnered with SWIFT and USB Asset Management to launch a pilot program for settling tokenized fund subscriptions and redemptions.

The initiative would leverage SWIFT's interbank communication protocol to allow the settlement of digital asset transactions with fiat payment systems. About 11,500 financial institutions from over 200 countries that are on SWIFT will benefit from the program.

Technical indicators show that LINK is facing strong resistance near the 29 mark and is currently attempting to breach this level. The strong institutional interest, large accumulation by whales, and increased trader confidence in Chainlink could result in the token breaking through this barrier in the coming days.

Based on its recent price action, if LINK moves past 29 and closes above 29.5, then there is a strong possibility that its price could soar by another 20 to reach 35, which will be its next resistance level.

A later surge of 80 is on the cards, propelling it to the 52.50 level, which will be LINK's all-time high. However, there is also the possibility that the token may experience a price correction during the upcoming rally, which could provide support for it during the bull run.