Chainlink Price Surges to $26.02 with Increased Whale Holdings
Chainlink (#LINK) has a market cap of $16.16 billion and is currently trading at $26.02, reflecting a 2.05% increase over the past 24 hours. The 24-hour trading volume rose by 177% to $2.32 billion, contributing to a 30% price increase in the last week and a 91% rise over the past month.
Rounding Bottom Reversal Targets $32
The bullish trend experienced a slight pullback of 0.30% this week after a strong rally beginning November 5th from the psychological level of $10, resulting in a total gain of 159%. On the weekly chart, the price surpassed the 50% and 61.80% Fibonacci levels at $16.19 and $21.42, with the latter acting as a neckline for a rounding bottom reversal leading to a new breakout.
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Photo: TradingView
Chainlink’s On-chain Targets ATH
Recent trends indicate Chainlink is approaching a new all-time high, with the "at the money" range between $24.40 and $28.13. Only 6.57 million LINK tokens are under supply pressure from $28.13 to $49.25, representing just 0.66% of the total supply held by buyers above the current price.
With 968.51 million LINK tokens profitable, approximately 96.85% of the supply is held by investors in profit, suggesting limited resistance beyond $28. Increased buying pressure may drive the price toward the $50 mark, with the all-time high at $53.02 recorded during the 2021 bull run.
Chainlink Whales Add $5.84 Billion in 7 Days
Whale holdings have surged significantly, increasing to $19.61 billion compared to $13.77 billion the previous week. This represents a 101.97% increase in whale holdings over the past 30 days, indicating strong support for Chainlink's price movement.
Chainlink Adoption Boost and Brazil’s DREX
The demand for oracles is driving Chainlink’s adoption, with seven integrations reported across various services and chains. In Brazil’s CBDC project, Chainlink collaborates with Banco Inter, Microsoft, and the 7Comm consortium to create a trade finance solution for Brazil's DREX project. Chainlink's CCIP protocol will facilitate trustless messaging between the Banco Central do Brasil and local central banks for efficient transaction settlement.
Will LINK Prices Cross $30?
Last week's surge of 37.97% marked a bullish engulfing candle, with LINK prices positioned between the 61.80% and 78.60% Fibonacci levels. A golden crossover between the 50-week and 200-week EMA lines suggests a continued upward trend, supported by technical indicators maintaining a BUY signal for LINK tokens. The price could test the 78.60% level at $31.918 this week, while a retest of the 61.80% level at $21.42 remains possible amid broader market fluctuations.