Whales flock to Chainlink (LINK) amid falling prices with $44M buy

Chainlink (LINK) briefly dipped to $20.1 over the weekend before staging a quick recovery to just above $23. The latest drop, however, extended its weekly losses to nearly 22%.

This caused many whales to accumulate the token.

LINK Conviction of whales

There has been a noticeable increase in wallets holding between 10 and 100 million LINK coins, rising from approximately 475.79 million to 479.78 million in a short period.

According to popular crypto analyst Ali Martinez, this translates to over $44 million worth of LINK buying, reflecting bullish behavior among major holders during the price pullback. The accumulation trend suggests growing confidence in LINK’s long-term potential.

Lookonchain’s recent tweet further validated the strong conviction among whales. The blockchain analytics platform identified nine new wallets that withdrew a total of 362,380 LINK tokens, worth about $8.19 million, from Binance in the past 48 hours.

Prior to the recent market turmoil, the LINK token experienced a significant increase in price and increased market activity, attributed to World Liberty Financial (WLFI), a project backed by Donald Trump’s family, strategically raising their shares. This wave of renewed interest has led to a sharp increase in market activity.

As such, CoinCodex has predicted that the price of Chainlink will increase by more than 53%, potentially reaching $35.56 on January 22, 2025. Market sentiment remains neutral, while the Fear & Greed is placed in 70 (Greed). In the last 30 days, Chainlink had 16 green days out of 30, with a volatility of 17.48%.

Chainlink leads the Real World Assets (RWA) industry.

Earlier this month, market intelligence platform Santiment reported that Chainlink is at the forefront of the real world asset (RWA) sector in terms of development activity. Their analysis highlighted that the decentralized oracle network leads the industry, followed by Synthetix (SNX), an Ethereum-based synthetic asset platform, and Dusk Foundation (DUSK), which focuses on privacy and tokenization.

According to the data, Chainlink recorded nearly 394 significant GitHub events in the last 30 days, while Synthetix and Dusk Foundation had 176.6 and 34.7, respectively.

In addition, Chainlink has partnered with leading companies such as Coinbase, SWIFT, UBS and Emirates NBD for the RWA tokenization industry.

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