TLDR:
- Chainlink whales accumulated 3.58M LINK tokens ($76.9M) in three days during December 2024’s price dip to $21.50
- Current LINK price is trading at $21.68 with a market cap of $13.83 billion, showing a 1.5% increase
- Analysts project LINK could reach $43.03 by January 2025, representing a 91% return on investment
- Further predictions suggest LINK could hit $81.83 by May 2025, potentially offering 268% ROI
- Key resistance level at $30 needs to be broken for continued upward momentum
Large cryptocurrency holders, known as whales, have purchased 3.58 million Chainlink (LINK) tokens worth $76.9 million over three days in December 2024, according to blockchain analytics firm Santiment. This buying spree occurred during a price correction that saw LINK’s value drop to around $21.50.
The massive accumulation happened after Chainlink experienced a 27% price decline following rejection at the $30 price level in mid-December. Despite this setback, whale wallets holding between 1 million and 10 million LINK tokens have shown strong buying interest during the dip.
As of December 29, 2024, LINK is trading at $21.68, marking a 1.5% increase in recent trading. The cryptocurrency currently holds a market capitalization of $13.83 billion, placing it among the top digital assets by market value.
Technical analysis indicates that LINK is currently trading below both its 20-day and 200-day moving averages, key indicators that traders use to gauge market momentum. These technical barriers represent hurdles that need to be overcome for continued upward price movement.
Market data suggests that breaking through these moving averages could potentially lead to a 40% profit opportunity, as the token attempts to revisit its recent high points. However, the immediate challenge lies in maintaining support at the $21.50 price level.
Cryptocurrency analyst Javon Marks has identified $47.154 as the next major target level for LINK. This projection would represent a 111% increase from current prices if achieved. Marks suggests that surpassing this level could potentially open the path to even higher valuations.
$LINK (ChainLink) recently showed extremely positive action, meeting the $30 mark in a major continuation move and displaying a significant positive volume uptick, but there can still be even more coming upside for prices!
With the target at $47.154 still in play, another +111%… https://t.co/ngIjWZU7JW pic.twitter.com/Mq6aBh0g8h
— JAVON
MARKS (@JavonTM1) December 29, 2024
The short-term outlook from price analysis platform CoinCodex points to January 2025 as a possible starting point for a bullish recovery. Their analysis projects a maximum price of $43.03 for LINK in January, which would deliver a 91% return on investment for current buyers.
Looking further ahead, CoinCodex forecasts an average price of $35 for January 2025, representing a more conservative but still optimistic outlook for the asset. This prediction aligns with the general market sentiment that remains cautiously positive.
May 2025 stands out in longer-term projections, with analysts predicting LINK could reach between $37.11 and $81.83 during this period. The upper range of this forecast would represent a 268% increase from current price levels.
The $30 price point remains a crucial resistance level that needs to be overcome for these bullish predictions to materialize. This level has proven to be a strong barrier in past trading, most recently causing the mid-December rejection.
Trading volume has shown increases alongside recent price movements, suggesting growing market interest in the asset. This increased activity comes as the broader cryptocurrency market experiences varying levels of volatility.
The recent whale accumulation patterns indicate strong confidence among large holders despite the price correction. These large-scale buyers typically take long-term positions, suggesting they anticipate future price appreciation.
LINK’s price movements align with broader market dynamics in the cryptocurrency sector, though the token has shown its own distinct trading patterns. The asset has maintained a 21.28% increase over the past 30 days despite recent price corrections.
Current market conditions show bulls attempting to defend the $21.50 support level, which has become an important price point for short-term trading activity. The ability to hold this level may influence near-term price action.
The whale accumulation data comes from blockchain analysis, which provides transparent insight into large-holder behavior. This on-chain data helps traders and investors understand market dynamics beyond just price action.
The post Chainlink (LINK) Price Analysis: Whale Activity and 2025 Price Projections appeared first on Blockonomi.