3 signs that forecast Chainlink price will rise to $50

Chainlink price continued its strong rise this week, reaching $29.4, its highest level since November 2021.

Chainlink (LINK), the crypto industry’s largest oracle network, has surged for four consecutive weeks, recording its longest streak since 2023.

There are indications that LINK price will continue to rise in the coming months and has the potential to reach $100. First, the whales have been steadily accumulating this money over the last few months. According to Santiment, wallets holding over 100,000 coins purchased 5.69 million LINK tokens in the last two months.

In contrast, those with fewer than 100,000 tokens sold 5.67 million coins. Historically such dynamics are generally positive for a cryptocurrency.

🔗📈 Chainlink created excitement in the community by exceeding $ 29 for the first time in 37 months. This recent divergence in LINK price has been supported by increasing levels of whale and shark accumulation.

🐳🦈 Wallets with 100K+ LINK added 5.69M LINK to their portfolio… pic.twitter.com/4c1uEZuEJj

— Santiment (@santimentfeed) December 12, 2024

Whales continued to accumulate Chainlink coins. For example, on Thursday, a whale moved more than $1.7 million worth of coins from Coinbase, according to Etherscan.

In parallel, the number of tokens on the exchanges dropped to 254.4 million in the last seven days. They have been on a steady downward trend for the last few months.

Second, Chainlink has established important partnerships in recent months. Earlier this week, the developers announced collaborations with Coinbase and Emirates NBD, a bank with over $200 billion in assets.

Chainlink has also partnered with organizations like Swift Network. Notably, Swift recently completed a large-scale tokenization trade with UBS, the world’s largest asset manager. Swift plans to integrate Chainlink’s technology into its money movement business, which processes over $150 trillion in transactions annually.

Moreover, Chainlink has become the largest oracle network in terms of total value secured. The $38 billion it provides is higher than the other ten prophecies combined.

Chainlink price has strong technical characteristics

Chainlink price chart | Source: crypto.news

The weekly chart shows that LINK has been maintaining a strong uptrend for the past few weeks. It recently broke through the critical resistance level at $22.85, which was the highest rise in March this year.

The coin also broke above the 50% Fibonacci Retracement level and the percent price oscillator broke above the zero line.

The next important level to watch is Chainlink’s all-time high at $52, which is approximately 88% above the current price. A decline below the $22.85 support level would invalidate the bullish view.