Chainlink’s price has been on a remarkable rally this week, hitting a high of $29.4, the loftiest since November 2021. The leading oracle network in the crypto space has now seen four consecutive weeks of growth, its longest streak since 2023.
There are three key signs suggesting that LINK’s price could soar even higher in the coming months, potentially reaching $100. Firstly, whale activity has been notable. Over the past few months, wallets holding over 100,000 coins have amassed 5.69 million LINK tokens, while those with fewer than 100,000 coins have sold 5.67 million. This pattern has historically boded well for cryptocurrencies. For instance, a whale transferred coins worth over $1.7 million from Coinbase on Thursday. Concurrently, the number of tokens on exchanges has declined to 254.4 million in the last seven days and has been trending downwards for months.
Secondly, Chainlink has been actively forging partnerships. This week, it announced collaborations with Coinbase and Emirates NBD, a bank with a hefty $200 billion in assets. It has also teamed up with the Swift Network. Swift, which recently engaged in a major tokenization trade with UBS, the world’s largest wealth manager, plans to integrate Chainlink’s technology into its annual $150 trillion money movement business. Moreover, Chainlink has emerged as the largest oracle network in terms of total value secured, with $38 billion, exceeding the combined value of the other ten oracles.
Finally, from a technical perspective, the weekly chart reveals a robust bullish trend. LINK has surpassed the critical resistance level of $22.85, its highest swing in March this year. It has also moved above the 50% Fibonacci Retracement level, and the percentage price oscillator has risen above the zero line. The next significant milestone is $52, Chainlink’s all-time high, which is approximately 88% above the current price. However, a dip below the support level of $22.85 could undermine the bullish forecast.
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