Chainlink and Polkadot Price Prediction: Altcoins Head For A New 52W High

With the Bitcoin price jump sparking a bull run in the altcoins market, the investors are on a buying spree. Fueling the surge in multiple coins, VeChain, Chainlink, Polkadot, and many others are in the limelight.

Timeline of Polkadot-new, Chainlink

The cryptocurrency market has been abuzz with excitement as a mysterious Chainlink (LINK) whale embarks on a remarkable shopping spree, accumulating an astonishing volume of LINK tokens. Recent data from Lookonchain reveals that this enigmatic whale wallet has acquired more than 4.5 million LINK tokens over the course of just three days.

Institutional digital asset infrastructure firm Paxos is integrating Chainlink's PayPal USD price feed to accelerate the tokenization economy. Paxos also wants to boost the adoption of PYUSD – a dollar-based stablecoin powered by Paxos and issued by PayPal.

Chainlink (LINK) has been dominating the oracle domain, however, Pyth Network (PYTH) has emerged as a tough competitor lately. After listing on Binance, the PYTH price reached new heights, giving competition to LINK.

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.

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.

Currently, the price of Polkadot (DOT) is $6.92, with a trading volume of $617.26 million in the last 24 hours. The market cap for Polkadot is $6.83 billion, and it holds a market dominance of 0.41%.

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.