Chainlink gets price boost, whale moves $9.6m worth to Aave

Chainlink price continued its strong uptrend, rising for three consecutive weeks, reaching its highest level since January 2022.

Chainlink (LINK), the largest oracle network in the blockchain industry, rose to $26.40, increasing its market cap to over $16 billion.

The rally coincided with the ongoing accumulation of whales.

Lookonchain detected a whale moving LINK coins worth over $9.6 million from Binance to AAVE (AAVE) in an X post. The investor then borrowed 4 million and deposited it on Binance, presumably to purchase more LINK.

Another whale moved $7.16 million worth of Chainlink coins from Coinbase to his own custodial wallet, according to Etherscan. Another whale moved LINK tokens worth over $2 million to OKX.

Whale accumulation is generally seen as a good catalyst for cryptocurrency due to the volume of its transactions. In total, Nansen data shows that the number of Chainlink coins on exchanges is over 253.4 million, down a few points from last week.

Meanwhile, according to Santiment, the ongoing LINK rise was driven by little fear of missing out. Therefore, the crypto analysis firm expects the coin to continue rising.

🔗📈 Chainlink enjoyed a weekend rally and now only needs to climb 10.8% to reach its 3-year high in January 2022. It’s encouraging that there is very little retail FOMO towards LINK. Markets move in the opposite direction to the crowd’s expectations, so the crowd… pic.twitter.com/UuKdmMMXWA

— Santiment (@santimentfeed) December 6, 2024

Chainlink price reversed key resistance level Chainlink price chart | Source: crypto.news

The weekly chart shows that the LINK price has made a strong recovery in the last few weeks. As this rally accelerated, it has now turned key resistance at $22.85 into support. This was a significant price because it was the highest swing on March 11.

Chainlink price rose to the 50% Fibonacci Retracement level and also reversed the ultimate resistance of the Murrey Math Lines tool. It remains above the 50-week and 100-week moving averages.

Therefore, the immediate short-term target for LINK price will be $31.25, which is the extreme overshoot of the Murrey Math Lines. In the long term, the cryptocurrency could double and retest its all-time high of $52.

The bullish view will be invalidated if the price breaks below the key support at $22.85. A decline below this level could see the price drop below $20.