After Chainlink, This Altcoins is set to Trigger a Massive Bull Run!

After the recent upswing in the last few weeks of 2023, the markets have now begun to revive the bullish trend. The bulls have again jumped into action after a brief accumulation, which suggests the markets are preparing for fresh price action.

Timeline of Chainlink

A widely followed cryptocurrency analyst says he sees upside potential for two crypto assets with market caps below $1 billion. Pseudonymous crypto strategist Altcoin Sherpa tells his 206,800 followers on the social media platform X that he's looking at the Solana (SOL)-based decentralized exchange aggregator Jupiter (JUP).

Chainlink, the top decentralized oracle protocol, saw a remarkable 17% rise in its LINK token value this week, grabbing investors' interest. This surge coincided with the removal of 19 million LINK tokens, worth $341 million, from three non-circulating supply contracts, leading to some confusion in the market.

The native token for blockchain oracle provider Chainlink is outperforming the rest of the crypto market today. LINK is pumping, and it may be due to dormant wallets resuming activity, according to on-chain analytics provider Santiment.

Traders in the crypto realm are watching Chainlink (LINK) with bated breath as the price coils up near the $16 mark, hinting at a possible break out towards $17, or even $20 given the right conditions this week. Since November, LINK has been consolidating between $13.00 and $17.00, exhibiting classic market cycle behavior that presents prime opportunities for savvy traders.

While 2024 is being anticipated as a hot year for the cryptocurrency market, with many predicting which tokens are going to fly and see significant gains, there is one token in particular that is being defended as a potential winner in the long term.

The notorious crypto hacking group, “Pink Drainer,” has been implicated in a massive theft of Chainlink (LINK) tokens, amounting to a staggering $4.4 million. The victim, who remains anonymous, was duped into signing an “Increase Approval” function, leading to the loss of their digital assets.

The notorious cyber-criminal group known as “Pink Drainer” has orchestrated a significant theft, making off with a staggering $4.4 million in Chainlink (LINK). The victim enticed into initiating an “Increase Approval” functionality, fell prey to a swift and calculated attack.

Whales are interested in Chainlink (CRYPTO: LINK), prompting analysts to turn bullish on the token — though some see it in a re-accumulation range. What Happened: Based on LookOnChain data cited by crypto analyst Ali Martinez, Chainlink whales have gathered around 7 million LINK worth $105 million just over the past week.

Chainlink has finally reached a potential turning point. Recent price action has seen LINK touch the 50-day Exponential Moving Average, a critical technical level that often signals a possible trend reversal.

A general market downturn continues to hinder cryptocurrency majors like Chainlink (LINK), Ethereum (ETH), and XRP among others from sustaining the uptrend ahead of the year-end. After losing 1.5% in 24 hours and 9% in a fortnight, LINK price is trading at $14.35 on Wednesday.