'LINK Is On Fire Baby, Let's Go $20': Analysts Get Stoked As Chainlink Rallies 8%

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.

Timeline of Chainlink

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.

The Chainlink (LINK) network, known for its pioneering role in the cryptocurrency world, is increasingly attracting institutional investors, diversifying their portfolios beyond Bitcoin (BTC) and Ethereum (ETH). With a robust infrastructure poised for Web3 adoption, Chainlink's recent developments and market performance signal a bullish future.

The convergence of cutting-edge technologies has led to a transformation in the decentralized finance landscape. The integration of Chainlink's Data Feeds with Polygon zkEVM marks a crucial step in this process, making a significant impact on the development of innovative applications.

In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over $632 million worth of its LINK tokens within a remarkably short period. The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.

Chainlink has seen long contracts pile up on Binance during the past day, which may lead toward a top for the cryptocurrency. Chainlink Funding Rate On Binance Has Turned Highly Positive According to data from the on-chain analytics firm Santiment, the Chainlink funding rate on Binance has now reached the highest level in about four weeks.

Telekom has made a substantial entry into the Web3 landscape by actively participating in the launch of Chainlink Staking v0.2. Demonstrating a strategic commitment to blockchain and decentralized technologies, Telekom has staked an initial 2,000 LINK tokens, signaling its dedication to the security and strength of the Chainlink network.

Whales have contributed to a rally in the decentralized oracle service provider Chainlink by accumulating massive amounts of LINK, analytics firm Santiment reports. Santiment says that the top 200 Chainlink wallets added $50 million worth of LINK in the past five weeks, helping the altcoin drastically outperform Bitcoin (BTC).

Experts of The DeFi Edge newsletter covering developments in Web3 and blockchain shared a ranking of the tokens "smart money wallets" were buying or selling last week. It looks like in anticipation of a bull run, large investors are turning toward more predictable products.

The Chainlink price has maintained a healthy upswing since the beginning of the month, with more than a 10% rise in value. The consolidated close for November had raised concerns, but the recent whale activity has displayed somewhat of a clear path for the LINK price in the coming days.